Car title loans allow you to get cash fast and easy. The requirements for a car title loan includes: having a car that is fully paid for; having the title to the car; and proof of ID from the government. There are no credit checks, and worry associated with trying to get a loan from a bank. Just go online and fill out an application, then take your car to any one of California’s TitleMax locations. There, the car will be appraised, and the size of the loan will be evaluated. You can keep the car until the loan is paid off, at which time the title will be returned to you. The entire process takes about 30 minutes. Also note that TitleMax has the best rates. You can go online and peruse their site so that you become completely familiar with car title loans and what is required.
What Are the State Laws Regarding Car Title Loans?
According to the Consumer Federation of America, “a car title loan is a short term cash loan secured by the borrower’s title to a vehicle. State laws determine whether car title loans are authorized, the terms of the loans, and consumer protections for the loan or repossession of the vehicle if a borrower cannot repay in full when the loan is due. The
CFA categorizes the legal status of car-title lending, depending on whether this loan product is specifically authorized, whether title lending operates through legal loopholes, or are effectively prohibited.
Currently, there are 17 states that are permitted to offer car title loans. However, there are some issues in some states. For example, there is a Loophole in California and South Carolina for larger amounts to avoid the small loan rate cap. California is on the Restricted State list as it is prohibited, subject to a restrictive state cap, or has been omitted from the CFA.
