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Everything You Need to Know About Title Loans

December 5, 2019 | Mason Roberts

When it comes to disaster, those who find themselves ready for anything will always be better off than those caught unawares. Preparation can truly decrease stress in your life that does not need to exist. Then there are the unavoidable situations. The times when planning can’t stop the inevitable can devastate you. Finding out everything you need to know about title loans so you can make the right decision for you and your family can be one of the things for which you can plan.

What Are Title Loans?

First and foremost, you may be asking yourself what a title loan even does. A car title loan (or a title-secured loan) can be the fast and simple answer for a person needing quick cash. Perhaps you spent more money than you intended, your credit isn’t so good, or multiple other reasons that may have come up from unexpected sources in everyday life. A title loan allows the borrower to offer their vehicle title as collateral in exchange for quick, much-needed money.

Though the process is quick, it is usually not a good idea to use the process to solve long term money issues that you may possess. While laxer than some other states in regulations, you should familiarize yourself with Utah’s Title Lending Registration Act (part of H.B. 189) which contains laws meant to protect borrowers from certain unlawful business practices. It is thanks to these regulations that companies must be aware of aspects such as the income amount of the borrower, and to make loans reasonable to such customers.

Acquiring A Title Loan

All this is well and good, but what does the actual process of acquiring a title loan entail? It’s easier than you may think. It starts with you filling out an online application. You will then be contacted by a loan representative, setting up an appointment for you to bring everything you need to any one of the many Utah title loan locations near you. The whole process is quick and easy!

Once you have made the necessary appointment with your loan representative, you must bring a state-issued I.D. along with the title of the vehicle that you wish to put up as collateral. Your I.D. does not necessarily have to be a driver’s license. The I.D. only needs three things. It needs to be state-issued, have a picture of you on it, and the name must match the name on your car title. If the name on your I.D. and title do not match, you will not be able to proceed in getting the quick cash you need.

Loan Representatives Have Your Back

Once you’ve located your nearest Utah Title Loans Inc. locations with your required materials, you must make sure you bring the vehicle on the car title you wish to use as collateral. From there, if you have not already done so online, you can fill out the required application at your nearest store location. Your loan representative then has the ability to research the value of your car by performing a quick appraisal. The representative looks at what you are reasonably able to pay back as well. You might think this is a long, drawn-out process, but it can take as little as thirty minutes or less.

If you reread the above paragraph, you’ll notice that loans are, by law, only based on what you have the ability to reimburse. Having a representative that actually takes the time to sit down with you to go over the right amount of money and time you require for the title loan plan for you can inspire peace of mind. Given that title loans are intended only as short term solutions, this can really help a person out of a jam. It may require an increase in interest, but oftentimes extensions can be agreed upon if for whatever reason you find yourself unable to pay back the loan on time. Again, speak with a loan representative and come up with a plan that makes you feel comfortable.

The Benefits Of A Title Loan

Oftentimes there can be nothing worse than having a bad situation spill over into everyday life. Being short on cash AND having to give up your car, making it difficult to pay back your loan, would seem dreadful. Luckily, with Utah Title Loans, you get to keep your car while paying back your loan. Losing what is quite possibly your only method of getting to work doesn’t have to be another stressor that adds to an already nerve-wracking situation.

Needing the vehicle attached to the title is one thing, but did you know that you actually don’t need good credit in order to qualify for a car title loan? In fact, possessing poor credit can often be a frequent reason why someone takes out a title loan. Finding the best title loan plan for you is easier than ever with Utah Title Loans!

But Wait, There’s More!

There are even more perks than you may first assume when researching title loans. Not only do you not need to have good credit—you don’t even need a checking account. Again and again, you can see whether your financial situation is great or horrible, Utah Title Loans Inc. will aid you with that extra boost for everyday expenses. The minimum age that you must be to receive a car title loan is 18, so don’t worry! Nothing is standing in your way from the financial relief you need!

A lot of crises in life leave room for preparation. As long as you prepare for times when you need help, you will make it just fine. Life can also be chaotic and hectic, and there is nothing you could have done to make hard situations easier. When these times hit, doing some research about if you need a title loan can make a bad situation better. With Utah Title Loans Inc., choosing the right loan plan for you can feel like a breath of fresh air.