7 Facts You May Have Not Known about Title Loans

| August 30, 2013 | 0 Comments

Car title loan

Title loans have been around since the early 1990s, yet many people are still not fully educated on the process. Below are seven facts that you may not have known about title loans and borrowing.

Although it is highly recommended that everyone have insurance, it is not a requirement when obtaining a title loan. Insurance only becomes a requirement when borrowing over $2,500.

Contrary to popular belief, when applying for a title loan, the borrowers still keep their vehicles. CASH 1 simply holds on to the title until repayment.

Unlike with other types of financing getting a title loan generally does not require a credit check. Individuals with little to no credit are welcome to apply.

Borrowers can still receive a title loan if they are making payments on their vehicle. CASH 1offers title equity loans for those who do not yet own their vehicle. CASH 1 determines the amount of the loan on the available equity of your vehicle.

– When obtaining a CASH 1 title loan you need bank information and/or your debit card information, but many people don’t know that you’re able to use a prepaid debit card if you do not have a bank account.

One of the requirements to obtain a CASH 1 title loan is a steady income. Most people do not realize that this includes any source of income such as unemployment, social security, disability, and retirement income, that you are able to provide proof of.

CASH 1 has an installment loan option, which means the loan does not have to be paid in one lump sum. CASH 1’s installment plan allows you to make equal installment payments set to your payday. CASH 1 allows borrowers to select a 6-18 month term with payments applied to both principal and interest, and with no pre-payment penalty.

Education can go a long way when deciding to obtain a title loan. If you still have questions regarding title loans, visit www.cash1loans.com or call 1-800-431-3532.

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Category: Car Loan

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