People of Burlington, NC had never thought that one such option would come into their lives when they would not have to struggle through the financial problems that they had been experiencing for years. Today, they are not only financially planned, but are also able to deal with any all of sudden arisen financial straits, thanks to the facility of title loans in Burlington, NC. Now, whenever they are financially challenged, they just turn to the title loans, and take care of all their financial emergencies.
BENEFITS OF CAR TITLE LOANS
The biggest benefit of getting a car title loan is that it allows the borrower to secure a large amount of cash in the shortest possible time frame. The loans are known to be processed within two days’ time. One may think there might be a tedious process involved, but this is not so. It is true that applying for a title loan requires minimum effort from the customer’s side.
CREDIT HISTORY CHECK EXCLUDED
Any individual with a vehicle can opt for a car title loan, whether he/she has a bad credit history, or not. The process of a title loan to the respective subject is essentially transparent by nature. There are absolutely no background checks involved. The lender primarily transfers the said amount on the basis of the piece of collateral that the borrower puts up with a lender.
Citizens of Burlington especially enjoy the added benefit of keeping the car even while it is kept as a form of collateral for the auto title loan. You can also drive around the same way as you used to before giving it away for loan.
What Are The Eligibility Criteria For Car Title Loans?
With a view to become eligible for Title loans Burlington, NC , there are certain important guidelines that every prospective borrower needs to follow. For example:
- They must own the vehicle, and the vehicle must be paid off or nearly paid off.
- It’s true that the credit history will not be considered as a part of the selection criteria. However, the lenders will consider your employment status and the ability to pay off the loan.
- It is approved by the state law that a borrower can borrow up to eighty-five percent of the actual equity of the vehicle.
THINGS TO KEEP IN MIND
Some of the general provisions and the rights of the consumers are detailed in the Consumer Protection Code of Law. Customers can take a look at it before considering the title loan prospective.
According to the consumer law, a loan can only be sanctioned for personal, family or household purpose alone. Moreover, the principal should not exceed a minimum amount of twenty – five thousand dollars. If under any circumstance, it does, the interest should duly be secured by an interest in land.
The lender must provide you with a contract that includes the calculation of the subjects and the objects involved. The result should not exceed twelve percent per year. Other than that, the lender must include an assignee of the lender’s right to payment according to the terms mentioned in the Code of Law. However, the said assignee is under no responsibility of the lender for events that occur before the assignment.