A couple had to learn the most difficult way that not all title loan lenders are created equal. More importantly, they learned that payday loans in Greensboro, NC are illegal, but title loans are not. Read the story here.
Senior Scholar and Alumni at George Mason University discusses the possible restrictions as it relates to title loan lending. Most people opt for title loans for various reasons. Read the informative article here.
Directives and Conditions for Title Loans in Greensboro
Chief of Police in Greensboro: Wayne Scott
Phone Number(s) to Contact if a Title Loan Lender Violates Your Rights:
Greensboro Police Department: (336) 373-2222
Make a Complaint with the Consumer Financial Protection Bureau here
Go to this page to for the facts about the legislative process associated with the restrictions and guidelines of the Consumer Finance Act of North for title loan lenders in Greensboro. Don’t be concerned with the legal jargon. We will make an attempt at explaining it to you in easy and simple terms.
Be informed: It is important to understand the title loan lending process prior to obtaining a tile loan. For more details, it is best that you call one of our customer service reps where you will receive guidance in the process if you are trying to get funding within 24 hours of applying.
The Vital Points
- Every licensee must make available all schedule of charges related to a title loan
- All title loan lenders are issued licenses to do business only in the state of issuance.
- Licensee are assessed a fee not in excess of $18 per $100,000 assets.
- An extra $300 fee is assessed for each licensee. There is also a minimum of $250 for investigation charges as part of the process.
- You can ensure doing business with a legitimate title loan lender.
The licensing procedure is laborious with strict financial accountability or the license could be revoked if guidelines are not met. These include:
- No licensee should issue any statement of misrepresentation on television or in printed advertising format.
- Licenses will be revoked or suspended for any violations committed against the borrower.
- A borrower should never be charged more than the required amount of transaction fees as deemed by the legal provisions.
- Any loan amount $10,000 or less made outside of the state of North Carolina can be enforced within the state.
The title loan lender is prohibited from dealing deceptively enough to cause financial damage to any borrower.
Unless there is a legitimate mistake, any violations of the provisions of the law will be assessed penalties to be paid by the licensee.
There are certain prerequisites to obtaining a license for doing business as a title loan lender in Greensboro. This should include:
The business has to show character and good intentions of informing the public. The business has to show how they will promote a high level of convenience to the public as it relates to obtaining a loan. The license applicant has to also show proof of at least $50,000 financial asset to start the business.
If the borrower does not pay the loan for 30 days, the title loan lender can seek to repossess the vehicle, but the borrower is given a chance to turn in the vehicle in a timely manner.