Title loans are short-term, secured loans that are secured using your vehicle's title as collateral. They are most popular for borrowers with less-than-perfect credit who need to come into some money quickly for emergency situations. Your credit doesn't matter because most title loan lenders will not require a credit check from you in order to get approval. If you have a steady income and a vehicle with value, you can get a title loan very easily. Title loans Greenville are also great because while you are working on repaying the loan you will still be able to use your vehicle as you normally do. Once the loan is paid off, the title is returned to you lien-free.
Many types of vehicles can qualify for title loans. Car, trucks, motorcycles and RVs also can be used to apply for the loan as long as they have enough value or worth to cover the loan as collateral. These loans are cheaper than payday loans and cash advances because they don't have the same outrageous interest rates. In Texas, there is no max on the amount you can get with a title loan. However, the amount you are able to apply for will be based on the value of the vehicle you are putting up as collateral.
Title loan lenders in every state must follow certain rules and regulations regarding their lending practices. In Texas, there are additional laws that must be adhered to. The amount of interest on a title loan in Texas caps out at ten percent. However, there is no limit on fees and the loan must not exceed 180 days. All of these rules and laws were set in place to help protect borrowers from title loan lenders who try to take advantage of people who are having financial difficulties.