If you know anything about car title loans, you know that they are the hands down the fastest, easiest way to get cash when you’re in a pinch. Title loans are designed to be a lifeline when you don’t quite have the cash you need just yet. They only require a car title with no liens against it to get going, so you can get your cash much faster than a loan that requires a credit or background check. In fact, you can usually get your money in less than a day.
When you get a title loan, you’re not just getting cash, you’re getting a sense of relief. Title loans are meant to give you peace of mind when unexpected financial circumstances hit. They are generally short-term loans, lasting one to three months, but they give you more than enough time to get in your next paycheck or work out a longer term financial solution.
All you need to do is send your car’s title off to your lender as security for your loan. Once they know it’s one the way, the loan money goes straight into your account. Then, after you’ve paid everything back along with any associated interest or fees, the title goes right back to you. It’s the simplest loan you will ever have.
Title loans are a big deal – you know that, your lenders know that, even the state knows that. That is why there are some specific regulations set down to help keep borrowers safe and comfortable during the title loan process.
Lenders have your best interest at heart, so they work actively to make sure that you are protected and that they are compliant with the rules set down by the State of Louisiana. Any lender that doesn’t actively work toward that is not a true title lender, and certainly not someone with whom you want to work.
There are a few things that you can look out for with your title loan to help make sure you are in the best hands possible. The first is to make sure your lender is licensed with the Louisiana Office of Financial Institutions. Beyond that, take a look at your loan agreement. It should include some clear and specific numbers, including:
If a lender is not being transparent about their fee and repayment program, you should probably look for another lender. If you have already started working with a lender that you believe is abusing your rights as a borrower, report them immediately to the Consumer Financial Protection Bureau. You should also file a report with local law enforcement so that they can look into it, too.
Sheriff for St. John the Baptist Parish: Mike Tregre
Non-Emergency Phone Number: (985) 652-9513
To better understand Louisiana title loan regulation, or to find car title loan in LaPlace that you can trust, all you have to do is give our office a call. We will take the time to answer any questions you may have about car title loans so that you feel comfortable with your choice. Then, when you are ready to borrow we will set you up with a lender that is licensed, state compliant, and ready to help you now. We’ve done the hard work of finding them, and we can bring a quality LaPlace lender to you in just minutes. All it takes is one quick call and you could have your loan money in a matter of hours.