For those who have found themselves in need of cash as quickly as possible, car title loans are a wonderful option. These loans, which are available in Monroe, Louisiana, most commonly through an online loan service, can truly be a godsend for people who need money.
The way that title loans Monroe, LA work is that the person who takes out the loan agrees to use his or her car as collateral on the loan. The amount of the loan is based after we determine he value of your car. Because the vehicle acts as collateral, the borrower does not need good credit. However, a job or regular source of income is required so that the borrower will be able to pay back the loan.
If the borrower meets the repayment agreement, he will be able to maintain use of his vehicle throughout the loan period and receive the title back at the end of it. If the borrower fails to do this, however, his car can be repossessed. Fortunately, though, that doesn’t have to happen as long as people make an honest effort to repay their loans and communicate regularly with their lenders.
Know Your Rights
As long as you make an effort to find a good, trustworthy lender, there is no reason that you shouldn’t have a great title loan experience. However, it is still important to be aware of your rights as a borrower so that they are not violated and so that, if they are, you can stand up for yourself and do something about it!
There are a great many wonderful title loan lenders out there, but there are also unscrupulous ones who may be less than fair as they attempt to collect on your debt. If you know your rights, you’ll know what NOT to put up with from your lender.
Below, you’ll find some of the rights you are entitled to as a borrower:
- Not receiving collection calls before 8:00am
- Not receiving collection calls after 9:00pm
- The right to request that your debt collector not contact you at work
- The right to be called a REASONABLE, non-excessive amount of times per day
- The right to not be threatened or to have to deal with vulgar language
- The right to not have your debt revealed to others, such as friends and family members
If you feel that these rights have been violated in any way or that you are being harassed or treated unfairly by your lender, you can contact the state licensing board to report the lender. You may also request, in writing, that your lender no longer contact you, and it must honor this request; however, you will still be required to pay back your loan!
Debt in Monroe
This helpful report offers up economic information about Monroe, Louisiana. And, according to the report, it’s a pretty nice place to live for most people. The unemployment rate is low, at only a little over 5%, and only around 30% of people make less than $15,000 per year.
However, if you are one of the few who is unemployed or who is earning a lower income, meeting all of your financial requirements can definitely be difficult. Thus, if you are in a rough situation financially and need to turn to title loans for help, don’t beat yourself up, and know that you are not alone. Many people struggle financially at some point in their lives.
The nice thing is that you can do something about your struggles by taking out a title loan. If you use your loan funds responsibly, you could potentially clear up debt and/or get the boost you need to get back on your feet for good. Plus, if you pay off your loan as agreed upon, you can start to build up your credit, which will give you more and better financial opportunities in the future.
As you can see, title loans can actually be a very good thing, so start taking advantage of them today and change your life for the better!
