Sometimes you end up with an unexpected financial hardship that you don’t have the money or available credit to handle. You don’t want to wait around, as you could end up with fees that leave you even further in debt. Fortunately, consumers in need of some extra money have been able to get just that with title loans Wichita Falls.
The application process is easy and you don’t need good credit for an approval. A helpful Moreland Car Title Loans representative can start you with your loan paperwork upon your arrival. Don’t forget to tell the representative if you went through our online application and received preapproval for your loan. After the paperwork is done, we’ll use a vehicle value guide and perform a brief inspection to verify your car’s value, helping us confirm how much we can loan you. ONly your vehicle title is needed to secure the Wichita Falls title loan, so you can continue driving your car while repaying the loan.
Start by going over to the application and entering the following info about the car that you plan to use as collateral on your title loan:
That’s all we need to get from you, and once you submit the form to us, we’ll instruct one of our friendly Wichita Falls Car Title Loans representatives to follow up with you as soon as they can. The representative can answer all your questions regarding title loans and set up a time for you to come get your loan.
All you need for a title loan is your government-issued ID, your car and the title to it. We look at your date of birth on your ID to verify that you’re at least 18 years old, which is the minimum to get a title loan. We’ll perform a quick inspection of your car, and keep the title while you pay back your loan.
Title loans are a type of secured loan, which are loans that have a piece of property put up by the borrower as collateral. In this case, you’re putting up your car as collateral, and it needs to have a lien-free title in your name. However, you get to keep your car over the repayment period of the title loan and the lender only keeps your car until you’ve paid them back.
The federal government requires all title loan borrowers to be 18 years of age or older, but other than that, it leaves states to set up their own title loan laws. This means that how title loans work can vary considerably depending on what state you’re in. Texas’s regulations cover title loans in Wichita Falls.
Texas doesn’t put a limit on title loan amounts, which means that title loan companies can lend as much as they want. Of course, they always base the maximum amount they’ll lend you on the value of your car. The state has a cap on interest rates of 10 percent, but keep in mind that there can be additional fees besides just interest.
In most states without limits that specify otherwise, the standard term length for a title loan is 30 days. This is the length that lenders in Texas typically use, as well. If you can’t pay off your title loan at the end of the term, you can roll over the loan, which means you’re extending it for another term. You need to pay at least the interest on the loan to do this. The new term will have your unpaid loan principal and a new interest charge. The state limits title loan terms to a maximum of 180 days with any extensions, which means on a title loan with a standard 30-day term, you can extend it up to five times.
If you don’t make a payment on your title loan for any reason, that’s considered a default on the loan. The lender then has the legal authority to repossess your car and sell it to recoup its money. This isn’t an ideal situation for either party, as the borrower loses their car and the lender must go through the inconvenience of the repossession and sale process. That’s why it’s best to get in touch with your lender if you’re having payment issues on your title loan. Lenders can usually work with you and find a resolution, such as extending your loan so you can pay less on your due date.