What You Need to Know About Title Loans in Franklin, Arkansas
Are you in need of quick cash in Franklin, Arkansas? Have you considered a title loan? Title loans are a popular and legal option for those who need access to cash quickly. However, it’s important to understand the terms and conditions before taking one out. In this article, we’ll explore everything you need to know about title loans in Franklin, Arkansas.
What is a Title Loan?
A title loan is a type of secured loan where a borrower uses their vehicle as collateral. The amount of the loan is usually based on the value of the vehicle. If the borrower is unable to repay the loan, the lender has the right to repossess the vehicle.
How Title Loans Work in Arkansas
In Arkansas, title loans are legal and regulated by the state. Lenders must be licensed and follow strict guidelines regarding interest rates and fees. The maximum amount that can be borrowed is $5,000 and the maximum loan term is 180 days.
Interest Rates and Fees
Title loan lenders in Arkansas are limited to charging a maximum of 17% interest per month. They may also charge a maximum of 5% of the original loan amount in fees. It’s important to be aware of these fees when considering a title loan.
Repayment Options
Most title loan lenders in Arkansas offer three repayment options: paying the loan in full, paying the interest and fees to renew the loan, or forfeiting the vehicle to the lender. It’s important to carefully consider these options before taking out a title loan.
The Benefits of Title Loans
Title loans can be a good option for those who need access to cash quickly. They’re easier to obtain than traditional loans, as they require less paperwork and can be approved within hours. Additionally, those with poor credit scores may still be able to qualify for a title loan.
Apply Now
If you’re in need of fast cash in Franklin, Arkansas, TheGuaranteedLoans can help connect you with potential title loan lenders. Our easy-to-use online application can be completed in just minutes. Remember, we are a connector service, not a direct lender. We’ll facilitate your connection with potential lenders who may be able to provide you with the cash you need.
Interesting Facts and Statistics About Title Loans in Franklin, Arkansas
– According to a 2016 report by the Arkansas Advocates for Children and Families, there were over 100,000 title loans issued in the state of Arkansas in 2015.
– In 2017, the Arkansas Attorney General filed a lawsuit against a title loan lender for violating state laws and charging excessive interest rates.
– The Center for Responsible Lending reports that the average title loan borrower in Arkansas pays $1,200 in interest and fees for a $1,000 loan.
In conclusion, title loans can be a viable option for those in need of fast cash in Franklin, Arkansas. However, it’s important to carefully consider the terms and conditions before taking out a title loan. Remember to apply for a title loan via TheGuaranteedLoans to have access to a variety of lenders with competitive rates and fees.