Title Loans in Gepp, Arkansas: What You Need to Know
Title loans are becoming an increasingly popular way for people to get quick cash when they need it. In Arkansas, title loans are legal and regulated, which means that borrowers need to be aware of the rules and regulations that apply to them. If you are thinking about taking out a title loan in Gepp, Arkansas, here is what you need to know.
What Are Title Loans?
Title loans are a type of secured loan that allows borrowers to use their vehicle title as collateral. This means that if the borrower is unable to pay back the loan, the lender can take possession of the vehicle and sell it to recover their losses. Title loans are typically short-term loans, and the amount that can be borrowed depends on the value of the vehicle and the borrower’s ability to repay the loan.
How Do Title Loans Work in Arkansas?
In Arkansas, title loans are legal and regulated under Chapter 23 of the Arkansas Code. Title loan lenders must be licensed by the state and follow certain regulations, including:
- Limiting the loan amount to no more than 25% of the borrower’s gross monthly income
- Limiting the loan term to no more than 30 days, with the option to renew
- Requiring lenders to provide a written agreement that outlines the terms and conditions of the loan
- Prohibiting lenders from charging more than 10% interest per month
Borrowers in Arkansas are also protected by the Arkansas Fair Mortgage Lending Act, which requires lenders to provide certain disclosures and prohibits unfair and deceptive practices.
What Are the Benefits of Title Loans?
For many people, title loans can be a good option when they need quick cash. Some of the benefits of title loans include:
- Quick and easy approval process
- No credit check required
- Flexible repayment options
- Use of the vehicle during the loan term
However, it is important to remember that title loans can be expensive, and borrowers should be sure that they can repay the loan before taking it out.
Interesting Facts and Statistics about Title Loans in Gepp, Arkansas
- According to data from the Arkansas State Bank Department, there were 58 title loan companies licensed in Arkansas as of December 2020
- The average title loan amount in Arkansas is $900, with an average term of 23 days
- According to a 2015 report from the Center for Responsible Lending, the average APR for a title loan in Arkansas is 259%
Apply Now
If you need to take out a title loan in Gepp, Arkansas, TheGuaranteedLoans can help. We are a connector service that works with a network of lenders to help borrowers find the best loan options for their needs. Fill out our online application today to get started, and one of our friendly representatives will be in touch to discuss your options and connect you with a lender.
Please note that TheGuaranteedLoans is not a direct lender and does not make credit decisions. We are a connector service and work with a network of lenders who are willing to provide loans to borrowers who meet their criteria.