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Business Loan Title Loans in Aguilar, Colorado: Everything You Need to Know
Car title loans are a legal and popular way to get cash in Aguilar, Colorado. If you need money quickly, title loans could be the solution for you. In this article, we will go through the basics of title loans in Aguilar, how to apply, and what you should know before taking out a loan.
What is a Title Loan?
A title loan is a secured loan that allows you to use your vehicle as collateral. You can get a title loan by surrendering your car title to the lender and borrowing money against the value of your vehicle. The lender will keep your car title until you have repaid the loan in full. Once you pay back the loan, you’ll get your title back.
How Do Title Loans Work in Aguilar, Colorado?
In Aguilar, title loans are simple to get. You can get a title loan in less than ten minutes by following three straightforward steps. First, you need to fill out an online application. After submitting the application, one of our agents will need to verify your information. Finally, you will receive your cash.
You need to be at least 18 years old with a government-issued ID to be eligible for a title loan in Aguilar. You should also have a vehicle that isin good working order. Additionally, you need to have the title to use your vehicle as collateral.
How Much Can I Borrow?
If you live in Aguilar, you can borrow up to $25,000 depending on the appraised value of your vehicle. Keep in mind that your vehicle’s worth will be the most significant factor in determining how much you can borrow.
What Are the Benefits of a Title Loan?
1. Quick Cash
If you need money fast, a title loan is one of the fastest ways to get it. You can usually get a title loan in less than an hour. This is a one-time deal and will get you the cash you need to deal with whatever unexpected expense or bills you have.
2. No Credit Checks
If you have bad credit, either due to bankruptcy or missed payments, getting a loan from a traditional lender can be near impossible. In contrast, the great benefit of title loans is that it is a secured loan based on your car and does not require a credit check.
3. Flexible Repayment Terms
With a title loan in Aguilar, you do not have to worry about repayment until the due date. This flexibility allows you to solve your immediate problem without worrying about payments right now. You have time to plan and budget for repayment without worrying about immediate financial stress.
What Are the Risks of a Title Loan?
1. High-Interest Rates
Title loans usually come with a high-interest rate, which may be compounded daily, weekly, or monthly. However, in Colorado, interest rates are capped at 144 percent per year, which may seem high but is significantly lower than many other states in the US.
2. Risk of Vehicle Repossession
It can be risky to use your car as collateral for a loan, especially if you have a more pressing need for cash. While the risk of vehicle repossession is relatively low, it is still a risk you should be aware of when taking out a loan.
How Do I Apply for a Car Title Loan in Aguilar, Colorado?
If you decide to apply for a title loan in Aguilar, you can complete our online application process easily. Our agents will process your application quickly, and you’ll have access to your cash within a short time.
Interesting Facts and Statistics About Title Loans in Aguilar, Colorado
- According to the Pew Charitable Trusts, the average title loan is around $1,000, and the borrower pays around $1,200 in fees on an average loan term of eight months.
- In Colorado, car title loans can be up to $25,000, and the interest rate is capped at 144%
- In 2015, 11% of the adult population in Colorado reported having taken out a payday loan or car title loan in the past year, according to the Colorado Attorney General’s Office.
- The vast majority of title loan borrowers are working-class individuals with limited access to traditional bank loans and credit cards.
Apply Now to Get Your Cash!
If you’re in a tough financial spot and need cash fast, we’re here to help. TheGuaranteedLoans is capable of connecting you with lenders willing to give you the cash you need, with no credit checks. We acknowledge that we are a connector service, and we will match you with the best lender for your needs. Fill out our online application form today, and you’ll get the cash you need in no time.