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Business Loan Title Loans in Heltonville, Indiana: Everything You Need to Know
If you’re facing a financial emergency, a title loan could be a solution to your problem. Title loans are a popular, legal option available to residents in Heltonville, Indiana. In this article, we’ll explain what title loans are, how they work, and the benefits and risks that come with them. Read on to find out everything you need to know about title loans in Heltonville, Indiana.
What are Title Loans?
Title loans are short-term loans that use your vehicle as collateral. In other words, you borrow money against the value of your car. The lender holds onto your car title until the loan is repaid, hence the name “title loan”. These loans are available in 21 states, including Indiana.
How do Title Loans Work?
The application process for a title loan is straightforward. You will need to show the lender your car, provide proof of ownership and insurance, and a valid ID. The amount of the loan is based on the value of your car, and lenders typically offer loans that range from 25% to 50% of the car’s value. Once the terms are agreed upon, you’ll need to sign a contract, hand over your car title, and get the money. Usually, the money is deposited into your bank account within a couple of hours.
Benefits of Title Loans
- Quick access to cash – Title loans are known for their fast processing times, which can be as little as a few hours.
- No credit checks – Since title loans are secured loans, they don’t require a credit check. This makes them an attractive option for people with bad credit or no credit history.
- You can continue to use your car – Unlike pawnshops, you get to keep and use your car while you pay back the loan.
Risks of Title Loans
- High interest rates – Title loans have high-interest rates that can be as much as 300% or more. This is because they’re short-term loans that are considered riskier for lenders.
- Potential for repossession – If you can’t repay the loan, the lender has the right to repossess your car and sell it to recoup their losses.
- Debt cycle – The short-term nature of title loans makes repayment difficult. For some, this can start a cycle of debt where they need to borrow more money to pay off the original loan plus fees and interest, which can lead to a vicious cycle of debt and financial instability.
Title Loan Regulations in Indiana
Like other states, Indiana has regulations that govern title loans. These laws were put in place to protect consumers from predatory lending practices. Here are a couple of the laws you should know:
- Caps on loan amounts – In Indiana, the maximum amount you can borrow for a title loan is $50,000 or 50% of the loan value, whichever is less.
- Loan time limit – Title loans in Indiana must be set for a period of 6 months or less.
Interesting Facts and Statistics About Title Loans in Heltonville, Indiana
- According to a study by the Consumer Financial Protection Bureau (CFPB), one in five title loan borrowers in the U.S. lose their vehicle to repossession.
- The average auto title loan in Indiana is $1,000 with an average annual interest rate of 270%.
- The number of Hoosiers taking out payday and title loans has increased from 214,000 in 2012 to 382,000 in 2017.
Apply Now
If you decide that a title loan is the right option for you, TheGuaranteedLoans can help you connect with lenders in Heltonville, Indiana. We’re a connector service, not a direct lender, so we can provide you with multiple lending sources to choose from. Fill out our online application and receive a loan decision within minutes*. Don’t wait, apply now!
*Loan approval time may vary and is not guaranteed. Money transfer times may also vary depending on your lender’s policies and procedures.