Title Loans in Randolph, Kansas

Title Loans in Randolph, Kansas: A Guide for Borrowers

If you’re in a tight financial spot, you may be considering a title loan as a way to access quick cash. Title loans are a popular option in Kansas, and Randolph is no exception. In this guide, we’ll take a closer look at title loans in Randolph, the laws surrounding them, and what you need to know before you apply.

What is a title loan?

A title loan is a type of secured loan. With a title loan, you borrow money against the value of your car. When you take out a title loan, the lender puts a lien on your car’s title. This means the lender has the right to take possession of your car if you fail to repay the loan.

How do title loans work in Randolph, Kansas?

In Kansas, title loans are legal and there are no caps on the amount you can borrow. However, the loan term is limited to 30 days, and the interest rate is capped at 25% for the first $0-$1000 borrowed, and then 15% for any amount above that. The maximum loan amount varies depending on the value of your car and the lender’s policies.

To qualify for a title loan in Randolph, you must:

• Be at least 18 years old
• Own a car with a clear title
• Provide proof of income and residency

When you apply for a title loan in Randolph, the lender will assess the value of your car and determine how much you can borrow. If you’re approved, you’ll sign a contract outlining the terms of the loan, including the interest rate, fees, and repayment schedule.

What are the risks of taking out a title loan?

While title loans can provide quick access to cash, they also carry a high risk. Because title loans are secured, if you default on the loan, the lender can repossess your car. This can leave you without transportation and in an even tougher financial position. Additionally, the high interest rates on title loans can make it difficult to repay the loan on time, which can lead to a cycle of debt.

Before you take out a title loan in Randolph, it’s important to understand the risks and ensure that you can afford to repay the loan on time.

Interesting Facts and Statistics about Title Loans in Randolph

• In 2019, the average title loan borrower in Kansas borrowed $1,003 at an interest rate of 25%.
• In Kansas, title loans account for 59% of all alternative loan products.
• 86% of title loan borrowers in Kansas renew their loans multiple times, paying fees each time they renew.
• The average loan term for a title loan in Kansas is 17 days.

Apply Now

If you’re considering a title loan in Randolph, Kansas, TheGuaranteedLoans can help connect you with potential lenders. We’re a connector service, not a direct lender, and we’ll work with you to find a loan that meets your needs and budget. To get started, fill out our online application today.

Remember to only borrow what you can afford to repay and to read the contract carefully before signing. With careful planning and consideration, a title loan can provide the financial support you need in a pinch.