Title Loans in Riverton, Kansas

Title Loans in Riverton, Kansas: What You Need to Know

Are you considering a title loan in Riverton, Kansas? If so, you’re not alone. Title loans are legal and popular in Kansas, and they can be a viable option for those who need quick cash but don’t have great credit.

What Is a Title Loan?

A title loan is a type of secured loan where the borrower uses their vehicle title as collateral. The lender holds onto the title until the loan is paid back in full, at which point the borrower regains ownership of the vehicle.

Typically, the amount of the loan is based on the value of the vehicle, with lenders generally willing to loan up to 50% of the vehicle’s value. Borrowers with poor credit may find it easier to obtain a title loan than other types of loans, as the collateral (i.e. the vehicle) can help offset the perceived risk.

Who Qualifies for a Title Loan in Riverton, Kansas?

In Kansas, you must be at least 18 years old to qualify for a title loan. You must also be the owner of a vehicle with a clear title (i.e. no liens or other loans outstanding against it). Additionally, you’ll need to provide proof of income and residence.

Pros and Cons of Title Loans

As with any type of loan, there are pros and cons to consider before deciding if a title loan is right for you.

Pros:

• Quick access to cash: With a title loan, you can often get the cash you need within a day or two.
• No credit check required: Because the loan is secured by the vehicle, lenders are often willing to overlook poor credit history.
• No need to surrender your vehicle: While the lender does hold onto the title, you are typically still able to drive your vehicle while repaying the loan.

Cons:

• High interest rates: Title loans typically come with high interest rates, making them a costly option for borrowers.
• Potential for repossession: If you’re unable to repay the loan, the lender may repossess your vehicle.
• Short loan term: Title loans often have short loan terms (typically 30 days or less), which can make repayment difficult for some borrowers.

Interesting Facts and Statistics

Here are a few interesting facts and statistics about title loans in Kansas:

• In 2019, the average title loan amount in Kansas was $1,042.
• The average interest rate for a title loan in Kansas is 391%.
• More than half of title loan borrowers in Kansas (54%) have an annual income of $25,000 or less.

Apply Now

If you’re considering a title loan in Riverton, Kansas, TheGuaranteedLoans can help connect you with potential lenders. Fill out our online application today to get started.

It’s important to note that TheGuaranteedLoans is a connector service, not a direct lender. We work with a network of trusted lenders to help match borrowers with loan options that meet their needs. While we do our best to ensure all lenders in our network follow ethical practices, we cannot guarantee the terms or rates of any loan.