Title Loans in Rhodes, Michigan

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No title loan companies in Rhodes, MI. Consider companies in other cities:

Company nameAddressZip codePhone number
Independent Bank 228 Newman St, East Tawas, MI 48730 +1 (989) 362 - 6151
Check n Go 5420 Beckley Rd Suite J, Battle Creek, MI 49015 +1 (269) 979 - 4040
mBank 857 W Washington St, Marquette, MI 49855 +1 (906) 226 - 5000
Talon Title Agency 932 Spring St 201, Petoskey, MI 49770 +1 (231) 347 - 7000
Members First Credit Union 1291 W Cedar Ave, Gladwin, MI 48624 +1 (855) 835 - 6328
Huntington Bank 525 N Main St, Frankenmuth, MI 48734 +1 (989) 652 - 0504
Cash Plus 1323 W South Airport Rd, Traverse City, MI 49686 +1 (231) 946 - 2274
Fifth Third Bank & ATM 5300 Durand Rd, Durand, MI 48429 +1 (989) 288 - 6038
Loan Brokerage Center 37000 Woodward Ave, Bloomfield Hills, MI 48304 +1 (248) 203 - 9146
Flagstar Bank 301 W Michigan Ave, Jackson, MI 49201 +1 (800) 945 - 7700

Title Loan Companies in Nearby Cities

If there are no title loan companies in Rhodes, MI, you can try to find different companies in big cities nearby. Check out the following pages here: Title Loans in Warren, MI, Title Loans in Westland, MI, Title Loans in Wyoming, MI, Title Loans in Ann Arbor, MI, Title Loans in Battle Creek, MI, Car Title Loans in Bay City, MI, Title Loans in Bedford, MI and Car Title Loans in Dearborn, MI. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Rhodes, MI.

Title Loans in Rhodes, Michigan: What You Need to Know

If you’re in need of quick cash, title loans can be a viable option. In Michigan, title loans are legal and popular among those looking for instant cash. However, it’s important to understand the risks and consequences associated with title loans before jumping into one.

What are Title Loans?

A title loan is a type of secured loan where the borrower uses their vehicle as collateral. In other words, the borrower agrees to transfer ownership of their vehicle’s title to the lender in exchange for a loan amount. Once the loan is repaid, the title is returned to the borrower.

Title loans are also sometimes referred to as pink slip loans, auto title loans, or car title loans.

How Do Title Loans Work in Michigan?

In Michigan, title loans are legal and regulated by the state. Lenders are required to obtain a license from the Michigan Department of Insurance and Financial Services to offer title loans.

When applying for a title loan in Michigan, the lender will typically assess the value of the borrower’s vehicle to determine the loan amount. The borrower must also provide proof of income and ownership of the vehicle.

The amount of the loan and the interest rate will vary depending on the value of the vehicle and the lender’s policies. However, Michigan law caps interest rates on title loans at 36% APR.

If the borrower defaults on the loan, the lender can repossess the vehicle and sell it to recoup their losses. However, under Michigan law, the borrower has the right to cure the default within 20 days of repossession by paying off the outstanding balance and associated fees.

Pros and Cons of Title Loans

  • Pros: Title loans can be a quick and easy way to obtain cash, especially for those with poor credit or no credit history. The application process is typically simple and can be completed in person or online.
  • Cons: As with any type of loan, there are risks associated with title loans. If the borrower defaults on the loan, they can lose their vehicle. Additionally, the interest rates on title loans can be incredibly high and put the borrower in a cycle of debt.

Interesting Facts and Statistics About Title Loans in Rhodes, Michigan

  • According to data from the Michigan Department of Insurance and Financial Services, there were over 7,000 title loans made in Michigan in 2019, totaling over $14 million in loan amounts.
  • Michigan law requires lenders to hold a title loan for a minimum of 31 days, but there is no maximum loan term.
  • The average title loan in Michigan is around $1,000.

Apply Now

If you’re in need of quick cash and are considering a title loan, TheGuaranteedLoans can help connect you with potential lenders in Rhodes, Michigan. Simply fill out our online application, and we’ll facilitate the connection with lenders who may be able to offer you a loan.

It’s important to note that TheGuaranteedLoans is not a direct lender, but rather a connector service. We work with a network of reputable lenders to help you find the best loan options for your needs.

Useful Articles

Rhodes, MI title loan calculator

Frequently Asked Questions About Car Title Loans in Rhodes, Michigan

How do I apply for a title loan in Rhodes, Michigan?

To apply for a title loan in Rhodes, Michigan, borrowers can visit a title loan lender's physical location or apply online. The borrower will need to provide their vehicle title, proof of income, and identification to complete the application process.

Is there a maximum interest rate for title loans in Rhodes, Michigan?

Yes, the maximum interest rate for title loans in Rhodes, Michigan is set at 10% per month by the Office of Consumer Credit Commissioner.

Advise to read before applying

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