What Are Title Loans in Liberty, Missouri?
Title loans in Liberty, Missouri, are short-term loans that are secured by the borrower’s vehicle title, or lien, as collateral. If a borrower defaults on their loan, the lender can repossess the borrower’s vehicle and sell it to repay the loan. This type of loan is intended to provide quick cash to borrowers in an emergency; however, the high-interest rates charged by lenders make them a costly form of credit.
Are Title Loans Legal in Missouri?
Yes, title loans are legal in Missouri. Since 2013, lenders are required to comply with the Missouri Title Loan Law. The law includes numerous consumer protections, such as limits on loan amounts and interest rates and requiring lenders to provide borrowers with a notice of their rights and obligations under the loan agreement.
How Can I Get a Title Loan in Liberty, Missouri?
If you are in need of quick cash, getting a title loan in Missouri is relatively straightforward. Start by finding a licensed lender in the Liberty, Missouri area. The Missouri Division of Finance has an online database of all lenders licensed to offer title loans.
You will need to provide the lender with your vehicle title, driver’s license and proof of income, such as a pay stub or bank statement. After the lender reviews your paperwork, they will request an inspection of the vehicle to assess its value and condition.
The lender will then offer you a loan based on the value of your vehicle and your ability to repay. Once you accept the loan, you will need to sign a loan agreement that outlines the loan terms, including the payment schedule, interest rate and fees associated with the loan.
What Are the Risks of Taking Out a Title Loan?
Title loans can be beneficial if your need for cash is immediate; however, it is important to understand the risks associated with this type of loan. Most notably, title loans are very expensive. The interest rate on a title loan can be as high as 25% or more, making it difficult to pay back the loan.
If you miss a payment or can’t keep up with the repayment schedule, the lender can repossess your vehicle and sell it to repay the loan. Additionally, the lender’s lien on the vehicle title will remain until the loan is paid off in full, meaning that you won’t be able to transfer ownership of the vehicle until the loan is paid off. For these reasons, it is important to explore all available options before taking out a title loan.
What Alternatives Are Available to Title Loans?
If you are in need of quick cash, there are alternatives to title loans that have more favorable terms and are less risky. Some potential alternatives include personal loans from banks and credit unions, short-term loans from online lenders, payday loans and credit cards. Depending on your credit score, you may be able to get a lower-interest loan that can be less expensive and easier to pay off than a title loan.
Apply Now For Title Loans in Liberty, Missouri
If you need quick cash and you’re considering taking out a title loan in Liberty, Missouri, The Guaranteed Loans can help. We are not a lender, but we can connect you with one of our trusted lenders. To get started, simply fill out our online application form and we will get back to you with a lender that can meet your needs.
Frequently Asked Questions (FAQ) About Title Loans in Liberty, Missouri
What documents will I need for a title loan in Liberty, Missouri?
To take out a title loan in Liberty, Missouri, you will need to provide the lender with your vehicle title, driver’s license and proof of income, such as a pay stub or bank statement.
Can I get a title loan if I have bad credit?
Yes, you can. Many lenders will offer title loans to borrowers with bad credit, as the value of the collateral (the vehicle) is used as security for the loan.
How long will it take to get a title loan?
Once you have the required paperwork and the lender has inspected the vehicle, it should take no more than a few hours to get a title loan.