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Business Loan Title Loans in Oakdale, Nebraska: Here’s What You Need to Know
When it comes to financing, there are many options available to individuals in Oakdale, Nebraska. One of the options that people tend to look toward is title loans. Though title loans are not as well-known in Nebraska as they are in other states, they can still be a useful tool for accessing quick cash. If you’re considering a title loan, here’s what you need to know.
What Are Title Loans?
Title loans are loans that are secured by the borrower’s vehicle. The borrower uses their vehicle title as collateral, which means that the lender can repossess the vehicle if the borrower cannot repay the loan. Because the loan is secured, lenders are often willing to offer title loans to individuals with poor credit.
How Do Title Loans Work?
Getting a title loan requires that you own your vehicle outright. You’ll need to provide the vehicle’s title to the lender, and they’ll assess your vehicle to determine its value. Based on the value of your vehicle, the lender will typically offer you a loan that is a percentage of the vehicle’s value. The loan term will typically be 30 days, and if you can’t repay the loan by the due date, you may be able to extend the loan by paying an additional fee.
Interest Rates and Fees
One of the biggest concerns with title loans is the high interest rates and fees that come along with them. Interest rates for title loans can range from 25% to 50% or more. Additionally, lenders may charge fees for processing the loan, and if you’re unable to repay the loan by the due date, you’ll be charged additional fees.
Alternatives to Title Loans
While title loans can provide quick cash to those in need, their high interest rates and fees make them a risky option for many. If you’re looking for alternative options for financing, some options to consider include:
- Personal loans from a bank or credit union
- Credit card cash advances
- Payday loans (though these come with high interest rates as well)
- Government assistance programs
Interesting Facts and Statistics About Title Loans in Oakdale, Nebraska
- Although title loans are not as popular in Nebraska as they are in other states, they are still legal and available in the state.
- In 2018, there were 48 title loan locations in Nebraska, compared to 365 in Missouri and over 800 in Texas.
- The average interest rate for a title loan in Nebraska is around 30%, but rates can vary based on the lender and the borrower’s creditworthiness.
- According to a report by the Pew Charitable Trusts, the average title loan borrower takes out eight loans per year, and spends around $1,200 in fees alone.
- Between 2010 and 2014, Nebraskans paid over $42 million in fees for title loans.
Apply Now
If you’re considering a title loan, TheGuaranteedLoans can help. We’re a connector service, which means that we connect borrowers with potential lenders. By filling out our simple online application, you can receive multiple loan quotes from lenders in your area. Keep in mind that if you do take out a title loan, you’ll need to repay it on time to avoid high fees and potential vehicle repossession.