Title Loans in Edmond, Oklahoma

What Is a Title Loan?

A title loan is a secured loan that uses the value of a car as collateral. The title of the car is held by the lender until the loan is paid back. The value of the loan is based on the appraised value of the car, often up to 70 percent of the value of the vehicle. Title loans are short-term loans, usually ranging from 30 to 90 days.

Are Title Loans Legal in Edmond, Oklahoma?

Yes, title loans are legal in Edmond, Oklahoma. Title loans are regulated by the Oklahoma Department of Consumer Credit. The department’s rules require lenders to provide borrowers with a written contract that specifies the terms of the loan. Additionally, Oklahoma’s usury laws cap the annual interest rate for a title loan at about 250 percent.

What Do I Need to Qualify for a Title Loan in Edmond, Oklahoma?

To qualify for a title loan in Edmond, Oklahoma, you must:

• Be at least 18 years old
• Have a car that is registered in the state of Oklahoma
• Have the car’s title in your name
• Have proof of income
• Have proof of residence
• Have a valid driver’s license

How to Apply for a Title Loan in Edmond, Oklahoma?

Applying for a title loan in Edmond, Oklahoma is easy. You can apply online or in person at a lender’s office.

Applying Online: Many lenders offer online applications. To apply, you will need to provide basic information about yourself and your vehicle, such as its make, model, year, and mileage. You’ll also need to provide proof of income and address. Once you submit your application, you will receive an estimate of how much you qualify to borrow.

Applying In Person: You can also apply in person at a lender’s office. You will need to bring your car to the lender’s office so they can inspect it and assess its value. You will also need to bring proof of income and address.

What Are the Costs of a Title Loan in Edmond, Oklahoma?

Title loans in Edmond, Oklahoma have the same costs as in other areas of the state. There is an origination fee, which is usually about 15 percent of the loan amount. Additionally, there are interest charges. Interest rates vary from lender to lender, but typically range from 25 percent to 250 percent.

Can I Refinance or Extend My Title Loan in Edmond, Oklahoma?

Yes, you can refinance or extend your title loan in Edmond, Oklahoma. Refinancing a title loan means taking out a new loan to pay off the balance of the existing loan. This may be beneficial if the new loan has a lower interest rate or more favorable repayment terms. By extending the loan, you can increase the loan term and lower the monthly payments. However, it’s important to note that extending or refinancing a loan can lead to more fees and higher interest charges.

F.A.Q.

Q: What happens if I can’t pay back my title loan?

A: If you are unable to pay back your title loan, the lender reserves the right to repossess your car and sell it to recoup their losses. To prevent this from happening, you should contact your lender as soon as possible to discuss your repayment options.

Q: Is a title loan the same as a payday loan?

A: No, title loans and payday loans are different types of loans. Title loans are secured loans that use the value of your car as collateral. Payday loans are unsecured loans that are typically used to cover emergency expenses.

Q: Can I get a title loan if I don’t have a job?

A: It may be possible to get a title loan if you don’t have a job. However, most lenders will require you to prove that you have a stable source of income, such as Social Security benefits or unemployment benefits.

TheGuaranteedLoans: Connecting You with Title Loan Lenders

At TheGuaranteedLoans, we understand the need for title loans and understand the complexities of the process. That’s why we are dedicated to connecting borrowers with lenders so they can get the title loan they need. Our online title loan matching service is fast, easy and secure.

Apply Now: If you need a title loan in Edmond, Oklahoma, simply fill out the online application and we will connect you with a lender within minutes. TheGuaranteedLoans is not a lender, and does not make loan or credit decisions. We simply match borrowers with lenders who may be able to help them.