Title Loans in Shawnee, Oklahoma

What are Title Loans in Shawnee, Oklahoma?

A title loan is a type of loan that uses a vehicle title as collateral. Title loans are also often referred to as “pink slip loans”, “auto title loans”, or “car title loans”. A borrower gives the lender the title to their vehicle as collateral and in return receives a loan. The borrower is then able to keep their vehicle while they are repaying the loan. Title loans are one of the quickest ways to get cash in an emergency situation.

Are Title Loans Legal in Oklahoma?

Yes, title loans are legal in Oklahoma. In 2011, the Oklahoma legislature passed the Motor Vehicle Title Lending Act, which established rules and regulations for title lenders. This act protects borrowers by limiting the interest rates to no more than 175% per year and by preventing lenders from repossessing a borrower’s vehicle.

What are the Requirements for Title Loans in Shawnee, Oklahoma?

The requirements for title loans vary by lender, but typically borrowers must meet the following criteria:

• Must be 18 years or older
• Must have a valid driver’s license or state ID
• Must have a lien-free title to their vehicle
• Must have proof of income
• Must have proof of residence

How much Money can I Get with a Title Loan in Shawnee, Oklahoma?

The amount a borrower can borrow with a title loan will depend on the value of the vehicle and other factors, such as the borrower’s income and credit score. Typically, lenders will loan up to 25 – 50 percent of the vehicle’s value.

What are the Benefits of Title Loans in Shawnee, Oklahoma?

Title loans provide a fast and easy way to get cash in an emergency. Borrowers are usually able to get the money they need in as little as one business day. In addition, title loans typically require no credit check, so they are ideal for those with bad credit.

Are there any Downsides to Title Loans in Shawnee, Oklahoma?

Yes, there are some downsides to title loans in Shawnee, Oklahoma. Title loans can be expensive and can have high interest rates. In addition, if a borrower defaults on the loan, they may lose their vehicle. Borrowers should also be aware that there are companies out there that are not licensed to lend title loans in Oklahoma and may try to take advantage of borrowers.

What Should I Consider Before Taking out a Title Loan in Shawnee, Oklahoma?

Before taking out a title loan in Shawnee, Oklahoma, borrowers should consider the following:

• Do I have a steady source of income?
• Do I have enough money to cover the monthly payments on the loan?
• Do I have other options for getting the money I need?
• Am I dealing with a licensed lender?

It is also important to remember that title loans are a short-term solution and should not be used as a long-term financial solution.

Apply Now

If you need cash quickly and don’t want to worry about credit checks or long waiting periods, title loans may be the perfect solution. Get started now by filling out the online application on TheGuaranteedLoans website. We will connect you with a lender that can help you get the cash you need quickly and easily. Remember, TheGuaranteedLoans is not a lender.

Frequently Asked Questions

What documents do I need to apply?

In order to apply for a title loan, you will need to provide the following documents:

• Valid Driver’s License/State ID
• Proof of income
• Proof of residence
• Lien-free title to your vehicle

What if I don’t have a lien-free title to my vehicle?

If you do not have a lien-free title to your vehicle, contact the lienholder and make arrangements to have the lien released.

How do I know if a lender is licensed?

All lenders offering title loans in Oklahoma must be licensed and must adhere to the Motor Vehicle Title Lending Act. You can contact the Oklahoma Department of Consumer Credit for further information.