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If you’re facing a financial emergency, a title loan may be the solution you need. Title loans are legal and popular in Texas, offering consumers a quick way to get access to cash. In this article, we’ll explore the basics of title loans in Shepherd, Texas, and provide you with all the information you need to make an informed decision.
What is a title loan?
A title loan is a type of secured loan that allows you to borrow money using your car as collateral. Title loans are typically short-term loans that offer borrowers a quick way to get cash when they need it most. In exchange for the loan, you give the lender temporary ownership of your car’s title.
How do title loans work in Texas?
Title loans are legal and governed by Texas state law. In Texas, title loans can be made for any amount, and the duration of the loan can be anywhere from a few days to several months. The maximum amount you can borrow with a title loan is 70% of your car’s value.
What are the requirements for getting a title loan in Shepherd, Texas?
To get a title loan in Texas, you must be at least 18 years old and own your car outright. You’ll also need to provide proof of income and residency, as well as identification and proof of insurance. In most cases, you can apply for a title loan online or in person at a lender’s office.
How do I repay my title loan?
Repaying a title loan is typically done in installments over the course of several months. During this time, you’ll continue to have possession of your car, but the lender will hold onto your title. If you default on your loan, the lender has the right to take possession of your car and sell it to recoup their losses.
Why choose a title loan in Shepherd, Texas?
Title loans can be a good option for people who need cash quickly but don’t have good credit or don’t want to go through a lengthy loan approval process. Title loans are also useful for people who don’t have other assets to use as collateral.
Interesting Facts and Statistics about Title Loans in Shepherd, Texas
– According to a survey conducted by the Consumer Financial Protection Bureau, the average interest rate for a title loan in the United States is 300%.
– In Texas, the average title loan is for $1,000 to $5,000.
– The average term of a title loan in Texas is 30 days.
Apply Now
If you’re considering a title loan in Shepherd, Texas, TheGuaranteedLoans can help. As a connector service, we work with a network of lenders who offer title loans to qualified borrowers. Fill out our online application today to get started, and we’ll connect you with potential lenders who can offer the cash you need.
Remember, when taking out a title loan, it’s important to read the terms and conditions carefully and make sure you understand all the fees and interest rates. With the right information and a responsible approach, a title loan can be a helpful tool for getting through a financial emergency.