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If you live in Sherman, Texas and are in need of some extra cash, a title loan may be a great option for you. Title loans are short-term loans secured with the borrower’s vehicle title. Title loans can provide you with quick cash when you need it, but they should be considered a last resort due to their high-interest rates. It is important to understand all the details of a title loan before entering into an agreement and to be aware that they are legal in the state of Texas.
What Are Title Loans?
Title loans are short-term, secured loans that are typically for smaller amounts, ranging from $500 to $2,500. The borrower provides the lender with their vehicle title as collateral for the loan and can receive the loan amount within a day. The loan is then paid back in one lump sum at the end of the loan period, which is usually between 30 and 60 days. Interest rates can be as high as 300%.
If the borrower fails to pay back the loan on time, the lender has the right to repossess the vehicle and sell it to cover the loan amount. It is very important to understand the terms and conditions of the loan before entering into an agreement and to ensure that you can make the payments on time.
Are Title Loans Legal in Texas?
Yes, title loans are legal in the state of Texas. The Texas Consumer Credit Commissioner regulates the industry, and all title lenders must be licensed. The maximum loan amount is $2,500, and the loan term is limited to 180 days. There is also a limit on the financing fees for title loans that can be charged. The limit is 10% of the loan amount for the first 160 days and then an additional 5% for each additional 20-day period after that.
All title loan companies must also provide borrowers with a written agreement that outlines all of the loan terms, including the loan amount, interest rate, payment schedule, and any other fees and charges. The agreement must also include a statement informing borrowers of their rights to dispute the loan and their option to renew the loan.
How to Apply for Title Loans in Sherman, Texas
If you need to get a title loan in Sherman, Texas, the first step is to find a reputable title loan lender. You can do this by researching online or asking friends and family for recommendations. Once you find a lender you like, you can apply online or in-person. The application process is usually quick and easy.
When applying for a title loan, you will need to provide the lender with your personal information, such as your full name, address, phone number, and Social Security number. You will also need to provide proof of income and a vehicle title. The lender may also require you to provide proof of insurance or a lien release if your vehicle has a lien on it.
Once your application is approved, the lender will provide you with the loan funds. Make sure to keep track of all of your title loan payments and to pay them on time to avoid becoming delinquent. If you are having trouble making your payments, contact your lender right away. The lender may work with you to modify your payment plan or to extend the loan.
FAQs About Title Loans in Sherman, Texas
- What is the maximum loan amount I can borrow?The maximum loan amount for title loans in Texas is $2,500.
- What information do I need to apply for a title loan?You will need to provide the lender with your personal information, such as your full name, address, phone number, and Social Security number. You will also need to provide proof of income and a vehicle title. The lender may also require you to provide proof of insurance or a lien release if your vehicle has a lien on it.
- Are there any fees or charges associated with title loans?Yes, there are fees and charges that may be associated with title loans, including financing fees and other administrative fees. The maximum amount of fees and charges that can be charged for title loans in Texas is 10% of the loan amount for the first 160 days and then an additional 5% for each additional 20-day period after that.
Apply Now
If you’re looking for a title loan in Sherman, Texas, TheGuaranteedLoans is here to help. We can connect you with lenders who offer title loans so you can get the cash you need, fast. To get started, fill out our online application and we’ll match you with a lender. Keep in mind that TheGuaranteedLoans is not a lender and is not responsible for the terms of your loan. Please read all loan documents carefully before signing to ensure that you understand the loan terms.