Tempe Title Loans in 3 easy steps

You probably know that Title Loans are often governed by the laws of the state where you live. If we talk about Arizona, then Title Lending is legal here. However, in order to be able to operate legally, Arizona lenders must obtain a license from the Department of Financial Institutions.

Before you apply for an Arizona Title Loan, you should be aware that the state is trying to protect potential borrowers and therefore limits the amount of interest a lender can charge under ARS 44-291(G).

A loan of $500 or less can carry a maximum monthly interest rate of 17%. A loan from $501 to $2,500 in Arizona can have an interest rate of no more than 15%. If the amount of the Title Loan ranges from $2,501 to $5,000, the maximum interest rate charged by lenders will be 13%. When the loan is $5,001 or more, the lender may not charge an interest rate greater than 10%.

Many borrowers want to know if they can get a Title Loan without proof of income, and the short answer is yes. At the moment, there are a large number of lenders who are ready to provide you with financing even if you do not have a traditional source of income. Since the loan is secured, they have a guarantee that in any case they will receive their money. More often than not, you can provide an alternative source of income in order to be eligible for funding.

Learn the main ones and make sure you are eligible to apply:

• Be a US citizen or official resident who is at least 18 years old
• Have a regular monthly source of income (no job is obligatory required, but the interest rates you can mow if you have income will be lower)
• Have an active bank account
• Provide proof of identity
• Provide an active bank account
• Provide a social security number

You must also provide documents for the vehicle, such as original vehicle title with solo ownership, current registration, government issued identification matching the name on the title, insurance proof and proof of residency matching the name on the title.

You should be aware that more often than not, a Title Loan has no effect on your credit. This has both its advantages and disadvantages. More often than not, title lenders will not ask for any credit check when approving your application. Most often, a credit check lowers your credit score by 5 points. However, at the same time, you will not be able to improve your credit score with this loan.

Before applying for funding, it is important to know that in most states you can only get one Title Loan. So if your car title is already collateral for a loan, that means your vehicle cannot be used as collateral for a new loan.

Most often, Title Loans have relatively short repayment periods, so it can be quite difficult for borrowers to cope with debts. Most often, this loan is issued for a period of one month. It is also important to note that despite the low interest rate, when you need to extend the loan, the interest rate will get higher.

At the moment, there are several main options for how you can get around a title loan:

• Pay off your debt in advance. You can always find another job, side job, or borrow money from friends and family to pay off the debt in advance and get the title of your car back.
• Negotiate loan terms. Another option you can try is to talk to the rescued lender and explain your situation. He is not obligated to do it, but you can try to negotiate lower interest rates with him in order to be able to pay off the debt on time.
• Refinance your loan. You can also take out a refinance loan to pay off your loan in advance. Moreover, if your credit has improved since your last loan, then it will be much easier for you to get financing.