Title Loans In American Falls, ID
If you are interested in getting one of the title loans in American Falls, then it is important for you to educate yourself about them before you apply. A title loan is a small, secured loan that you obtain by using your car title. You can get a collateral loan with bad credit. However, there are a few factors that have to be met.
What to Know About Title Loans in American Falls
You will need to have a clear title. If the title is clear, then that means that it does not have any liens on it. A lien-free title also shows that you are the owner of the vehicle.
You should also have a source of income. You do not need to have a job. Your income can come from a variety of sources including child support, Social Security, alimony or unemployment checks. The lender will use your income to make sure that you can make the payments. They will also use your income to determine how much you will be able to borrow.
Applying for Title Loans in American Falls
You can get the process started by filling out an application. We will ask you a few questions about yourself and your vehicle. You will be provided with a free estimate after you fill out the application. After that, a loan representative will be in touch with you.
You can get your funds after you are approved. You can expect to get the money the same day. You will still be able to drive your car while you have your title loan. We will give you back your title after your payments are complete.
Title Loan Laws
Idaho has a variety of title loan laws. If you want to get one of the title loans in Pocatello, then you will have to be the age of majority. The age of majority is 18 in Idaho.
Title loans in American Falls cannot be taken out for more than 30 days. It is possible for you to renew your loan if the term is coming to an end, and you need more time. Finance charges will be added every time that you renew a loan. Therefore, renewing a loan can potentially be more expensive.
Furthermore, borrowers are protected from illegal practices by Idaho law. The following are examples of illegal practices.
- Giving a title loan to anyone who is under the age of 18.
- Adding interest and fees that were not in the original agreement.
- Accepting a waiver from the customer.
Why Title Loans are Great
Title loans in American Falls are a great option because there is no long waiting period. You can apply and get your funds within a 24-hour period. You also do not have to meet a lot of strict criteria. No credit checks are involved, so they are a lot easier to get than standard loans. Furthermore, title loans can help you get out of a bad financial situation.