Title Loans In Idaho Falls, ID
A title loan, which is sometimes called a title pawn, is a type of loan where the borrower surrenders the title of their vehicle in exchange for the funding. People turn to title loans in Idaho Falls for various reasons. Some people use it because they have an emergency. Others turn to a title loan for debt consolidation.
What To Know About Title Loans in Idaho Falls
Additionally, many people opt for title loans Idaho because they have been turned down by traditional banks. It is relatively simple to get vehicle registration loans with no bank account. If you have own the title to your vehicle and have a source of income, then the lender will most likely approve you. Your credit does not matter.
Getting Title Loans in Idaho Falls
You are only three steps away from getting the money that you need. You can fill out the application without even leaving your home by going to our website. You will get the process started by completing some basic information. You will get a free quote after you fill out the application.
A loan representative will get in touch with you and let you know whether you have been approved. You can get your cash after you receive the approval.
Important Idaho Title Loan laws to Know
Everyone who wants to get title loans in Idaho Falls should familiarize themselves with the laws. All lenders are required to disclose all of the terms of the loan before they have the person sign the documents. The lender has to let the person know that the loan is not intended to solve long-term financial problems. They also have to let the person know about the interest rate, fees and payment schedule. Additionally, they have to let people know what will happen if they default on the loan.
Idaho law requires that the term of the loan be 30 days. The loan can be renewed. Lenders set the interest rate as high as they want. However, the interest that is charged cannot exceed the value of the car.
Additional fees will be required if the person renews the loan for a third time. They will have to pay at least 10 percent of the balance on top of any finance charges. If the person defaults on the loan, then the lender has to send out a notice. The notice must give the person 10 days to pay the balance.
There is no limit set on the amount that people can borrow. However, the amount that one can borrow is usually limited to 25 to 50 percent of what the vehicle is worth. For example, a person has a car that is worth $10,000. They will most likely be able to borrow $2,500 to $5,000.
Importance of Making Payments on Title Loans
You will need to review the terms of your loan carefully and make the payments on time. Lenders do have the right to repossess the vehicle if you default on the loan. However, your lender can work something out with you if you have trouble making the payments. Only a small percentage of people who take out title loans in Idaho Falls get their car repossessed.