What Is a Title Loan?

You may qualify for a title loan if you need quick cash for a financial emergency. A title loan is a special short-term advance for residents who own their vehicles. Therefore, if you have a vehicle title in your possession, then you are well on your way to qualifying for such an advance. You must also be 18 years of age or older, and you should be a citizen of the country in which you are applying.

A title loan is a loan against the value of your vehicle. Title lenders will loan you money that is equal to the current market value of your car. Therefore, you may be able to receive a loan of $500 for an extremely old car that is not in good cosmetic condition. Alternatively, you may be able to obtain a loan that is as high as $5,000 or more if you own a new vehicle. Title lenders usually do not discriminate as far as accepting vehicles. As long as your car is in working order, a title lender will accept any make, year and model.

How It Works

If you are interested in obtaining a title loan, you will have to contact a lender in your area. Some lenders have specialists who come to your home to assess the value of your car, while other lenders ask that you visit their locations with the vehicle and the title. The specialist will develop an offer figure based on the vehicle's condition, mileage and so forth. If you agree with the offer, you can accept the arrangement.

You will have to allow the lender to place a lien on your vehicle just in case you do not repay the advance. Therefore, the lender will have the right to repossess your vehicle if you default on the loan. You will want to make sure that you are financially prepared to repay the title loan within 30 days of disbursement. Some lenders may be willing to work with you, but you do not want to take that kind of a chance with your car.

Title loans are contract arrangements, so you will need to sign a contract before the lender releases funds to you. You must be sure to read every word in the contract so you will know what the lender expects from you as far as interest rates and fees.

Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.

The owner and operator of Nemocash.com is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designedonly for amatching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presented on the website for information purposes only. Nemocash.com does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. Nemocash.com does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. Nemocash.com cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.

APR Representative
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since Nemocash.com is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, Nemocash.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with Nemocash.com, and Nemocash.com has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.

Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.

Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals,may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.