Car Title Loans in Douglas
Approved Money offers title loans Douglas as a helpful financial product. If you are looking for a small, short-term loan and you’re worried that you won’t be approved by traditional lenders, we’re here to help. Title loans are a loan product for which you can offer your vehicle title as collateral. If you own a vehicle, you may be able to quickly be approved for a title loan even if you have poor credit.
How consumers can apply for title loans Douglas
The first step to getting an estimate for a title loan in Douglas through Approved Money is to fill out our online application. When filling out this brief application, consumers simply need to enter a little information about their vehicle. This will include what year their vehicle is, who the manufacturer is, and how many miles the vehicle has on it. We’ll also want to know a little bit about the vehicle’s condition.
In addition to entering information about their vehicle, applicants will also need to enter some basic personal information like their address.
After we receive and evaluate an application, we respond to the applicant. If we are able to offer a loan, we will get back to the applicant with the loan terms. This information will include the amount of many for which the applicant is eligible to borrow.
One thing that Douglas consumers should note is that Approved Money doesn’t only offer title loans. We also offer registration loans in Arizona.
How state regulations impact title loans Douglas
There are quite a few legal regulations that apply to Approved Money title loans offered in Douglas and throughout the entire state of Arizona. State regulations dictate how much the maximum APR can be on a loan of a given amount.
On a loan up to $500, the APR must be no more than 204 percent. Up to the next $2,000, consumers cannot be asked to pay interest for an APR of any more than 180 percent. then, the maximum APR on any additional loan funds on an additional $2,500 can’t be any more than 156 percent. Any more money offered on a title loan in Arizona cannot have an APR of any more than 120 percent.
In addition to regulating APR, the state of Arizona also regulates how much the late fees can be for a title loan in the state. The maximum late fee can’t be any more than 5 percent of the unpaid balance of a given installment. Furthermore, this fee can only be applied to a given loan if the installment amount is not paid in full after ten days have passed from the payment due date.
Why Douglas consumers should be interested in title loans in Arizona
Title loans in Douglas offer consumers a variety of different benefits. The five benefits listed below are just a small sampling of the many benefits title loans can offer:
- They make financing possible for those with poor credit– Consumers who have poor credit but also have a vehicle may be approved fairly easily.
- They are quick and easy to apply for– Applicants can submit and application online in only a few minutes.
- Approved applicants don’t necessarily have to be employed– Because the applicant’s vehicle title is collateral on the loan, employment requirements are less stringent.
- They allow a borrower’s vehicle to multitask– Borrowers can continue to use their vehicles while the title is held as collateral.
- They are small and relatively easy to pay back– Titles loans don’t burden consumers with excessive debt.