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Title Loan Repossession Laws

  • by Joseph Priebe|
  • 0 Comment |
  • Updated: May 6, 2022 |
  • Loans

Title loan repossesion laws vary state to state. Learn about state laws.

Auto title loans leverage a vehicle's value for quick cash. Applicants usually require these loans to pay for a sudden expense, such as an injury, and repay the loan within a few weeks. Lenders can repossess a car if borrowers default on a title loan.

Most loans have small interest charges for the first month, but if a consumer rolls the loan over, companies increase the interest rates due to the late payments. This can lead to financial strain for those who have failed to account for the new expense.

Before using a car's title as collateral for a loan, a consumer should ensure they can handle the additional expense. An applicant may be required to forfeit his or her vehicle for taking out too many loans without paying a sufficient amount of the previous balances.

CASH 1 is a reliable lender that explains all fees to clients before any money changes hands. We have installed transparent business practices so that our applicants understand the terms and conditions of their transactions so they don't add any unnecessary stress.

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