Car Title Loans California – What You Need to Know
In a state where the cost of living is 42% above the national average, it’s not surprising that many residents need emergency cash assistance to make ends meet. With inflated food, healthcare and housing costs, it’s easy to run into financial trouble that leads to debt. Luckily, Californians can get quick access to cash with car title loans california.
To qualify for a California auto title loan, you need to own the vehicle being used as collateral and have a steady source of income. Lenders also require that the pink slip is free from liens and other judgments and have a recent odometer reading. If you meet these requirements, getting approved for an online car title loan is straightforward and often only takes one business day or less to receive funds.
On the Road to Quick Cash: The Ins and Outs of Car Title Loans in the Golden State
Another advantage of these loans is that they are not based on credit, making them a great option for people with bad credit. Traditional lenders typically run a credit check and are hesitant to work with applicants that have a low FICO score. But, lenders who offer car title loans California are not concerned with your credit score and can approve you quickly because they are relying on the value of your vehicle as collateral instead of your credit history.
Lastly, title loans have lower interest rates than payday and short-term loans. This helps you save money and pay off the loan more quickly so that you can keep your vehicle. Car title loans are regulated by the state of California, and lenders must be licensed and registered with the Department of Business Oversight. The state has some of the strongest consumer protection laws when it comes to title loans and limits the amount of interest that can be charged on these loans.