Here, at TFC Title Loans, we are well aware that many individuals wonder “ How safe are title loans? ” And we acknowledge that the answer can be complicated since title loans, just like any other lending option out there, have both advantages and disadvantages.
TFC Title Loans
In this informational article, we plan to explain to you exactly what the benefits of title loans are and the risks. We will also touch on why we believe title loans are safe especially when they are the right option for you.
Nevertheless, we understand that title loans may not be the best option for some individuals so we make sure that our potential customers are informed on all aspects so that they can make the best decision for their situation.
Transparency & Knowledge
Tons of lenders out there do not find it necessary to be transparent and an educational resource for their customers. However, TFC Title Loans has been passionate about consumer education and lender transparency ever since we first opened our doors for business in 1994 as California’s first title loan lender. Over those twenty-five years, we have been able to perfect the lending process so that we might minimize the risks and maximize the benefits. Currently, we are expanding our website to include informative resource articles on all kinds of topics and questions related to title loans.
If you would like to learn more about the various risks and benefits of title loans and know the answer to the question “how safe are title loans”, then continue reading. However, if you are already interested in obtaining an auto title loan through TFC then fill out our online application today. It only takes five minutes to apply and you will be significantly closer to getting the money you need. Let’s find out How Safe Are Title Loans.
Repossession Possible.Car Title Loans use your vehicle as collateral for the loan so if the loan was to be defaulted on, then the lender would have no choice but to repossess your vehicle in order to get the funds back that they lent out. If this must be done, lenders sell the vehicle at auction and end up getting less than they would have if the customer had not defaulted, so this is unwanted for both parties.
Shorter Payback Times. Many Car Title Loans have shorter payback schedules than the typical bank loan. There are some lenders that require the loan be paid back in just a few months which can make the payments astronomical.
Higher Interest Rates. Since there is a higher risk for the lender when giving out a loan to a customer with a less-than-perfect credit score, Car Title Loans tend to have higher interest rates to make up for the increased risk. This means you could end up paying more back than you would with a typical bank loan.
TFC Title Loans Minimizes the Cons
Customer Support to Avoid Default. If you are struggling to make payments, all you need to do is reach out to our customer support team here, at TFC Title Loans, and we will figure out a way to help you through the process without your loan defaulting.
Sliding Interest Scale. We have a product which can decrease the higher interest rates common to title loans through sliding scale interest rates so each loan can be customized to the customer’s unique situation.
No Prepayment Penalties. We charge absolutely no prepayment penalties so you can pay back the loan as early as you like. If you decide to pay it back early, then you can avoid building interest.
Longer Payback Terms. We customize our loan terms for each customer. We offer a payback timeline between 24 and 36 months. Why? So that the monthly payments are affordable!
Quick Funding. We can get you your funds as fast one business day after approval. You can’t get much faster than that.
No Credit Check. We base the approval and amount of your loan. On What? Solely on the equity within your vehicle. And, your ability to pay it back on time. We don’t approve or reject you based on your credit score. If we do check your credit, it is only to ensure that you are not in active bankruptcy or currently undergoing credit counseling.
Keep Driving Your Vehicle. Even though your vehicle is used as the secured collateral for the loan, we do not deprive you of your mode of transportation. You get to keep driving your vehicle as you usually would throughout the life of the loan.
Easy Application. Our online application is so simple that it will only take you five minutes to complete. We don’t want to waste hours of your day as traditional bank loan applications do. We know your time is precious so we make things as simple as possible.
Frequently Asked Questions
Are title loans good for emergency money?
Title loans are great for making money in a hurry because you get money quickly and keep your car. No company can match TFC Title Loans when it comes to low interest rate fast cash for any situation.
Do car title loans work the same as home title loans?
Yes, both title loans are given based on the value of the owned property.
Can I get a second car using a title loan?
Absolutely. The key is using the first car's title to put a down payment on your next vehicle. You can build a car collection quickly using this strategy. If you have any questions about which new or classic cars to buy, ask TFC Car Title Loans.
DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.
Trading Financial Credit, LLC may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. Trading Financial Credit, LLC does not offer or service student loans. California loans are made or arranged pursuant to a California Financing Law License : 603-8192. Arizona: Loans made pursuant to Arizona Department of Financial Institutions.
New Mexico: Loans made pursuant to New Mexico Regulation and Licensing Department Financial Institutions Division Small Loan Company License. Small Loan License 02069
*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.
*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.
*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.
*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.
*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.
*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.
*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.
*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.
*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.