05 Apr 2017   /   0 comments

In What States Are Title Loans Legal?

Paul

If you have been considering getting a title loan recently, then you might be wondering in what states are title loans legal so you can figure out if you can get one where you live. Currently, TFC Title Loans mainly services California, New Mexico, and Arizona but we are always working hard to expand so that we can help more individuals who need quick funding. At TFC Title Loans, we are passionate about consumer education and lender transparency which is why we will be laying out the state laws regarding Car Title Loans so that you can make a well-informed decision. Here are the basic laws and regulations you need to know for each state:

 

States That Do Allow Title Loans

  • Alabama: Title loans are legal and there isn’t any regulation on the amount that customers can borrow. Loan terms are not allowed to be less than 10 days.
  • Arizona: Car Title Loans are legal and there isn’t any regulation on the amount that customers can borrow. Loan terms are not allowed to be less than 6 days and the interest rate cannot be any higher than 17%.
  • California: Car Title Loans are legal but customers must borrow at least $2,500. The loan terms and APR caps are different depending on the amount of the loan, with the maximum possible APR being 30%.
  • Delaware: Title loans are legal and there isn’t any regulation on the amount that customers can borrow. Loan terms cannot exceed 180 days, this includes roll-overs.
  • Georgia: Title loans are legal and there are no regulations on the amount customers can borrow. Loan terms aren’t regulated either; however, the interest cannot exceed 25%.
  • Idaho: Title loans are legal in the state of Idaho and there isn’t any regulation on the amount that customers can borrow. Loan terms can’t be longer than 30 days.
  • Illinois: Title loans are legal and customers are allowed to borrow up to $4,000, OR up to 50% of their monthly income. The loan terms are not regulated; however, borrowers are only allowed to get one renewal.
  • Louisiana: Title loans are legal in the state of Louisiana and customers need to borrow more than $350. Loan terms are usually around two months and have an APR of 36%.
  • Mississippi: Title loans are legal but borrowers cannot be lent more than $2,500. Loan terms cannot exceed one month unless the borrower can pay at least 10% of the principle. The interest maximum is 25%.
  • Missouri: Title loans are legal but customers cannot borrow more than $5,000. There aren’t regulations on the loan terms or the interest rates.
  • Nevada: Car title loans are legal in Nevada but the loan amount cannot exceed the market value of the vehicle. There aren’t any regulations on loan terms or interest rates but customers can only renew a loan six times.
  • New Hampshire: Title loans are legal but customers cannot borrow more than $10,000. Also, the APR has been capped at 25% and borrow are allowed 10 renewals.
  • New Mexico: Car title loans are legal in the state of New Mexico but loans cannot be higher than $2,500. There aren’t any regulations on loan terms or interest rates.
  • South Carolina: Title loans are legal but the loan amount must be more than $2,500. There aren’t regulations on terms or interest rates.
  • South Dakota: Car title loans are legal and there are no regulations concerning the amount that customers may borrow. However, the loan terms cannot exceed thirty days and borrowers are only allowed four renewals.
  • Tennessee: Title loans are legal in Tennessee but the loan amounts can’t be more than $2,500. The interest rate is regulated at 2% per month.
  • Texas: Title loans are legal and there isn’t any regulation regarding the amount that customers are allowed to borrow. Loan terms cannot exceed 180 days and the interest rate cannot exceed 10%.
  • Utah: Car title loans are legal in the state of Utah and no there isn’t any regulation on the amount, the loan terms, nor the interest rates.
  • Virginia: Car title loans are legal but loan amounts cannot be more than 50% of the market value of the vehicle. In Virginia, loan terms and interest rates are closely regulated and specific to each district within the state.
  • Wisconsin: Title loans are legal but loans must not exceed 50% of the total value of the car OR up to $25,000. The terms of the loan may not be more than six months.

 

Don’t be discouraged if you don’t live in one of these states, there are still plenty of loan options for you such as tribal title loans, sovereign title loans, and auto pawns. Ever since we opened our doors in 1994, we have been assisting residents of California, Arizona, and New Mexico with their financial funding needs through Car Title Loans. We are the oldest title loan lender in California because we are dedicated to our customers so if you are considering a title loan, you ought to work with us! If you are interested in seeing if you qualify, then fill out our online application right away. It will only take five minutes out of your day and we will give you a call that same day!

 

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