Title Loans in Washington DC
When you need to apply for title loans in Washington DC, there are several locations in the area where you can do just that. Recently, in 2014, there was a consumer protection settlement between the state of Virginia and a popular car title loan company. This caused the District of Columbia to propose a law that would not allow car title loan companies to issue interest above 24% APR.
The Law Prevents Non-Licensed Companies from Repossessing Cars
In addition to that, there are title loan regulations that state that all loan-related repossessions of vehicles in DC must be performed by or on behalf of DC-licensed lenders who are subject to D.C. lending regulations. Those who are not considered to be licensed lender are not allowed to repossess vehicles in D.C for enforcing title loans that violate the District’s lending laws.
What Does This Mean for Drivers Hoping to Borrow Money Against their Car’s Title?
That may seem like a lot of confusing terms and conditions for a simple car title loan. To put it in simpler terms, the law states that no title loan company in DC can charge customers auto title loan interest rates that exceed 24% APR. It also means that a company must be licensed in D.C. before they can take possession of your car due to lack of payment.
How to Apply for a Car Title Loan in Washington D.C.
Applying for a car title loan isn’t a difficult process and it won’t take up much of your time. You can either apply in-person at one of the many area locations, or you can choose to apply online at your own convenience.
All you need to apply is a few personal details about yourself and your contact information. You will also need information about your vehicle such as the make, model, year, style and the total current mileage.
If you apply in-person, you can get a decision on your loan within minutes. If you apply online during regular business hours, a representative will get back with you as soon as possible. And if you choose to apply for your car title loan after hours, you can expect to receive a call from a loan representative on the following business day.
Sometimes you will have to provide the company with a few references (name and phone number) of friends and relatives, just to prove that you are who you say you are, and if the company is ever unable to get in touch with you regarding your loan, they will get in touch with one of your references for assistance.
The best thing about getting a title loan is that you don’t have to have excellent credit in order to get approved. The title loan company will not even look at your credit score to determine your eligibility. Instead they will look at your income and your ability to pay back your loan monthly.
What are the Benefits of Getting a Car Title Loan?
There are plenty of benefits to taking out a title loan. It is a fast way for you to get the cash that you need and you don’t have to have perfect credit to be approved. People use car title loans for all types of purposes such as consolidating debt, home repairs, unexpected expenses, trips out of town, or everyday purchases such as school supplies or new clothes for the family.
No matter what you may use your car title loan for, you can be assured that you will have all the terms and conditions explained to you in a reasonable fashion before you sign any documents.