Understand Why Title Loans in Monroe City, MO Could Be Your Way To Get Easy Cash
You might be the type of person who generally doesn’t like to borrow money. Unfortunately if you have to pay the electrician or plumber to fix a problem in your Monroe City home and can’t afford it, or you have a family matter such as a court case or funeral you need money for, borrowing it may be your only choice. The problem is trying to borrow that money is often more trouble than it’s worth because most traditional lenders are picky about who they loan to. But not our vehicle title loans in Monroe City, MO company because we’ve issued loans for many customers who’ve been rejected by banks or other lenders.
What Our Vehicle Title Loans In Monroe City Are Like
The reason vehicle title loans have the name they do is because they’re secured loans that require you to have a vehicle in order to get them. This is different than payday loans which use no collateral but only require you to verify that you have employment. Vehicle title loans in Monroe City use the vehicle as collateral, except not in the way other pawn brokers and secured loan lenders do. We do issue loans that could be as much as half of your vehicle’s current value, but we don’t keep your vehicle when we issue your loan. What we keep instead is your vehicle’s title during your loan term, and when you repay your title loan plus interest we return it.
Missouri Laws And What They Mean For Vehicle Title Loans In Monroe City
All vehicle title loans are primarily regulated at the state level with one exception being that Federal law requires you to be at least 18 to take out a title loan. The first law to know about is that you can’t borrow any more than $5,000 in a title loan. Other Missouri laws are put in place to ensure borrowers know that car title loans are not meant to be ongoing. You are given 30 days to either pay a title loan in full or pay the interest amount owed on it which then gives you another 30-day extension on it. But vehicle title loans in Monroe City cannot be rolled over more than twice without then paying the interest plus at least 10℅ on the principal for all future payments. Failure to pay that 10% could be considered a default.
Applying For Our Title Loans Is Easy
Our company offers online title loans in Missouri though that doesn’t exempt you from physical paperwork. However, applying for our loans here on our website can speed up that paperwork process for when you come to our store. After filling out our online application and getting your title loan estimate, we’ll work out a time for you to come to our Monroe City store, but you’ll also need three items with you:
- A government-issued ID with a photo proving you are at least 18
- Your Vehicle Title
- Your vehicle itself
An additional recommended document would be one that shows proof of income which isn’t required but could help you getting approved. Your vehicle will be inspected at the title loan store to make sure it meets the standards for the loan amount, and while that’s going on you’ll present your documents and fill in the paperwork detailing the terms and conditions of the title loan. Make sure you understand it before signing. But once all of this is done, you’ll know within minutes if you’re approved, and if you are you’ll usually receive your money within one business day though it may be sooner.