Car Title Loan Red Flags to Avoid

Getting a title loan is usually a simplified process, but it does not mean that every company is reputable.  When you are looking for a quick way to pay bills or other expenses, car title loans are almost always the most accommodating.  However, some companies project themselves as simple solutions when they actually have more than a few red flags.  To get a better understanding of how Bay Area Title Loans is different from shady competitors, take a look at some signs attributed to a troublesome car title loan company.

Taking advantage of your bad situation

Generally speaking, someone that is looking for a car title loan needs money quickly.  Perhaps they do not have the credit history required by bank or they do not have time to wait more than a month for a bank to complete their application process.  Sadly, some loan sharks will see a person’s desperate need for cash and use it against them.  Thankfully, there are several ways to avoid their tactics.

Always read the terms of a car title loan

While we make our car title loans simplified, there are a few ways that the paperwork you sign can be worded to your disadvantage by shady loan operators.  One of the main problems is confusing language surrounding illegal hidden fees.  When you deal with a reputable loan company to sign up for a car loan, it should state on paper that you only pay back the principal and the interest.  Any extra fees you will pay are related to paying late. Furthermore, the lien on your car title is the only information that should matter, and extra information (like credit history) should not be prioritized.  Other forms of collateral are not necessary, like your credit card numbers, and should not be used.

Get the reliable car title loans you need with us

Now that you have a better understanding of how this process works, your next step is to stop in one of our convenient locations to start your loan.  We can discuss the paperwork process with you in a matter of minutes, and we can have cash in your hand within an hour or less. We have several storefronts in and around the San Jose area, and we look forward to seeing you at Bay Area Title Loans.