It is normal to be in a financial bind every once in a while. However, whom do you go to when you need extra cash? Many people prefer using credit cards, but the con of interest that comes with it can be a little off-track. If you have bad credit, access to bank credit may be limited. That is why many Arizonians turn to registration loans.
Warnings & Advice
According to Titlelo, registration loans are a form of short-term lending. That means that amount you borrow must be repaid in full within 30 days. With that being said, borrow what you can afford to pay back. Additionally, paying off your loan early will reduce the amount you pay towards interest and fees, minimizing the long-term burden of the loan.
Furthermore, a registration loan is similar to a title loan. In Arizona, both title loans and registration loans require collateral. They both have high interest rates and allow you to keep your car during the life of the loan. However, the main difference between the two is that registration loans do not require a clear title. Essentially, this means you can qualify for a registration loan even while paying down your vehicle.
Most importantly, the loan amounts differ between registration and title loans. While the former is usually limited to $5,000, the latter can go as high as $50,000. Depending on your financial need, a title loan may be a better option. If that is the case, you can find a list of the top title loan lenders online at Plunged In Debt.
Lender Requirements
Although registration loans are simple, there are a few requirements that borrowers need to meet before they can be approved for one online. Although the list of requirements may seem extensive, it pales in comparison to what a bank in Arizona would require of you. To apply for a registration loan online or in-store, lenders will typically require the following items:
- A valid driver’s license
- The registration of your vehicle
- Social security card
- Proof of your monthly, or yearly income
As it has been mentioned earlier as well, registration loans have an advantage of being less tormenting than other loans. Speaking on an honest note, all these non-traditional loans have requirements next to nothing, which makes them very attractive. Especially for those people who have a very poor credit history with a limited source fixed income, or very little income. However, one thing that needs to be kept in mind is that every lender has a different requirement. Moreover, the ones highlighted above are the standard requirements of a lender.
Registration Loan Laws
According to the Arizona State Legislature, registration loans are governed under the Motor Vehicle Time Sales Disclosure Act. Under this act, lenders have certain policies and procedures they must follow when issuing collateral loans using vehicles. The most important of which is the limitation of interest on loans. For registration loans that typically range between $500 – $5000, lenders are permitted to charge between 17% and 13% respectively.
Registration Loans Near Me
The unique online search databases would help you in locating registration loans near you, which we have already done for you to prevent you from going through the hassle. From the list below, you can pick out any one of the top five registration loan companies.
#1 Titlelo Title Loans
#2 Cash Time
#3 Cash 1 Loans
#4 USA Cash Services
#5 One Stop Title Loans
As you can see, several options have been mentioned and now it is up to you to choose the best one for you.
