they are in the state of California. Yes, it’s true, California title loans have different state regulations that differ from others.
But before we can delve deeper into the sophistication of California state regulations and car title loans, we at Max Cash Title Loans want to let you know exactly what you would need for car title loans, as determined by most state regulations (and for those states who allow car title loans).
Here are some materials you need to qualify for Max Cash Title Loans5 (more questions on car title loans can be answered at our FAQ section)
- Government issued photo ID (this includes things like a driver license or state ID)
- A qualifying title from the car that you will be using for the car title loan
- Insurance (some car title loans do not require this, but better safe than sorry)
- Social Security number
- Proof of income
- Proof of residency
- Several photos of the car
These are just a few things you can expect when it comes to car title loans.
But what makes California different when it comes to car title loans is how state regulations control lenders in terms of interest rates. In accordance to official California state regulations on car title loans, the current law does not limit interest rates for loans of $2,500 or more (see more details on these state regulations here: http://www.dbo.ca.gov/Consumers/Advisories/default.asp).
In other words, California does not have strict limits in finance charges for the following:
- Personal loans
- Business loans
- Family loans
As a result, Max Cash Title Loans would feel it best for you that car title loans and their rates should be outlined and documented for your convenience before the contract is completely signed. Know you interest rates, terms, and all the other important details of your loan before you sign your contract.
So what else is there to know about California state regulations? Well now we can take the time to discuss what state regulations have been placed on lenders, and how they do business with you in the state of California.
To begin with, there are two state agencies that regulate California car title loans. These two agencies are the California Attorney General’s Office and the Department of Business Oversight. Both agencies are responsible in ensuring that the following requirements are met by lenders for car title loans to operate in the state of California:
- All lenders in the state of California must receive an official California Finance Lender license.
- Car title loans that are $4,999 and under have a set-maximum of a $75 loan processing fee according to state regulations in California. This means that car title loans with an amount greater than $5,000 have no maximum loan processing fee set. Thankfully, Max Cash Title Loan would be happy to help you find car title loans in California that don’t incur high processing fees4. Not to mention that we don’t charge processing fees when we help you find title loans!
- State regulations also want lenders to receive proof from borrowers that they can repay the loan before it can be granted, which is usually why car title loan companies require a proof of income for documentation.
Other state regulations in California is that if a payment defaults, lenders from the state have the right to repossess the car. That’s why Max Cash Title Loans recommends that all terms should be detailed in car title loans, and their contracts.
Max Cash Title Loans also recommends that if you are unable to make a payment, reach out to your lender to avoid any repossessions that may occur because of a default.
State Regulations for Car Title Loans in Detail
If you are not in the know when it comes to state regulations for car title loans, this type of lending is only allowed in 20 states throughout the country. Of the 20 states, there are several state regulations, policies and laws that, like California, allow car title loans to be available under certain guidelines.
We at Max Cash Title Loans made sure to mark states that have different state regulations. We at Max Cash Title Loans also advise that you take some time to research car title loans from our blog for more information on things like state regulations.
- Arizona- Unique state regulations and qualifications for car title loans.
- Illinois- Unique state regulations and qualifications for car title loans.
- Missouri- Unique state regulations and qualifications for car title loans.
- New Mexico- Unique state regulations and qualifications for car title loans.
- South Dakota
- Utah- Unique state regulations and qualifications for car title loans.
- California- Unique state regulations and qualifications for car title loans.
- South Carolina
Now that you have a good idea of how car title loans in the state of California and the rest of country work, maybe you are thinking about getting one for yourself! Max Cash Title Loans is here to let you know that shopping for car title loans shouldn’t be hard, regardless of whichever state you live in. Here’s how we can help.
How Can Max Cash Title Loans Help Find You Title Loans Under State Regulations?
At Max Cash Title Loans, we are a financial referral service that could help you find car title loans that work with your financial situation1. With a variety of connections to lenders and over 3,000 participating stores throughout the country, we can provide our knowledge in car title loans to find options that could be right for you5.
Contact Max Cash Title Loans today and see how we could help you get funding fast through car title loans today!