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Common Title Loan Scams: How to avoid them

December 16, 2019

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Are you looking for a car title loan because you've found yourself in a financial emergency with nowhere to turn? Many Americans face the same problem every year and take advantage of car title loans to help them through tough times. That's because car title loans are the perfect option for that percentage of Americans who have no savings on hand or who can't, for one reason or another, get a loan through a traditional lender such as a bank or a credit union. For this reason, there are a lot of car title companies in existence. While this does offer consumers a range of choices, it can also set them up for scams. There are plenty of legitimate car title companies out there, but like in any industry, there is always someone looking to take advantage of you. At Quick Cash Auto Loans, we care about our customers and consumers in general, so we want to make sure you understand some of the possible car title loan scams you might encounter.

Title Loan Scams
One of the biggest scams you'll find among car title companies is the company that wants to repossess your car as soon as you don't make a payment on time. This is not the way legitimate car title companies operate and this kind of behavior is what shines a negative light on legitimate car title agencies. Legitimate car title companies are not in the business of repossessing cars and selling them. That isn't how Quick Cash Auto Loans or any legitimate auto title loan company works. We are in the business of lending money to consumers, not repossessing and selling cars. If we wanted to be in the car business, we would open an auto car dealership. We're here to help you get out of tough financial situations when they arise. Always ask about the details of the loan when you apply, including the policy regarding late payments.

Watch out for car title companies that aren't licensed. Quick Cash Auto Loans is a consumer finance company licensed in the State of Florida under Statute 516. We are dedicated to helping those who need money fast and want to avoid the long process of applying for a loan at other financial institutions. Our company provides an immediate solution in three simple steps, available to anyone who owns a vehicle for private use. You don't have to borrow against your home or pay high interest rates on other loans, credit lines, or credit cards. With Quick Cash Auto Loans, you can pay monthly rates as low as 1.50%. Our title loan specialists can tell you how to get such a low interest rate. Again, as we mentioned above, always ask questions. At Quick Cash Auto Loans, we are willing to answer any questions you have in a straightforward manner.

Look Out For Car Title Loan Scams
Avoid lenders who ask for a down payment on your loan and lenders who require an application fee. You're applying for a loan because you need money, so you probably don't have the extra cash to pay upfront fees to obtain a loan. Also avoid any lender who asks for personal details about your friends and your family, such as social security numbers or bank account numbers. This is not the way Quick Cash Auto Loans or any legitimate car title loan company works.

Something else to consider. If you are approved for a loan without providing any kind of documents, you are surely dealing with a lender who isn't in the business of lending you money. It is likely this lender is looking for a way to repossess your vehicle. Avoid lenders like this at all costs. A legitimate car title loan company always requires documentation.

At Quick Cash Auto Loans, we are here to serve your financial needs when you need us. We know that people can find themselves in a tough situation and may be susceptible to car title loan scams and other lending scams during those moments. That's why we want you to be able to spot and avoid them.

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Getting a loan with us is easy. All you need to do is have a car title in your name that doesn't have any liens on it. We ask that you bring the car in for a brief inspection, provide proof of residence, a valid government I.D., and your vehicle title and registration. We can take a quick look at your car and issue you loan typically within 30 minutes or less. There are no credit checks, so anyone with a lien-free car title can get a loan. Good credit, bad credit, or no credit at all, it doesn't matter. We also understand you need your car to avoid any disruption in your daily routines. We don't ask you to leave your car with us in order to qualify for a loan. Always be suspicious of any car title company that asks you to leave your vehicle in order to get a loan.

Do you need money fast? Call us at (786) 600-3411 and let our qualified loan officers help you get the process started. You are also welcome to fill out the form here on our website or even stop by our office. We are eager to help you get the loan you need today.

If you found this article helpful then let us know in the comments section below. Likewise, feel free to share it using the share options below. Want us to cover another topic of your interest pertaining to car title loans? If so, then like us and follow us on social media, and post to any of our social media profiles the topic you'd like us to discuss: Facebook Quick Cash Auto Loans, Twitter @QCashAutoLoans, and Instagram @QuickCashAutoLoans.

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