Borrowers Are Protected Under Virginia Law
Virginia title loan laws are not that different from loan laws in other states. These laws exist to protect consumers and can vary from state to state, but their purpose remains the same.
Residents of Virginia have a great loan option to consider if they are struggling with their financial situation. If you have a bad credit score or need extra money for an unexpected expense, you should consider inquiring about a ChoiceCash title loan serviced by LoanMart! Don’t let the stress of not having cash overwhelm you. With a car title loan, qualified borrowers may receive access to funding within the same business day as inquiring ! 1
The process involved with a ChoiceCash title loan serviced by LoanMart is simple, easy, and flexible.1 You may gain access to money quickly when you need it most!1 If you’re struggling and need help, inquire about car title loans today. You can begin by filling out this inquiry form or calling a ChoiceCash title loan agent at 855-422-7402 to discuss your options.
How Do Title Loans Work in Virginia?
Inquiring about a ChoiceCash title loan serviced by LoanMart in Virginia can be straightforward and simple. A title loan works by using a borrower’s car title as collateral for funding. In essence, the vehicle serves as a form of insurance for the lender if the monthly payment isn’t paid back. You will be eligible to inquire about one if you meet the three initial requirements mentioned below:
- Be an Adult (18 Years of Age or Older)
- Have a Title to a Qualifying Vehicle in Your Name
- Be able to Show Proof of Income or Alternative Income
In Virginia, you must be an adult over 18 to apply for a title loan. On top of that, you can’t move forward with a title loan inquiry unless your vehicle’s title is in the right shape, meaning it is in your name. Alternatively, if you are financing your vehicle, you may still be eligible for a title loan- just talk to an agent to learn more!1
Finally, you need to show proof of a steady income, and that’s because a lender will want to know whether or not you are capable of repaying the money! Alternative forms of income can be accepted.1
Unsecured Loan Vs. Secured Loan
Title loans in Virginia are considered secured loans for one main reason– they rely on a physical asset as collateral for the funding. Other types of secured loans are mortgage or home equity loans because they put a borrower’s house up in exchange for funding. The lender will put a lien on the property until the loan is repaid.
Unsecured loans do not use any property or asset as collateral. Instead, traditional financial institutions will look at a person’s credit history when considering them for approval. Someone with a bad credit score would be considered too risky to lend to, and there is a good chance they will be denied. If they are approved, they may receive loans with high-interest rates, prepayment penalties, or other fees, which can cause a borrower to spiral into a debt cycle.
Typically, title loans can cater to borrowers who may not qualify for traditional types of financing.
What Laws Exist for Title Loans in Virginia?
The laws surrounding title loans in Virginia are not that different from those of other states. Most states generally put rules in place to prevent predatory lending, which means financial institutions cannot impose deceptive, unfair, or abusive title loan terms on borrowers. At the end of the day, the state wants to ensure that all residents are engaging with lenders that comply with fair lending practices.
That is good news for borrowers because it means enhanced consumer protections are in place to prevent bad deals from happening potentially!
Regulated Loan Terms
According to the Virginia State Corporation Commission, title loans are regulated. These regulations determine:
- The Lenders Actions if a Borrower Defaults
- The Amount of Interest a Lender Can Charge a Borrower in a Period Of Time
- The Terms of Repayment for a Title Loan
- The Type of Fees a Lender Can Charge, Etc.
In the state of Virginia, the laws declare that the loan terms reflect a minimum of 120 day(s) and a maximum of 360 day(s), but there is no limit on the total amount that a consumer may borrow through a title loan. However, a lender can only offer up to 50% of a vehicle’s market value. Lien fees are permissible, and interest is also heavily regulated by the state during this time frame.
There are strict guidelines set in place for lenders to protect Virginia borrowers from getting caught in a debt trap! If a lender violates these laws and terms, they can be reported to The Bureau of Financial Institutions.
What Documents Do I Need for a Title Loan in Virginia?
Inquiring about a ChoiceCash title loan serviced by LoanMart in Virginia involves gathering the necessary documentation 1. If you meet the initial requirements for a car title loan, you can proceed with an inquiry! The documents required for a title loan in Virginia are listed below:
Government Issued Photo I.D. or Virginia State I.D.:
You must be an adult to inquire about a title loan in the state of Virginia. You can prove your age and identity by showing a government-issued photo identification card. Typically, inquirers will use a driver’s license or a passport.
Proof of Residence:
ChoiceCash title loans serviced by LoanMart are available in many states 1, but you must reside in one to qualify for funding! Therefore, it’s essential that you can prove your residency in the state of Virginia. You can show a piece of official mail, like a utility bill or a bank statement.
Proof of Income:
Showing proof of income is very important to qualify for a title loan in Virginia. That’s because title lenders want to know if a person can repay their loan within the agreed amount of time. The good news with a ChoiceCash title loan serviced by LoanMart is that you have many options for proving income 1! To qualify, you don’t need to work a traditional 9-5 position.1 Below are examples of alternative forms of income that are acceptable:
- Worker’s Compensation
- Social Security or Disability Benefits
- Pension Income
- Retirement Income
- Settlement Income
- Self- Employment
Contact a ChoiceCash title loan agent if you’re curious about your income circumstances by calling 855-422-7402.
Vehicle Title in Your Name:
The most important document you need to provide during the inquiry process for a title loan is a vehicle title to a qualifying car in your name. That’s because your vehicle’s title will be the collateral for the funding!
Recent Photos of Your Vehicle:
The amount a qualified borrower may receive through a title loan depends on how much value is in their vehicle. That’s why you may need to show recent pictures of your car during the inquiry process to prove its condition. It’s much more convenient to send images online instead of going in person for a car inspection!
Online Title Loans in Virginia
Most people live busy lives that don’t leave much room for running extra errands. That’s why inquiring about a ChoiceCash title loan serviced by LoanMart is so convenient for the residents of Virginia!
You can complete the inquiry process from the comfort of your home or anywhere you have internet access. Gone are the days when you had to find a store location in your area and wait to speak with an agent about title loans. When most people need to borrow money, they need to access it quickly!
That’s why online title loans are an excellent option for solving unexpected problems. If approved, you may receive funding within 24 hours after inquiring about a ChoiceCash Title Loan 1.
Benefits of Title Loan Laws in Virginia
Many benefits come with inquiring about a ChoiceCash title loan serviced by LoanMart in Virginia!1 With strict title loan laws in place to prevent vulnerable borrowers, you can relax knowing that you are protected during the process.
Learn about the advantages of choosing a ChoiceCash title loan serviced by LoanMart.
Flexible Loan Terms:
Unlike loans from traditional financial institutions or credit unions, ChoiceCash title loans serviced by LoanMart can offer flexible title loan terms to qualified borrowers 1. For starters, you can show alternative forms of income during the inquiry process, which includes people from various backgrounds! Additionally, you can still apply for a car title loan if you are financing your vehicle and meet the right requirements.1
As long as you hold a legal vehicle title under your name, you may be eligible for title loan proceeds!
Bad Credit isn’t Always an Issue
You don’t need a perfect credit score to apply for a car title loan online.1 While your financial history is still considered during the approval process, it is not the main focus! Instead, the focus will be on how much value is in your vehicle and whether or not you have the income to repay your loan proceeds.
No Prepayment Penalties:
Traditional loans often implement high-interest rates if your credit is less than stellar. Additionally, loan options may have hidden fees and penalties for paying your loan back before the term ends. Prepayment penalties are when a lender charges a borrower for paying the loan amount back too quickly or all at once. You don’t need to worry about that with a ChoiceCash title loan serviced by LoanMart, and you can pay your financing back as quickly as you want without worrying about extra fees 1!
Online Process:
You can complete the entire process for a ChoiceCash title loan serviced by LoanMart online 1! That means avoiding long wait times at an in-person store location and inquiring about money right when you need it.
You can begin the online process by filling out this inquiry form or calling 855-422-7402 to speak with a title loan agent today! Qualified borrowers can get their funds in as little as 24 hours.1
Are Other Loan Options Available in Virginia?
Other financing options are available outside of getting a title loan in Virginia. Any loan you inquire about will come with risks, so it’s essential to understand the alternatives when discussing your situation!
Payday loans:
Payday loans are short-term loans that allow a person to get extra cash to hold them over before their next paycheck. They are considered small dollar loans because they usually only amount to a couple of hundred dollars, equivalent to what a portion of a paycheck might be. They are suitable for accessing extra cash, but keep in mind that small-dollar loans like payday loans won’t provide you with extensive financial help if you need it! They often come with high-interest rates and fees that are tough to repay.
Cash Advance:
Using a cash advance is like borrowing money from yourself. It’s a service provided by credit card companies that allows you to take cash out using your available line of credit.
One of the drawbacks of a cash advance is that you can only access as much as your credit line will allow you to. If you need to access a more substantial loan amount, you should inquire about a car title loan instead! They are short-term loans that may provide you with increased funding if you have the right vehicle and income.1
How Much Money Can I Get From a Title Loan?
Under Virginia law and federal laws, rules are in place to protect borrowers from an impossibly high-interest rate or an unfair loan agreement. Under Virginia law, a lender can only offer a borrower up to 50% of their car’s market value. Typically, the financing from a title loan depends on how much equity is in your car and whether or not you can reasonably make monthly installment payments.
They are called motor vehicle title loans because they use a borrower’s vehicle title as collateral for funding. If you don’t make regular payments and default on your loan, you risk losing your car by having your vehicle repossessed by the lender.
With a ChoiceCash title loan serviced by LoanMart, a qualified borrower can expect to access up to 50% of their car’s equity. 1 You can find out an estimate of your car’s equity by using this helpful calculator tool! It could give you an idea of the maximum loan amount you could potentially receive.
Inquire About a Title Loan Today!
Getting through daily life costs a lot of money, and some things are not reasonable expenses that you can afford. Unfortunately, you need to find a way to handle unexpected financial situations. One of the ways to do so is by inquiring about a ChoiceCash title loan serviced by LoanMart.
Under Virginia laws, title loan borrowers are protected from many kinds of predatory lending practices. You can learn more about Virginia title loan laws by visiting the state corporation commission website.
Pay Back Your Title Loan Funds!
One of the ways to avoid vehicle repossession with a vehicle title loan is by setting up automatic electronic withdrawals! This is one of the easiest ways to ensure that you pay back your loan proceeds and don’t end up with an outstanding balance.
Additionally, you can pay back title loan funds by sending a check in the mail or heading to a participating money transfer location in person. If you are struggling with finances, you can always contact a credit counseling service to learn about future financial responsibility.
Don’t bother with payday lenders or a credit card cash advance that offers short-term loans in small amounts. After reviewing the title loan laws in Virginia, consider inquiring about a ChoiceCash title loan serviced by LoanMart! Get started today by filling out this inquiry form or calling 855-422-7402.