Online Title Loan
in Louisiana

How Car Title Loans Work In Louisiana

People prefer title loans as they offer much flexibility compared to traditional loans and help the borrower keep costs down significantly. Sometimes, getting a short term loan from a bank or credit union can be very difficult, as there may be stringent financial requirements or other obstacles. There are established loan laws in Louisiana to protect customers from unfair and predatory practices of lending. Title loans are legal in Louisiana, and there are no explicit laws regarding how much you can borrow and what types of vehicles qualify. Specific laws regulate unsecured loans and make borrowing more than $250 from a payday lender challenging.

The State of Louisiana regulates who is eligible to borrow, who is qualified to lend, how frequently one can borrow, and how much a person can borrow when they want to use a vehicle as collateral for a loan. Consumer protection laws are in place to ensure that no one violates the loan agreements and that all parties are treated fairly.

 

What To Expect With A Lousiana Title Loan

Title loans are not legal in every state, as some states consider them predatory lending. Other states have regulations in place to limit the amount you can borrow. A few states attempt to limit or cap the interest and fees of most bad credit title loans. Louisiana has no fundamental limits on loan amounts and interest rates, and most licensed lenders offer repayment terms that align with current state restrictions.

Car title loans can sometimes expose consumers to the risk of losing their vehicles through repossession. It may prove very difficult to keep your vehicle once offered for collateral on a title loan, as the interest can be extremely high. It's worth noting most applicants turn to this form of funding because they have limited choices for cash. Many have bad credit or a past bankruptcy and can't qualify for traditional funding options like a bank or credit union loan. Even an installment loan from an online company can be tough to get if you have bad or poor credit. A common alternative to car title loans with no income verification is to consider a vehicle pawn. This carries the same risk as a title loan, but in some cases, the title pawn company will hold the vehicle as collateral, not just the title.

 

TITLE LOAN REGULATIONS IN LOUISIANA

A qualified borrower must have a valid car title showing the ownership of the vehicle and provide proper proof of residence and income. You'll also need proof of income that verifies you can afford the monthly payments and proof of insurance.

There are no limits on how much can be borrowed with a car title loan in Louisiana, but there is a $350 minimum funding amount. This may prove dangerous for borrowers who don't need much cash, as taking out a loan for more money can be easier than you can quickly repay. Under the laws, the interest rate for online title loans cannot be more than 36 percent. The maximum cost of the loan, including fees, is set by law. Lenders are also not permitted to penalize the borrower for early repayment. Using your vehicle as collateral for cash with an online title loan can be a viable means of securing quick funds in an emergency. However, local borrowers should carefully do their homework and read all the fine print before signing any contracts.

 

Apply With Southeast Title Loans

We're here to help you get funded with just the equity from your vehicle and proof of income. Southeast Title Loans can process your application in less than 30 minutes and get you a loan estimate in hours. That means it's possible to get approved and funded that same day. Call us at 1-800-308-1905 or apply online for a title loan in LA!