Times are hard for everyone these days. However, asking a friend for a few bucks will not suffice the amount of bills that are required to be paid by the end of the month.
People tend to resort to the means of title loan for obtaining quick cash. That, too, is fast becoming a way for lenders to take away whatever little cash the poor might possess.
In fact, there are many other issues with title loans that have come into limelight in the recent past.
Expert researchers say that due to the repossession policy imposed by many lending companies; the subsequent transaction has not only led to people losing their cars, but also their jobs. They tend to lose their transportation.
Other than that, researchers also found a trend of people who are essentially shut out of the traditional banking system due to their credit history switching to borrowing money by virtue of title loans.
The truth is that people fail to understand the fact that title loans guarantee quick cash at the shortest time possible undoubtedly. However, title loans are short – term loans that can only be secured by a vehicle which can be repossessed by the lender. This is where most of the lenders make more money.
Therefore, it is essential to be aware of all the facts and figures that take a round in this field. Immediately file a complaint against the lender who you find misusing your rights. You can lodge a complaint against him with the Financial Protection Bureau.
Research is Important
Frankly speaking, it is important to do your research before you decide to take a title loan. There are numerous companies who make their information available online for the purpose of your knowledge. You can even visit their nearest branch and find out all the nitty-gritty details that need attention.
What to keep in mind:
Don't Overlook the Legal Stuff
A lending company is legally authorized to offer services only if they are approved under the laws controlled by the State of Illinois. These consumer laws are developed for the purpose of safeguarding specific consumer rights of the state’s citizens.
While efforts to tackle such problems are being applied by the Consumer Financial Protection Bureau with plans of new regulations in the way, there is only little that you can do for the time being. Read some of our customers’ reviews online, and know what they are saying about our service of title loan in Orland Park.
Ken is a finance expert with a degree in finance. He loves pizza, especially Chicago deep-dish from Lou Malnati's!