What do you need for a title loan in AZ?
What documents are required to get a title loan? Simply bring in your vehicle, Arizona title and registration, a valid ID (you must be at least 18 years old), along with your most recent pay stub (or pension statement, awards letter, etc.), and proof of residence to any of our locations.
Are title loans legal in Arizona?
The auto title loan industry is regulated by state and federal laws. These types of loans are perfectly legal in Arizona, and the state agency that licenses auto title loan companies is the Department of Financial Institutions.
How many title loans can you have in AZ?
five registration loans
How many registration loans can you have in Arizona can vary with the borrower’s needs. The state law allows for a single borrower to have up to five registration loans at any one time.
Arizona is one of 20 states where title loans are legal. However, lenders face restrictions on the amount of interest they can charge, and cannot use force or illegal actions if they end up repossessing your car.
What are registration loans in Arizona?
A registration loan is a type of funding that is only available in Arizona. When you get a registration loan, you use the registration to your vehicle as collateral, so you can borrow money. The loan is expected to be paid back in full in a short amount of time, and these loans typically come with high interest rates.
How do title loans work?
Title loans can provide needed cash fast—particularly to borrowers with bad or no credit. They work by using a vehicle title to act as collateral for the amount of the loan. Lenders offer them as a way for borrowers to cover emergency or other short-term expenses.
What is title loan?
Title loan. A title loan (also known as a car title loan) is a type of secured loan where borrowers can use their vehicle title as collateral. Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount.