Keeping this in view, are title loans legal in Missouri?
Title loans are legal in Missouri, and while it’s not the best state in which to take out a title loan, it’s certainly not the worst.
Furthermore, can I refinance my title loan with TitleMax?
If you have an existing title loan from another company, you’re in luck with TitleMax®. We strive to provide loans with interest rates competitive to other comparable companies. … We can generally refinance any title loan that has already had about 20% of its principal paid down.
Can you go to jail for not paying a title loan?
You cannot be sent to jail for defaulting on your loan. … A creditor can follow the same court process whether they have a secured loan (where a car or a house is listed as security in your loan documents), or an unsecured loan (there are no assets listed in your loan documents to secure payment of the loan).
You may cancel a loan, without penalty, by returning the full amount by the close of the next business day after the loan was received. By using your vehicle’s title as collateral in a loan you are putting it at risk. If you fail to make payments on time your vehicle may be repossessed.
On August 12, 2016, a judge in Nevada ordered over 6,000 TitleMax contracts to be voided. In November 2019, the company announced the closure of all California locations by May 2020.
A secured loan is a loan backed by collateral—financial assets you own, like a home or a car—that can be used as payment to the lender if you don’t pay back the loan. The idea behind a secured loan is a basic one. Lenders accept collateral against a secured loan to incentivize borrowers to repay the loan on time.
About Missouri Title Loans
- Apply – Bring a valid state or government issued photo ID, proof of income, clean vehicle title, at any of our Missouri locations.
- Sign – Get the cash you need in as little as 30 minutes.
- Repay Loan – Repay loan according to your payment schedule.
What Happens if You Don’t Pay Your Title Loan? … If you don’t pay your lender, you are therefore defaulting on your loan and this will often result in your car being repossessed. Aside from your car being taken from you, you might even be charged additional fees during the repossession process.
To understand the difference better: Secured personal loans are similar to personal loans, the difference being that you secure your loan with collateral. Auto title loans are very similar to payday loans, the difference being that you have to secure them. They look like secured payday loans.