Title Loans in Kirkwood, MO


One of the things that is appealing for many people is the quick turnaround for title loans compared to traditional lenders.

Introduction to Title Loans Kirkwood

A title loan is a loan that allows a consumer to use the clear title to his vehicle as collateral for a loan. While the amount an individual is able to borrow depends on the lender, it is based on the value of the collateral vehicle per NADA or Kelly Blue Book. The lender does not typically allow the consumer to borrow 100 percent of the car's value; the loan amount is usually in the range of 60-80 percent.

The loans are usually short-term loans of 30 days or fewer although the loan is renewable, sometimes up to a year. On the other hand, some lenders will finance the loan for a year or more from the start.

Applying for Car Title Loans Kirkwood

Those who need cash quickly will find Saint Louis Car Title Loans can meet their immediate need without a lot of hassle. The online application is simple, and it takes only 60 seconds to complete. There is only a little bit of information required which includes the make, model, year and mileage of the vehicle the consumer plans to use as collateral.

It will also be necessary to provide contact information including name, phone number, zip code and Email address. Once you complete the short application you will receive an instant online title loan quote via email or text. The amount of money you can receive depends on the value of the subject vehicle, but Saint Louis Car Title Loans offers title loans up to $50,000. Once you fill out the application, a loan specialist will contact you to answer any questions you have and to work out a payment plan. The lender offers payment plans as long as 42 months with a low interest rate and no prepayment penalty.

Legal Regulations for Title Loans in Missouri

The Missouri Revised Statute 367.500 governs title loans in Missouri including St. Louis auto title loans. The statute clearly states title lenders must take the borrower's ability to pay in consideration before approving a title loan; however, the borrower is not required to provide proof of income.

There is no cap on interest rates in the state of Missouri, so it's important for a consumer looking for a title loan to conduct research in order to find the lowest rate. Under Missouri law lenders are required to ensure borrowers do not remain in the clutches of title lenders for a long period of time.

The state of Missouri also forbids title lenders from rolling over the loan more than twice. After the second time the borrower must pay the interest and add enough money to reduce the principal by ten percent. If the borrower is unable to do that the lender can either call in the loan or reduce the principal by ten percent.

Benefits of Car Title Loans

People have many reasons they choose to take out title loans Kirkwood.Some of the more common reasons a consumer might find title loans Kirkwood appealing include the following:

  • No credit check
  • Minimal personal information required
  • No employment necessary though the borrower does need a steady source of income
  • Competitive interest rate and term
  • Option to apply online
  • Funds often available the next day

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St. Louis Car Title Loans

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