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3 Things to Be Aware of When Choosing Title Loans Online

December 14, 2018 | By Mason Roberts

When you’re in a bind and scrambling to get some extra cash fast, it can be difficult to tell which loan companies want to legitimately help you and which ones are out to rip you off. If you’re rushing to find a title loan company that’s there to help you in your time of need, there are a few things to look out for when choosing your title loan lender. Take a look at these 3 critical things to be aware of when shopping for title loans online.

Ask If Any Advance Payment is Required

The first thing you should always do is ask the title loan lender if an advance payment is required to take out the loan. If it is, don’t go for it, it’s a red flag. A legitimate lender of any kind should never ask you for any payment until your loan is due.

Look Them Up in the Better Business Bureau Database

When in doubt, go to your local BBB website to find out more info about the company you’re interested in. Additionally, you can also use your local BBB website to choose an accredited title loan company near you.

If you live in the city of Richmond, you would type “richmond.bbb.org.” To help narrow down your search, be sure to look up the name of the company as well as its location or zip code.

Have a Lawyer Look Over Your Loan Agreement

A final way to tell if a title loan company’s lending practices are legitimate is to have a lawyer look over your agreement with you. All lawyers are trained to spot any legal contradictions, discrepancies and oversteps. If the title loan company you’re looking at is legitimate, they should have zero problems with you requesting a lawyer to look over your title loan contract first before signing it. If they do have a problem with a lawyer getting involved, walk away.

Also, a legitimate title loan company will never pressure you into signing anything you’re not comfortable signing. In fact, an easy way to tell that you’ve chosen the right or wrong company for your title loan needs is the gut feeling you get from meeting their representatives.

Your in-store experience should be welcoming, easy-going and pleasant. If it’s anything other than friendly, it’s probably smart to just walk away and try another company in your area.

There are a lot of negative signs to look out for when visiting your local title loan store. If the representatives at the store you’re visiting are pushy, confusing or insistent, back away and look somewhere else. The number one rule you should always keep in mind is to never sign anything you don’t feel comfortable signing.