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Graciela Aponte-Diaz, director of federal campaigns at the Center for Responsible Lending, points out that getting a title loans chandler az may seem convenient and easy but it comes with serious costs and risks. The biggest downside is that you could lose your car if you can’t repay the loan. “A study by the Consumer Financial Protection Bureau found that 20 percent of people who take out title loans have their cars seized,” she says.

AZ lenders look at two major factors when approving auto title loans: The equity in the borrower’s car and their ability to pay back the loan. Some lenders require proof of income, but others don’t, making it possible to qualify even if you don’t have a traditional 9-to-5 job.

Understanding the Requirements for Title Loans in Chandler

Other requirements vary between lenders, but most include a government-issued ID, the vehicle title, a clear Arizona car registration, and a current bill or bank statement showing a positive balance. Some lenders also require references, which can be personal or professional.

The application process is usually completed online and requires some basic information about the borrower, such as their name, address, and income. Some lenders offer a mobile app to help you complete the application from anywhere with an internet connection, and some even allow you to apply by phone. Once the lender approves your application, they will give you a check or direct deposit the same day. Most title loan companies require the borrower to sign a contract that includes their terms and conditions. If you aren’t comfortable with the terms, it’s best to search for another lender.

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