Common Red Flags of a Bad Vegas Title Loan Company
Car title loans in North Las Vegas give you the opportunity to get the cash you need fast. You can use them for everything from unexpected medical bills to taking advantage of a vacation package deal. The loan application process is simple, and you can have the money in under an hour. You don’t even have to submit to a credit check.
Unfortunately, because so many people seek out car title loans when they are in a crisis situation in which they need money fast and don’t have a lot of options, there are many unethical title loan companies out there that will take advantage of those people and offer loans that only make the situation worse.
If you are shopping for an auto loan in Las Vegas, Nevada, it is important that you learn how to spot these unethical companies and avoid them. Here are a few red flags that you’re dealing with a bad Vegas title loan company:
Usurious Interest Rates
Interest rates for title loans tend to already be high because the loans are so short term, but unethical companies try to charge even more because they know the people who are applying may have limited options.
Talk to a few title loan companies in Las Vegas to get a sense of what the standard interest rates are. If you talk to a company that is charging much more than the competitors, you are probably dealing with a shady business and should steer clear.
Have you ever read a loan contract in full? Or any contract in full, for that matter? Probably not. They are dense documents full of complex legal jargon, and reading them can be a frustrating mix of confusing and boring.
Unethical companies rely on the fact that you probably won’t read all of the contract, especially not the fine print. That’s where they like to cram in a lot of important information, like all of the extra fees they’ll be charging you that they didn’t tell you about during the consultation or application process. Not only will you end up paying a mint in high interest rates, but you’ll pay a lot of extra that you didn’t expect in hidden fees.
Read the fine print! Even if you don’t read every last detail of the contract, you should skim each paragraph to understand the main points, and you should pay special attention to anywhere you see a dollar sign, percent symbol, or number.