For as popular as auto title loans in Las Vegas are, you would think that they have a long and storied history. But the truth is that they are a relatively new phenomenon, not only in Nevada but throughout the United States.
Title loans were not introduced until the early-1990s. A little more than two decades later, title loans are offered in only about half the states in the country, including Nevada.
Over time, Nevada lawmakers took notice of the actions of some unethical lenders and decided to pass legislation regulating auto title loans. Legislators passed a law in 2005 that required all title loan lenders to be licensed by the state, mandated that borrowers have one day to rescind the loan, and required lenders to provide 30 days’ written notice before a car could be repossessed. The law also set the maximum term for a title loan at 30 days (which could be renewed six times), but did not set a cap on the interest rate.
While other options were available to help people get the money they needed, auto title loans came into being for a number of reasons. Here are a few things that gave rise to their popularity:
Inaccessibility of Bank Loans
Though bank loans were given out fast and loose in the few years leading up to the housing crisis, they were not as easy to come by when auto title loans in Nevada first came on the scene. People had to jump through a lot of hoops to get bank loans, meeting numerous requirements and providing extensive documentation. People who badly needed money for unexpected financial issues did not have many options for getting that financial support. Title loans became the answer that many needed.
For a long time, the only way that most people could get financing of any kind was to have good credit. If you were just starting out and didn’t have any credit history, or if you had a few stumbles along the way and didn’t have a great credit score, you didn’t have many options for getting the money you needed. Many people actually had zero options.
Our title loans do not require a credit check, which means that more people are able to get the financing they need. Even those who have bad credit are able to get financing, so long as they have a car title in their name.
Unexpected issues arise for all of us, but we don’t all have a rainy-day fund set aside for them. When these unexpected issues arise, title loans provide the money that people need fast. Because of these, title loans became very popular very quickly after they were introduced.
Some common reasons that people turn to auto title loans include:
A death in the family
Emergency health problems
Increase in a tax bill
Lost wages due to an extended illness or injury
People also use title loans to pay off unwieldy credit card debt, to fund a wedding, to take a vacation, and more. The flexibility that these loans offer has contributed to their popularity and their longevity. Just about anyone can get these loans, and they can get the money quickly.
Though auto title loans have only been around a relatively short time, we are sure that they will be here for many years to come thanks to all the benefits they offer. If you need money fast, we encourage you to check out the possibilities with title loans.
Title Loans 365 in Las Vegas offers auto title loans for residents throughout the state of Nevada. To qualify for our Nevada title loans, you only need to show proof of age, income and residency, and you have to have a car title in your name. There are no credit checks or other requirements, and you don’t have to jump through hoops to get the money you need. We offer competitive terms compared to other lenders, and we strive to maximize the amount you can get for your title. Contact our Las Vegas title loan center if you need money fast, or visit us online to learn more about the process. Apply for a title loan directly on our website and get a notification in minutes, or you can call to apply and get further assistance.