Orange County is located in southern California. This county is one of those places where the car title loans are allowed (as it is located in California). The car title loan is a short-term loan usually meant for thirty days in return for placing your car as collateral. The car title loans are designed to help people who are suffering from the financial crisis and want quick cash in emergency situations.

The focused market

It is not a closed secret that the car title loans Orange County focuses on those people who have a terrible credit score and have a small income. Furthermore, the car title loans Orange County have very high-interest rates associated with them. If you have already taken a loan or have a credit card, then you can not take the car title loans. The term “predatory lenders” is meant for the car title loan lenders because they target mostly those people who need quick cash for emergency situations. The government act bounds the lenders that they should clearly define the interest rates to the borrower at the time of the agreement signed because if the loan is short-term, then the borrower may not realize that the specified rate is not annualized.   

The workflow of a car title loan

There are many car title loans Orange County lenders who offer the loans even if the title is not entirely to the name of the borrower. The loans granted are typically 25% to 50% of the vehicle’s total value which is determined by the lender. The car title loans Orange County offer minimum cash of $2,500 and the maximum amount can range depending on your vehicle. It is not bound that the loan amount should always fall in this range because there are many cases where such loans exceed $10,000.

Most of the lenders provide three fundamental ways in which the borrower can apply for the loan which are:

•    Online through the company’s website.

•    Manually by filling the application form at the storefront.

•    Over the phone by telling your personal information to the customer sales representative.

After filling the application form a person needs to provide specific documentation so that the lender can verify him and those things include:

•    The title of the car.

•    The income certificate (so that the lender can be sure that the borrower can make the payments in due time).

•    Identification card. A green card, passport or something like that would do it.

•    And last but not least the car itself.

To make sure that the borrower does not run away with the money and the car (which is used as collateral) the lenders install a GPS tracker and sometimes a vehicle jammer in the borrower’s car so that he doesn’t run away and the car can be repossessed easily.

It is not necessary that you’ll have to pay back the principal balance of the loan but also some additional charges like the roadside service plan, which increases the amount which you’ll have to pay.