Oregon Auto Title Loans

Not all auto title loan companies are reputable, so it's important to know your rights, industry standards and applicable laws before choosing a lender. Many lenders who operate in the subprime market practice what is known as predatory lending. Predatory lending is when lenders take advantage of vulnerable borrowers by charging exorbitant interest rates and convincing borrowers to agree to unreasonable loan terms that lead to unfair treatment.

Protect Against Predatory Lending when Getting a Cash Title Loan

One way to protect yourself from predatory lending is to educate yourself about the cash title loan industry and compare different lending companies. All cash title loan companies charge higher interest rates than conventional lenders, because they cater primarily to borrowers with bad credit. Within the industry, however, interest rates can fluctuate wildly between lenders.

Some disreputable lenders also pressure borrowers into signing loan agreements that feature rigid terms that are difficult to live up to. Lenders that offer flexible term options provide customers with more latitude for repayment. This freedom makes it less likely for borrowers to fall into a situation where they could lose their car title.

Some states have passed laws to help protect consumers from predatory lending practices. For example, the law in Oregon prohibits a lender from holding the keys of a borrower's car while the loan is repaid.

Anyone looking for a reputable auto title loan lender should contact Wilshire Consumer Credit. Operational in Oregon and four other states, this lender offers customers competitive interest rates within the industry, flexible term options, quick approval and complete confidentiality.