HyperLend, a company based in Fountain Valley, CA, that offers financing assistance to consumers based on the customer’s car title, has announced that they have included a web page on their site that offers information on regulatory updates and changes governing such financial products in all 50 states. They also advise consumers who are interested to always check whether this type of financial assistance is allowed or not in their particular state. Basically, the service allows consumers to borrow against their motor vehicle’s present equity value. Also, only cars that are not older than 10 years are accepted since the car’s value declines over time. More about the updates on regulations in various states can gleaned from https://www.hyperlend.com/state-information/.
The state requirements will differ between states in order for a consumer to be eligible for the financial assistance. Some of the common requirements are proof of ownership as evidenced by a clear title; proof of income such as pay stubs, bank account activity, alimony, and other kinds of regularly received income; identification; and photos of the car. Sometimes the financial services provider may also ask for a credit check but this will depend on the regulations of the specific state.
The duration or the length of time in which the amount may need to be repaid is usually from 30 days to 48 months. Again, this will depend on the particular state the consumer is in. The duration will also depend on the paying capacity of the borrower. In some states, extending the duration is not allowed. In other states, borrowers are allowed to extend up to a maximum number of times.
It is important for the borrower to really understand the terms of the agreement. For instance, it is essential to be clear on what would happen in case they are unable to repay the amount in full. Usually, the financial services provider has possession of the car title, but not the vehicle, and they may be able to use the title as collateral.
The US states that currently allow companies to offer financial assistance to consumers based on their car title include Alabama, Arizona, Delaware, Georgia, Idaho, Illinois, Texas, Mississippi, Missouri, Nevada, New Mexico, South Dakota, Utah, Virginia, and Wisconsin. There are also a number of states that allow this kind of financial assistance that is supported by a car title and these are South Carolina, Kansas, California, and Louisiana.
In South Carolina, the duration usually has a minimum of 30 days but borrowers can roll it over up to six times. In Kansas, borrowers may ask for two additional extensions. In California, recently passed regulations cap the interest rate at 36 percent for financial assistance originating from the state. In Louisiana, the financial services providers are allowed to set all of the terms and the minimum amount is $350.
HyperLend is focused on helping consumers who are in need of emergency cash. Applying for this type of financial assistance is made easy through their friendly customer service agents and smart technology. Consumers just need to fill out the online form to file their application. HyperLend can provide its approval quickly and the borrower can get the cash in as short as 30 minutes.
There are a number of factors that make their financial assistance distinctive. These include fast approval, fair interest rates, the fact that the borrower gets to keep on using the car, quick underwriting, helpful customer service, and different options available to pick up the cash. Currently, HyperLend has offices in Phoenix, Southern California, and South Florida but more offices are on the way.
Those who are interested in this kind of financial assistance may want to check out the HyperLend website at https://www.hyperlend.com, or contact them on the telephone or through email. Customers are advised that COVID-19 has affected their store hours and person to person meeting requirements. Nevertheless, they are open and ready to serve customers online and the whole application process can be completed online.
SOURCE: Press Advantage [Link]
Hyperlend is a nationwide lender that provides car title loans for qualified applicants. You can qualify for a title loan even if you have bad credit.