Title Loan Laws and Regulations by state

Need instant cash without long, painstaking processes that would kill your time and effort? Consider applying for a Title Loan online. You get the necessary money fast and easy without employment, minimal credit score or income requirements. Just secure the loan with your vehicle and find out what laws and rules regulate Title Loans in your state to check what rates and terms you can expect.

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Legal Status of Title Loans by State

Title Loan Laws in Wyoming WY Title Loan Laws in Wisconsin WI Title Loan Laws in West Virginia WV Title Loan Laws in Washington WA Title Loan Laws in Virginia VA Title Loan Laws in Vermont VT Title Loan Laws in Utah UT Title Loan Laws in Texas TX Title Loan Laws in Tennessee TN Title Loan Laws in South Dakota SD Title Loan Laws in South Carolina SC Title Loan Laws in Rhode Island RI Title Loan Laws in Pennsylvania PA Title Loan Laws in Oregon OR Title Loan Laws in Oklahoma OK Title Loan Laws in Ohio OH Title Loan Laws in North Dakota ND Title Loan Laws in North Carolina NC Title Loan Laws in New York NY Title Loan Laws in New Mexico NM Title Loan Laws in New Jersey NJ Title Loan Laws in New Hampshire NH Title Loan Laws in Nevada NV Title Loan Laws in Nebraska NE Title Loan Laws in Montana MT Title Loan Laws in Missouri MO Title Loan Laws in Mississippi MS Title Loan Laws in Minnesota MN Title Loan Laws in Michigan MI Title Loan Laws in Massachusetts MA Title Loan Laws in Maryland MD Title Loan Laws in Maine ME Title Loan Laws in Louisiana LA Title Loan Laws in Kentucky KY Title Loan Laws in Kansas KS Title Loan Laws in Iowa IA Title Loan Laws in Indiana IN Title Loan Laws in Illinois IL Title Loan Laws in Idaho ID Title Loan Laws in Hawaii HI Title Loan Laws in Georgia GA Title Loan Laws in Florida FL Title Loan Laws in Delaware DE Title Loan Laws in Connecticut CT Title Loan Laws in Colorado CO Title Loan Laws in California CA Title Loan Laws in Arkansas AR Title Loan Laws in Arizona AZ Title Loan Laws in Alaska AK Title Loan Laws in Alabama AL
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Car Title Loan Regulation

Title Loans are a type of secured short-term cash advance backed by a vehicle title as collateral.

Depending on your state laws Title Loans can be legal, restricted, or prohibited. CFA also determines some states which operate and provide Title loans through legal loopholes though it’s not allowed.

State laws regulate loan amounts, terms and rates, consumer protection rights and repossession of the vehicle if a borrower can’t repay the loan on time.

States, where Car Title Loans are absolutely legal, are:

Moreover, Delaware, Idaho, Illinois, Missouri, Nevada, and Wisconsin set no cap on the cost of a car title loan.

States where you can get a loan secured by your car title, but it may come under the name of Installment Loan, or open-end credit, etc. Watch out for some limits or caps on Title Loan amounts, rates, and terms in the following states: 

  • Alaska
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Florida
  • Hawaii
  • Indiana
  • Iowa
  • Kansas

 

  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Montana
  • Nebraska
  • New Jersey
  • New York

 

  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Pennsylvania
  • Rhode Island
  • Vermont
  • Washington
  • Washington D.C.
  • West Virginia
  • Wyoming

 

As car title loans may be restricted in the above-mentioned states, you may consider other loan options such as Personal loans, Payday loans, etc.

Car Title Loans Chart

Max Title Loan amount determines how much maximum loan size you can get according to the state law. 

Title Loan Cost Limits may show the maximum loan cost per month, maximum APR, or whether there’re no caps on rates from the state. Some lenders can charge both interest and additional fees. 

NSF (Non Sufficient Funds) Fees are a type of penalty lenders can charge in case you don’r repay the title loan on time. 

Title Loan term limits determine the duration of the loan, including all the possible renewals or roll-overs as well as additional charges for these services. 

Title Loan Cost includes the loan amount plus annual percentage rate (APR) calculated for the terms of the loan  taking into account the maximum rate authorized in state law. 

Sale/Leaseback means that title lenders structure loans as if the borrower “sold” a vehicle to their company, then has to pay to “lease” the vehicle. 

Right to Cure notes state law consumer protection rights for a borrower. If your vehicle has been repossessed before the vehicle is sold to repay the loan, you can apply fot time limits to catch up on payments or any extended payment plan options. 

Surplus / or Deficiency is some extra funds from selling a repossessed vehicle after paying off the title loan, interest, and repossession fees. 

It also shows whether the lender is permitted or prohibited from suing borrowers for any amount still owed after the vehicle has been sold.

Car Title Loan Law Chart

First of all, any resident of the USA, either a lender or a borrower, needs to be aware and follow all the Federal Title Loan laws.
Secondly, every state has its own rules regulation this short-term financing.

And what makes Title Loans even more difficult and sometimes confusing, cities, and towns can develop their own regulations of car title loans within their jurisdictions.

In order to get informed on auto title financing laws always check the key points peculiar to your state before applying.

title loans Rates and Terms

State Legal Status Maximum Loan Amount Minimum Loan Amount Maximum Loan Term Minimum Loan Term Repayment Term Maximum APR Minimum APR Average APR Finance Charges Cooling-off Period
Alabama Legal N/A N/A 31 day(s) 10 day(s) 10 - 31 days 25.00% N/A N/A 25% a month N/A
Alaska Illegal $500 N/A N/A 14 day(s) N/A 36.00% N/A N/A $5 + the lesser of: $15 per $100 or 15%. N/A
Arizona Legal N/A N/A N/A N/A N/A 17.00% 10.00% N/A 17% a month for $500 or less, 15% a month for $501-$2,500, 13% a month for $2,501-$5,000, and 10% a month for more than $5,000 N/A
Arkansas Illegal $400 N/A 31 day(s) 6 day(s) 6 - 31 days 17.00% N/A N/A N/A N/A
California Legal N/A $2500 31 day(s) N/A up to 31 days 30.00% 15.00% N/A For a $2,500 Title Loan either $50 or up to 5% of that amount. N/A
Colorado Illegal $500 N/A N/A 180 day(s) N/A N/A N/A N/A N/A N/A
Connecticut Illegal N/A N/A N/A N/A N/A N/A N/A N/A $17 per $100 N/A
Delaware Legal N/A N/A 180 day(s) N/A N/A N/A N/A 300.00% For $1,000 title loan there will be an additional $250 per month in interest. N/A
Florida Illegal $500 N/A 31 day(s) 7 day(s) 7 - 31 days N/A N/A N/A 30% of the loan amount a month. N/A
Georgia Legal N/A N/A 30 day(s) N/A N/A N/A N/A N/A 25% a month for the first three months, 12.5% after that plus lien fee. N/A
Hawaii Illegal $600 N/A 32 day(s) N/A up to 32 days N/A N/A N/A 14% pre-computed or 24% a month N/A
Idaho Legal N/A N/A 30 day(s) N/A up to 30 days N/A N/A N/A N/A N/A
Illinois Legal $4000 N/A N/A N/A N/A N/A N/A 25.00% N/A 15 days
Indiana Illegal $500 N/A 14 day(s) N/A up to 14 days 36.00% N/A N/A N/A N/A
Iowa Illegal $500 N/A 31 day(s) N/A up to 31 days 21.00% N/A N/A N/A N/A
Kansas Illegal N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Kentucky Illegal $500 N/A 60 day(s) 14 day(s) 14 - 60 days 24.00% N/A N/A N/A N/A
Louisiana Legal N/A $350 N/A N/A N/A 36.00% N/A N/A N/A N/A
Maine Illegal N/A N/A N/A N/A N/A 0.30% N/A N/A N/A N/A
Maryland Illegal N/A N/A N/A N/A N/A N/A N/A 300.00% N/A N/A
Massachusetts Illegal N/A N/A N/A N/A N/A N/A 276.00% N/A N/A N/A
Michigan Illegal $600 N/A 31 day(s) N/A up to 31 days 300.00% N/A N/A N/A N/A
Minnesota Available (with some restrictions) $350 N/A 30 day(s) N/A up to 30 days 396.00% N/A N/A N/A N/A
Mississippi Legal $2500 N/A 30 day(s) N/A up to 30 days 300.00% N/A N/A N/A N/A
Missouri Legal $5000 N/A N/A 30 day(s) N/A N/A N/A N/A N/A N/A
Montana Available (with some restrictions) $300 N/A 31 day(s) N/A up to 31 days N/A N/A N/A N/A N/A
Nebraska Available (with some restrictions) $500 N/A 31 day(s) N/A up to 31 days 288.00% N/A N/A N/A N/A
Nevada Illegal N/A N/A 30 day(s) N/A up to 30 days N/A N/A N/A N/A N/A
New Hampshire Illegal $10000 N/A N/A N/A N/A 300.00% N/A N/A N/A N/A
New Jersey Illegal N/A N/A N/A N/A N/A 360.00% N/A N/A N/A N/A
New Mexico Illegal $2500 N/A N/A N/A N/A N/A N/A N/A N/A N/A
New York Illegal N/A N/A N/A N/A N/A 300.00% N/A N/A N/A N/A
North Carolina Illegal N/A N/A N/A N/A N/A 300.00% N/A N/A N/A N/A
North Dakota Illegal $500 N/A 60 day(s) N/A N/A 360.00% N/A N/A N/A N/A
Ohio Available (with some restrictions) $800 N/A 180 day(s) N/A N/A 336.00% N/A N/A N/A N/A
Oklahoma Illegal $500 N/A 45 day(s) 12 day(s) 12 - 45 days 360.00% N/A N/A N/A N/A
Oregon Illegal $50000 N/A 60 day(s) N/A up to 60 days N/A N/A N/A N/A N/A
Pennsylvania Illegal N/A N/A N/A N/A N/A N/A N/A N/A $9.50 per $100 N/A
Rhode Island Illegal $500 N/A N/A 13 day(s) N/A N/A N/A 432.00% N/A N/A
South Carolina Legal N/A $2500 N/A N/A N/A N/A N/A N/A N/A N/A
South Dakota Legal N/A N/A 30 day(s) N/A up to 30 days N/A N/A N/A N/A N/A
Tennessee Legal $2500 N/A N/A N/A N/A N/A N/A N/A Costs limited to 1/5 of the loan plus 2% interest each month. N/A
Texas Legal N/A N/A 180 day(s) N/A up to 180 days 120.00% N/A N/A N/A N/A
Utah Legal N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Vermont Illegal $0 N/A N/A N/A N/A 216.00% N/A N/A N/A N/A
Virginia Legal N/A N/A 360 day(s) 120 day(s) 120 days - 12 months N/A N/A N/A 22% per month of outstanding balance up to $700, 18% per month for $701-$1,400, 15% per month for $1,401 or above, lien fees permitted. N/A
Washington Illegal $1000 N/A 31 day(s) N/A up to 31 days 252.00% N/A N/A N/A N/A
West Virginia Illegal N/A N/A N/A N/A N/A 372.00% N/A N/A N/A N/A
Wisconsin Legal $25000 N/A 180 day(s) N/A up to 180 days N/A N/A N/A N/A N/A
Wyoming Illegal N/A N/A 30 day(s) N/A up to 30 days 432.00% N/A N/A N/A N/A

How are Car Title Loans regulated By State?

Though Title loans seem a convenient way to get quick cash, not all the states permit this cash advance. The authorities also determine how much you can get. 

Federal laws only require Title Loan lenders provide you with clear terms and costs of the loan in writing before you sign the contract. It’s stated in the Truth in Lending Act.

Legal status of Title Loans is determined by each state and recorded in the state’s statutes and acts. 

Car Title Loan Protections for the Military 

The Federal Law and Department of Defense rule provide special protections to the military concerning short-term Title Loans.

  • They cap the APR to 36% on average. 
  • No access to a check or bank account is allowed.
  • Certain disclosures about the Title loan costs and other consumer rights must be given to the military.

The military that still find Car Title Loans very expensive, may consider other financial assistance from military aid societies such as the Army Emergency Relief, Navy and Marine Corps Relief Society, Air Force Aid Society, or Coast Guard Mutual Aid, etc. 

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