The cost of rolling over a title loan
Rolling over a title loan — also called renewing or refinancing — involves taking out a new loan to give you extra time to pay it off. It’s common with single-payment title loans.
Each time you renew, you pay the same rates and fees that came with the original loan. Some states ban or limit how many times you can roll over your loan, though not all do.
Only 12.5% of borrowers are able to pay off their loan without rolling it over, according to a Consumer Financial Protection Bureau study.Nearly 50% of borrowersrenew their loan 10 times or more.
This increased cost makes it increasingly more difficult to pay off the debt, which could be whyaround 20% of title loansend in repossession.
I am wanting to get a loan and I am told that I have an amount I am eligible for and what I need to submit and I do that and if they change their mind without a good reason what do I do is that legal they may have switched up and discriminated against me after getting all my info and documents …perhaps
Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
Generally, lenders are allowed to change their mind on your loan application if no formal loan offer has been made yet. You can apply to get preapproved for personal loans and auto loans however, it doesn’t guarantee final loan approval.
Lenders will still have to make further checks to make sure the information you have supplied is correct and to see if you meet all the conditions and specifics of the loan before giving you a final loan offer.
In case your loan application gets disapproved, speak with your lender so they can explain the reason behind their decision.
I hope this helps.
I currently live in WV. I’m currently on vacation in SC and have had an emergency expense come up and need to obtain a car title loan. Is it legal to do so?
Thank you for your inquiry.
Car title loan is not available in West Virginia. You may instead check your payday loan options in West Virginia for your alternative.
Please be reminded that eligibility requirements and loan terms vary on each lender, so it is important to understand them prior to application.
Hope this helps.