What is a Secured Loan?
A secured loan provides the lender with collateral in addition to the applicants promise to make their monthly payments on the agreed dates and for the agreed upon length of time. This type of loan is a title loan. Although the borrower is able to keep their vehicle, they are required to provide the lender with the clear title to the vehicle; once the loan has been paid back in full it will be returned to the borrower. If the loan is defaulted on and an open communication between the lender and borrower subsides, the vehicle will be confiscated and sent to auction in order for the lender to recoup the remaining balance owed on the loan. In other words, the borrower has sacrificed ownership of the vehicle in loo of paying their debt.
Resident of Bexar County
This can be confirmed by providing a current lease of deed, letter from your landlord, a utility bill, bank statement or any other type of documentation that confirms residency. If you do not have any type of documentation that links your name to you current residence, please call our office to determine what other methods we can use to prove that you reside in Bexar County.
Government Issued Picture ID
This can be an identification card, drivers license, passport, or veterans ID*. Although we would love to be able to trust you are who you say you are, the law requires that we have concrete proof of your identity before entering into an agreement that will create a debt that must paid back. This is for your protection as well as ours.
*Due to federal guidelines, we are unable to extend a loan offer to any enlisted military personnel. We apologize for any inconvenience this may create but please know we are extremely grateful for your sacrifice to this country and the citizens of America.
Proof of Income
Your income source can be through an employer, unemployment, social security, retirement, disability and any other source that reliable. The income provided, an its source, must be verifiable that paystubs or statements.
Debt to Income Ratio
In order for us to extend a loan offer, we have to be confident you will be able to pay it back. Since we report to credit bureaus this is in your best interest. Income is not just about how much you earn but also about how much you owe. You could make $5000 a month but by the time you pay all your bills and meet the minimum requirement of necessities, you make have little to nothing left. An installment loan becomes another bill each month, and if you are already overextended, the can cause additional financial harm to you and your family as well as affect your overall ability to meet the promise you made to us. It is always best to be honest will us, as well as yourself, on what you have coming in versus what you have going out.
Clear Texas Personal Car or Truck Title
A clear title means that you no longer owe, or making payments to the financial institution who loaned your funds to purchase your car or truck, or bought your vehicle outright and never had a note on it to begin with. In either of these scenarios, you should have a clear title in your name. Since you are using your vehicle as collateral, it will be necessary for you surrender your title to us until the full loan has been repaid. In addition to the title being clear, it must be in your name. If the title is another person's name, or if it lists a co-owner, they must be included the loan request.
Current and Valid Insurance
Since you are using your personal car or truck as collateral for your loan, you are required to show proof of auto insurance when securing the loan. Since we do not take possession of the vehicle, but rather your title, we need to be confident that it is protected in the case of an accident.