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Six essential facts to know before getting a Title Loan:

Before getting a title loan in Virginia, make sure you know the following:

1. The maximum interest rate is between 17%-22% a month (204% – 264% APR).

– That is very high. You can negotiate a lower rate, many lenders charge less than the maximum.

2.  The lender is not permitted to charge any Loan origination fees.

– They can charge a $10.00 lien fee for VA; no other fees are allowed.  If there are other fees, question them.

3.  You have 1 day to cancel the loan by returning the funds the same or next day.

– If you find a better source of funds, take advantage of this and cancel the loan.

4.  The lender can repossess your vehicle if you default on the loan.

– Find out what the lender considers a default; and how to cure a default before signing.

5.  A late fee of 5% of your monthly payment can be charged if you are 7 days or more late.

– Make sure you are not charged a late fee if you make your payment less than 7 days late.

6.  A lender cannot legally come after you for money if they repossess your vehicle.

– Be advised that they can if you intentionally conceal or damage the vehicle.

For more information feel free to visit us at

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Six essential facts to know before getting a Title Loan:


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