How Do Title & Payday Loans Work?
Learn How You Can Get A Loan Today!
How can I make money with my car title?
With traditional bank loans, your credit history serves as your collateral and determines how much money you can get from a loan.
If you have bad credit, or even no credit at all it is impossible to get a bank loan. At Cash Loan 888 we use the title to your car as your collateral, rather than your credit history. We require that you own a vehicle with a clear title and no liens.
You give us your car title and we give you cash. Once you repay the loan, you get your car title back.
What is a title loan?
Title loans are also called “cash for cars” loans, an auto title loan, vehicle title loan, pink slip loan, or simply title loan.
They are short-term loans popular with people with no/bad credit and for those who are unable to get a loan from a bank or other financial institution.
It is a secured loan where you (the borrower) can use your personal vehicle title as security/collateral.
We (the lender) do not check your credit history because we only consider the value and condition of your vehicle that you want to use to secure your loan.
If you still owe money on the vehicle and your pink slip (title) has a lien-holder, such as a car dealership, we can payoff the loan and get you some extra cash.
You (the borrower) must allow us (the lender) to place a lien on your car title, and you temporarily give us your pink slip (vehicle title), in exchange for a loan amount.
You get to keep your car and can continue to drive it while you are repaying your loan.
When the loan is repaid in full, the lien is removed and the pink slip (car title) is returned to you.
If you default on your payments then we can repossess the vehicle and sell it to repay your outstanding debt.
How much does my vehicle have to be worth?
Your vehicle must be worth at least $6,000 (visit Kelley Blue Book online to get an estimate of your car’s value) and we will loan you usually 50-60% of the value of the vehicle. In some cases we can loan higher than 60%.
Example: If your car is worth $15,000 we can loan you from $7,500 to $9,000
Example: If your car is worth $10,000 we can loan you from $5,000 to $6,000
Example: If your car is worth $6,000 we can loan you $3,000 to $3,300
How much cash can I loan?
You can lend between $2,500 to $20,000 cash. The value takes into consideration the year, make, model, mileage, condition of the vehicle and your financial ability to repay your loan in the time and manner provided in your loan contract.
What is the interest rate?
Our rates are very competitive and can vary depending on your loan conditions.
What are the repayment terms?
Minimum period for repayment is 36 months to a maximum of 48 months. There is no penalty for paying of your loan early.
Do you charge a pre-payment penalty if I pay off early?
No, Prestamo Efectivo does not charge a pre-payment penalty. In fact, we encourage our customers to pay off their title loans sooner if possible.
Does the title have to be in my name?
Yes, the vehicle title must have you listed as the legal owner to be eligible for a title loan with Prestamo Efectivo. If there are two people on the title, both need to sign off on title. Call us if you have questions.
855-4EZ-LOAN | 855-439-5626 or
Do I need to be employed?
No, Prestamo Efectivo does not require you to be currently employed to get a title loan. But you do need to have some type of income (unemployment, disability, retirement income, etc).
I have no/bad credit, can I still get a loan?
We can loan you money even if you have no credit, bad credit or a prior repossession.
The reason we can give loans to those with bad credit is because you will be using your vehicle to secure the loan.
Do you loan on motorcycles, RVs, boats and trucks?
Yes, we loan on cars, trucks, motorcycles, boats and RVs as long as you have the title (pink slip). Your vehicle must be worth at least $6,000 and we will loan you usually 50-60% of the value of the asset.
Can I still drive my vehicle?
Yes, you keep on driving your vehicle when you take out a title loan, you get to keep the keys and your vehicle. We keep your title/pink slip. You’ll get your title back once your last payment has been made.
How long does it take to process my loan?
If you bring all the required documentation it takes 30 minutes to complete the process. We are the easiest title loan place to deal with, we do not have red tape like other companies, so you will receive your cash loan the same-day, in less than 1 hour.
What documents do I need to show you?
PLEASE PROVIDE THE FOLLOWING:
- Lien-Free title to your vehicle
- Your vehicle for inspection
- Vehicle Registration
- Proof of Insurance
- Proof of Residence (bill; cable, internet, phone, etc within 40 day of loan )
- Proof of Income ( last 2 check subs or last 2 months of bank statements)
- 2-4 Personal References
How do I make a payment?
As a courtesy, payment coupons are sent to you. If you have any questions, regarding your payment options, please call our Customer Service at (916) 573-4949.
Our payment options are:
In person: – we accept cash, personal check, money order or cashier’s check at our office location. We are open from 9am to 5pm, Monday to Friday.
By Mail: Payments may be made by personal check, money order or cashier’s check. Please be sure to put your account number or social security number on your check or money order.
Make payments payable to:Cash Loan 888, LLC. Mail your check to our office at 1455 Response Road, #120-B, Sacramento, CA 95815. Please be sure to allow up to 5 days for the postal service to deliver to our office so you are not late on your payment.
What if I miss a payment?
Please contact us immediately if your payment will be late. Be mindful that if you mail your loan payment to be sure to always allow at least 5 days delivery time, so you payment does not arrive late to our office. The specifics of late payments are written in the title loan contract. It is important to note that the vehicle can be repossessed at any time that the consumer isn’t following the requirements written in the contract, such as a lapse in insurance or late payment.
Repossession means that a local repossession agency will take the vehicle that you used for your loan (under a contract as collateral). California title loan repossession laws state that the lender, Cash Loan 888, has the right to repossess your vehicle as soon as payment is one day late. We do not have to give you any prior notice that it will be taken.
Title loan regulations in California provide that the repossessor has the right to take the vehicle whether or not the previous owner is present. If they are present and give the agency the amount owed right then, the agency is required to forward it to the lender and cannot take the car. The borrower also has the right to an itemized receipt.
The repossession agency must inform the owner that their vehicle has been repossessed, but they have up to 48 hours to do so, or 72 hours if it’s a weekend. It must be either in person or by mail. The mail would have to be sent out within the 48 or 72 hours, but it doesn’t mean the consumer will have it by then due to the length of time it takes for mail to be delivered.
Rights After the Vehicle is Repossessed
In addition to the required notification within 48 hours, the notice must include the name and number of both the repossession agency and the legal owner. The borrower must be given an inventory of their personal effects that were left in the vehicle when it was taken. Information must be given about where the vehicle is being kept and how to get the vehicle back after repossession.
The repossession agency must keep the personal effects of the borrow for at least 60 days before it can be discarded or sold. This does not include anything extra that was added to the car during the ownership of the vehicle, such as a new radio system. The repossession agency may charge a fee daily for the 60 days, and they must keep the inventory of the personal effects and when/to whom they were distributed.
Selling the Car
The lender must inform the borrower of their intent to sell the car with at least 15 days notice, and the notice must be sent via first-class or certified mail. The Notice of Intent to Sell must be served to the borrower within 60 days of the repossession, and the consumer has the right to ask that the sale is put on hold for ten days.
If the car is sold for a higher amount than the amount owed on loan, they must return the extra money to the borrower within 45 days. If the amount it was sold for doesn’t cover the remaining loan balance, the borrower is required to pay the rest of the loan off. This must go through court, as the lender must serve a Complaint. The borrower has the right to answer and defend them in court.
Do you only loan in the state of California?
Yes, at this time we are only licensed to only operate in the State of California.
We are licensed with the Department of Corporations State of California Finance Lender and Brokers. All loans are made pursuant to License #60DBO 76585 in strict accordance with California state and federal law.
What are the California State Law Requirements?
You must be 18 years old with a valid government-issued ID and have a clear car or motorcycle title to be eligible for a car title loan or motorcycle title loan in the state of California. You will need to bring the car or motorcycle associated with the clear car or motorcycle title to the store for an appraisal when you come into our Efectivo Prestamo location to get your money. You’ll also need to bring proof of income, proof of current residency, and your current vehicle registration. In California, a credit check is required for a car or motorcycle title loan; however, Efectivo Prestamo® welcomes all credit good or bad, so we can get you the cash you need when you need it most.
Minimum loan amount in California is $2,600.
Are you a licensed lender in the State of California?
Yes. We are licensed with the Department of Corporations State of California Finance Lender and Brokers. All loans are made pursuant to CA LENDER LICENSE # 60DBO 76585 and CA DEFERRED DEPOSIT LICENSE # 10DBO-92038 in strict accordance with California state and federal law.
For more detailed information please read our Legal Info.
How can I verify your CA lenders license and learn more about title loans?
The DBO provides protection to consumers and services to businesses engaged in financial transactions. To learn more go the California Department of Business Oversight (DBO) website. The Department oversees the operations of state-licensed financial institutions, including banks, credit unions, money transmitters, issuers of payment instruments and travelers checks, and premium finance companies.
DBO also provides information and resources on a variety of financial topics to provide consumers with tools and information to operate safely in the financial marketplace.
Do you offer credit education at no charge to me?
Yes, to learn valuable information to help you improve your credit, please refer to Freddie Mac Credit Education Program, an online course offered at no-cost to you.
Have more questions or concerns? Please call us:
TOLL FREE- 855-4EZ-LOAN or 855-439-5626 or
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Cash Loan 888
5550 Franklin Blvd. Suite 103, Sacramento, CA 95820
CA LENDER LICENSE # 60DBO 76585
CA DEFERRED DEPOSIT LICENSE # 10DBO-92038
DISCLOSURE: This is a solicitation for an Auto Title Loan, Installment Loan, or Payday loan. This is not a guaranteed offer and Loan approval is subject to meeting underwriting criteria and the ability to Repay. Auto title loan amount subject to vehicle evaluation. Results and actual loan amounts may vary. Rates and Terms are subject to change without notice. Other restrictions may apply. Please see associate for more details. Lending BandR, LLC. DBA Cash Loan 888 is licensed by the Department of Business Oversight to the California Finance Lenders Law for any installment or auto title loans. For Payday Loans: This company is licensed by the Department of Business Oversight Finance Lenders pursuant to the California Deferred Deposit Transaction Law.
To learn valuable information to help you improve your credit, please refer to Freddie Mac Credit Education Program, an online course offered at no-cost to you.
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