Preferred Pawn Loans / Preferred Title Loans Disclosure

To be eligible for our preferred pawn loans / preferred title loans, disclosure is necessary. Because there are certain conditions that must be met.  If you have any questions about this disclosure, feel free to contact us! Finally, we can help you evaluate your options and assist you to qualify for this program.

 

Preferred Pawn Loan Requirements

Our preferred pawn loans carry an amortized Annual Percentage Rate of 35.9%. Arizona state law requires repayment period of 90 days. After that, it can be rolled over if interest is paid.

  • 50% Loan-to-Value (LTV) of the item put up for collateral
    • LTV is defined as the amount of money borrowed is in proportion to the value of the collateral.  For instance, an item valued at $2000 would allow a $1000 loan to qualify for a preferred pawn loan.
    • Value is defined as expected resale value on eBay.
  • A minimum amount borrowed of $1000
    • Pawn loans under $1000 are not eligible for the Preferred Pawn Loan program.

 

Preferred Title Loan Requirements

Our preferred title loans carry terms similarly as our Preferred Pawn Loans. Still offering an amortized Annual Percentage Rate of 35.9%. Therefore, a minimum repayment period of 90 days and moreover, a maximum repayment period of 60 months.

  • 25% Loan-to-Value (LTV) of the vehicle put up as collateral
    • LTV is the amount of money borrowed in proportion to collateral’s value.  Therefore, a vehicle valued at $10000 is eligible for an auto title loan of $2500 to meet this requirement.
    • Value is defined as the Kelley Blue Book Private Party Value.
  • A credit score above 700
    • Most of our auto title loans don’t require credit checks. However, to be eligible for our Preferred Title Loan program you must have a 700+ credit score.
  • Free and clear title
    • This applies to all of our auto title loans. Above all it must simply state the vehicle has no preexisting liens, nor has a salvage status.
  • Proof of residency
    • *Requirement for all auto title loans. For instance, a current utility bill with current address.
  • Current Employment
    • Proof of current employment is required. We will accept last 6 months of your pay stubs.
  • Active insurance policy
    • Borrower provides evidence that vehicle is actively insured. Most importantly, the vehicle must remain insured throughout the loan term.