On a title loan, what is the percentage of your income they go off of in order to give you the loan? 20-25%?

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On a title loan, what is the percentage of your income they go off of in order to give you the loan? 20-25%?

I took the loan out and they are claiming they do not go off of your income at all, it is based off of what your vehicle is worth. When I called other title places to see if they would give me a loan with their company, they denied me due to my income and the amount that was financed. They said that the title loan company approved me at about 90% of my income and the law is 30%, they are more than above the legal limit and they broke the law. Now the original people that worked in the office are no longer there. Is this right? what should I do? I am now behind.

Asked on August 3, 2012 under Bankruptcy Law, Nevada

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of all states in this country, the way a lender determines whether a loan is to be made for a particular item depends upon many factors such as value and equity of the item, income of the borrower and net worth of the borrower.

You need to realize that under the law that a lender is not required to give a person a loan. Making a loan is a business decision.

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of all states in this country, the way a lender determines whether a loan is to be made for a particular item depends upon many factors such as value and equity of the item, income of the borrower and net worth of the borrower.

You need to realize that under the law that a lender is not required to give a person a loan. Making a loan is a business decision.


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