Follow These Easy Steps To Review A Copy Of Your Loan Agreement

A loan agreement is a complex legal document that most people don’t read. However, carefully examining and assessing the terms outlined in the agreement is vitally important. At Missouri Title Loans, Inc., we ensure you understand the loan agreement before taking out a loan.

Our guide will help make sure that you understand what obligations you have. Furthermore, taking your time to review the document thoroughly can help detect a scammer (the agreement might include hidden fees that you weren’t told about). Keep reading to discover the easy steps to review your loan agreement before you sign the document.

4 Steps To Reviewing A Copy Of Your Loan Agreement

So that you know, you will be officially approved for the loan only once both parties have signed the agreement. If there is something that you don’t like about the terms proposed, you can choose to walk away (without facing any penalties).

1. Read The Entire Agreement

The agreement will typically have multiple pages with several distinct sections. Reading through all of them might seem like a waste of time, but that’s precisely what you would have to do.

Otherwise, you may fail to protect yourself from an untrustworthy lender. Take as much time as you need, and if the company representative tries to hurry you up, you might want to choose another lender.

2. Review The Loan Terms

• Verify that your personal and vehicle information (in case you’re going for a title loan) is correct
• Make sure that you can use the loan for your intended purpose (you’ll usually find the information in the ‘acceptable uses’ section’)
• Ensure that the payment schedule adds up to the ‘total of payments’ indicated
• Double-check the interest rate
• Check for any hidden fees. This might include prepayment penalties, late fees, percentage penalties, etc.

3. Be Prepared To Ask Questions

The chances are high that you’ll find several unknown words in the agreement. Don’t be afraid to ask the lender representative precisely what they mean. And if you still have questions after reviewing the document, please don't hesitate to ask them. Remember that once the agreement gets signed, you’ll automatically agree with everything mentioned in the paper.

In some cases, you can negotiate with the lender. However, this is different with Missouri Title Loans, Inc., although you may be able to choose a flex repayment date. Be sure to speak with one of our trusted loan representatives about your options.

But if you are pursuing a loan with another lender, you may be able to negotiate your terms. So, if there is something about the terms you don’t like but are still willing to take out a loan, explain what conditions would be more favorable for you, and see what the lender has to say.

4. Consider The Consequences Of The Loan

You have to make sure that you would be able to manage the payments comfortably. To figure that out, check the repayment schedule and the payment amount again. Here are a few questions that you might want to consider:

• How frequently would you have to make the payments?
• Can you choose the payment method? Is it possible to pay online?
• Does the payment amount fit in your budget?

Why Take Out A Loan Offered By Missouri Title Loans, Inc.?

When reviewing the loan agreement prepared by one of the Missouri Title Loans, Inc. representatives, you will be pleasantly surprised. The terms will include all the things that have already been discussed, and if there is anything that you didn’t find to be crystal-clear, you can always ask the friendly staff members and receive a detailed response.

Though you might get approved for a title loan in as little as 30 minutes, you can take as much time as you need to review the loan agreement – no one will pressure you into signing the paper.

How Much Can You Get?

You can meet with the verification agent at a location of your choice or one of the convenience store locations. Our loan expert would be able to tell you exactly how much you qualify for after reviewing your documents and inspecting your car. In the end, you might get approved for up to $15,000.

The amount would depend on the value and condition of your vehicle (to determine it, the verification agent will use a nationally recognized pricing guide) and your ability to repay. By the way, if you don’t agree with the proposed loan amount, you can decline the lender’s offer without paying any fees.

Get Started Right Now!

You would only want to agree to take out a loan if you read the agreement. Our Missouri Title Loans, Inc. specialists understand that the document might initially seem intimidating. Still, we will do everything possible to ensure the whole application process goes as stress-free as possible.

You’ll have as much time as needed to review the terms carefully, and the helpful representatives will always answer all your additional questions. Ready to get the money you need? Then fill out the inquiry form today!

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.