Borrower Rights and Responsibilities in Virginia - Fast Cash Title Loans

 Borrower Rights and Responsibilities in Virginia


Please take the time to carefully review the information contained in this pamphlet. It is designed to advise you of your rights and responsibilities in connection with obtaining a motor vehicle title loan in Virginia under Chapter 22 (§ 6.2-2200 et seq.) of Title 6.2 of the Code of Virginia.
If you have any questions about motor vehicle title lending or want additional information, you may contact the Virginia State Corporation Commission’s Bureau of Financial Institutions toll- free at (800) 552-7945 or on the Internet at http://www.scc.virginia.gov/bfi.
In General: You are responsible for evaluating whether a motor vehicle title loan is right for you. Alternatives may include among other things less expensive short-term financing from another financial institution, family, or friends, a cash advance on a credit card, or an account with overdraft protection.
Notice from Lender: A motor vehicle title lender is required to provide you with a clear and conspicuous printed notice advising you that a motor vehicle title loan is not intended to meet your long-term financial needs; that the interest rate on a motor vehicle title loan is high; and that if you fail l to repay your loan in accordance with your loan agreement. the motor vehicle title lender may repossess and sell your motor vehicle.
Prohibition on Obtaining Loan if Motor Vehicle has Existing Lien lone Loan at a Time: Virginia law prohibits a motor vehicle title lender from making a motor vehicle title loan to you if (i) your certificate of title indicates that your motor vehicle is security for another loan or has an existing lien; or (ii) you currently have another motor vehicle title loan from either the same motor vehicle title lender or any other motor vehicle title lender conducting a motor vehicle title lending business in Virginia.

For More See Our Website : http://fastcashtitleloansllc.com/borrower-rights-and-responsibilities-in-virginia/

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