In our digital age, bad reviews can be crippling for any business. But if you’ve shopped for a short-term loan such as a car title loan, you may have noticed the reviews can be overwhelmingly negative.
Does that mean you shouldn’t pursue a certain lender or a short-term loan at all?
Not necessarily. Over the years, we’ve seen car title loans be lifesavers to many people, and we’re very proud of that.
Here are a few of the reasons short-term lenders can get bad reviews.
Car Title Loans: Why All the Bad Reviews?
Shady Lenders & Unethical Practices
As with any industry, there are shady people out there — bad apples who ruin the whole bunch. Those shady people use unethical practices and they take advantage of people who are in a bad spot.
Other lenders set their customers up for failure. There’s no way a reasonable person could repay the loan according to their policies, so the customer ends up worse off in the end than if they’d never gotten the loan.
The California Auto Finance Difference
We do our very best to set our customers up for success. While we always want to loan money to those who need it, we also choose borrowers who will be likely to repay. We consider job, income, and credit score to determine whether an applicant qualifies.
We also structure our loans to promote success. For instance, while most car title loans have an APR of 100%-300%, we can offer an APR of only 36%! That could cut your monthly payments in HALF!
If you’re able to repay your loan early, we won’t slap you with a prepayment penalty.
We know we are not perfect. But one thing we can promise is that we read our customer reviews and we take them to heart so that we can always be growing and improving.
We hope you’ll give us a chance to help you, too!