Arizona Car Title Loans - Important Tips

When doing loan and other financial transactions, everyone wants to be totally sure and confident of the service they are getting from whoever they are dealing with. Without this assurance, there would always be suspicion and hesitation.In an attempt to promote such level of confidence amongst customer, associations that regulate and monitor the operations of its members have come into operation. What such associations do is have minimum operation requirements from anyone intending to be a member with them. This being the case, you are expected to receive at least the minimum level of service acceptable to the association from any of its members.If you have any intention of getting a car title loan in the state of Arizona, then you need to have some information relevant to title loans in Arizona. Having these information would help you understand what exactly to expect so you would not be taken by surprise or for a ride by any lender.One of the very important facts to note is that there is a group known as Arizona Title Loan Association. It would help you to ensure that any lender you intend to get a loan from belongs to this association. To help you further see reasons why you should belong to this association, we would list below some of what this association requires from its members.Every member or intending member of this association has to comply with the following:* The Arizona Department of Financial Institutions must have licensed such a company to engage in Secondary Motor Vehicle Finance Transactions such as car title loans.* Whenever the company is transacting a business with a customer, the contract MUST show the terms of the transaction. This has to include every fees that would be demanded and also any federal and Arizona compulsory lending disclosures.* No member of this association can or should charge any fees that are not permitted by the state laws.* Members are not allowed to advertize what they do not or cannot offer.* When dealing with customers who are unable to repay their loans, the lender can only use lawful means to recover their funds. No member shall resort to threats, harassment and other unlawful acts.* Every member shall return the customers title once their loans have been fully repaid. There shall be no attempt to collect fees such as pay-off-fee or title return fee.* Members of the association are obligated to make the customer understand that car title loans are to be used to meet temporary financial needs.* As a member of this association, it is compulsory that there be a sign showing the their membership of this association.This is not an exhaustive list of the guidelines laid down by this association. However, this covers a lot. You can see from the above, that it would be in your best interest if you only did business with lenders that are members of this association. It is better if you work with a company that has a group you can report any wrong doings to.Ensure that your transactions are only with very reputable Arizona car title loans companies.