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Atlanta Title Pawn Shops offer quick relief if used properly

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All of us one time or the other, hit rock bottom when it comes to finances. During these frustrating times most of us are forced to pawn some of the valuables we have in order to secure the finances needed to settle emergencies or make ends meet at home. Do not be fooled, these Atlanta title pawn shops are not frequented by the poor or low income earners alone, even the middle and upper income earners have turned to these for loans. As a result, these pawn shops have been recording booming business in the recent past.

Most people opt to go to title pawn shops in Atlanta for loans as compared to banks, which will look into ones credit transactions and one is likely to be denied a loan. These shops are not legal in most states, but the state of Georgia is an exception as this state offers some specific guidelines on how these title pawn in Atlanta GA, are to operate. Example of these requirements are, the loan terms, the maximum interest rates they are to charge to loans and rules governing the repossession in case one defaults.

These title pawns in Atlanta, are not regulated by the state of Georgia. However municipalities or city governments provide some insights on these kinds of businesses. In case you had a business transaction and you feel that you were treated unfairly, do not keep quiet as you can lodge a complaint with the local authorities or better still, the consumer financial protection bureau. This is a government initiative in trying to streamline financial institutions at the lowest level.

Although these Atlanta shops offer some quick relief to financial difficulties, one should tread with care as some pawn brokers are out to exploit you if you do not know what is entailed in the whole process. To be on the safe side, it will be advisable for you to know some basics which will protect you in case of a misunderstanding between you and your Atlanta title pawn lender.

After you have visited title pawn in Atlanta in GA, and you have acquired loan, and you have given out your car for instance, as collateral. The state allows the car to be the property of the pawn broker for the 30 days period with which you are supposed to repay back the loan and take back your car. But you have to be careful when Atlanta title pawn shops offer to lease your car to you while you are still paying off the loan; this is not accepted by the state and is termed as illegal.

You have to know that in case, you fail to repay the loan in the stipulated time, and the pawn broker is allowed to possess your car as his own, without any judicial processes involved. So make sure you read your contract between you and the pawn shops to see what will be considered as default, it may be lateness, missing to pay the loan or having not completed the payment.

The maximum rate allowed by the state for loans, in the first 30 days is 25% and the same will be charged if your Atlanta title pawn agreement has extended the days with which you can pay the loan. These pawn shops are allowed to do this for a period of 30 days, after which the ratings must reduce to 12.5%. This will end up costing you too much than you anticipated.

The only way you can be safe is by knowing what is entailed in these transactions and the state laws governing the operations of these shops.

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