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Not for all financial needs: This is a short-term loan designed to help with your immediate cash needs. It will not solve your long-term needs and refinancing will result in additional charges. We encourage you to (1) borrow only what you need and can repay and (2) shop the marketplace until you are convinced that you have found the best possible solution.
Transparency of costs for your loan: The cost of credit will be clearly disclosed to you in terms of the dollar amount of interest and the APR according to the principles of federal truth in lending law and regulations. For details on the specific costs of your loan, please see cost and terms on your loan agreement. Late fees and non-sufficient funds/returned item fees may apply as described in your loan agreement. We will never charge you any “hidden fees” that are not fully disclosed in the loan agreement.
Right of Rescission: If you change your mind about the loan, you may rescind your loan at no charge as long as you return the loan proceeds within the number of days specified in your loan agreement.
Implications of Late and Non-Payment: Policy and Procedure Regarding Late Payment and Non Payment of loan:
Late Payments Title and Personal Loans: Late Payments are monitored and oversaw by the Arizona Dept Of Financial Institutions. Per title 44-6002 late fees are to be charged at a rate of 5% of the unpaid installment amount due. As disclosed in our note and security agreement we charge 5% of the unpaid principal balance of the installment amount due. This does not take effect until the customer reaches a stage of delinquency of not less than 10 days.
Non Payment of Title Loan: If a customer does not pay per the specified dates on the note and security agreement their vehicle could potentially become subject to a repossession. We always try to work with our customers as our first goal and priority is for our customers to be successful in the repayment of their loan.
Non Payment of Personal Loan: In the event a customer's loan account charges off due to non-payment they may be subject to further legal action per the note and security agreement. The note and security agreement is a legal and binding agreement where if necessary we retain the ability to seek judgment and garnishment as a remedy due to non-payment of the unpaid balance of loan.
Responsible Renewals and Refinancing Options: This loan is an installment loan which means that you don't have to pay it off all at once like a payday loan. Instead, you can either pay the loan off according to the terms of the loan agreement or pay it off early to save finance charges. We may offer renewals or refinances of your installment loan. We strongly encourage principal reduction and early payment to reduce your finance charges.
Compliance with Laws: We maintain strict compliance with applicable state and federal lending laws. These include, but are not exclusive to:
- Electronic Fund Transfer Act
- Equal Credit Opportunity Act
- Fair Credit Reporting Act
- Fair Debt Collection Practices Act
- Gramm-Leach-Bliley Act Privacy Requirements
- Truth in Lending Act
- Telemarketing Sales Rule
We Respect Your Privacy: We adhere to all applicable federal and state privacy laws. Please see our Privacy Policy for details.
Contacting Us: We always provide a physical address, a toll-free phone number, and an email address so that you can reach us in the most convenient manner for you. We strive to respond to your mail, calls, and email in as fast a manner as possible so we can quickly answer any questions and solve any problems you might have. Please see Contact Us for details.
Quick Personal Loan Terms:
- Late Payment/Non-payment of loan can be found in the section above or on our disclosures page.
- Fees – There are no fees associated with a personal loan other then a NSF charge if in the event the Bank Processor returns the payment due to non sufficient funds.
- Renewal Policy – All personal loans are written for a term of 6 months that are either paid in a 13 Bi-Weekly payment schedule or a 12 Semi Monthly payment schedule. The majority of our personal loans are written as “Buydown” meaning that if the customer makes their payments on time at the end of the loan the account will be paid in full. If, in the event a customer falls behind or requests to have a Interest only loan, there are a multitude of options are available. For example, they may renew their loan with a reduced rate as a Buydown to cure past due payments or renew their loan at a reduced rate.
- For information on Tio Rico Te Ayuda's codes of practice and policies on responsible lending please see the section above or visit our disclosures page.
- Have questions? Feel free to contact us. Don’t want to apply online? That’s okay, come visit us as one of our many Arizona locations.
Quick Car Title Loan Terms:
- Late Payment/Non-payment of loan can be found in the section above or on our disclosures page.
- Fees – There are no fees associated with a personal loan other then a NSF charge if in the event the Bank Processor returns the payment due to non sufficient funds.
- Annual Finance Rate – The maximum state usury rates are governed by the state of Arizona and depending on the negotiated rate the annual finance rate can be anywhere from 120% to 204%. These are merely a parameter used by Tio Rico Te Ayuda as we try to negotiate lower rates for our customers to fit their specific budgetary needs.
- Renewal Policy - All loans are written for a term of 6 months that are either paid in 13 Bi-Weekly payments or 12 Semi Monthly payments. When loan maturity is arrived a multitude of options are available. For example:
- The customer may pay off the loan in full.
- The customer may agree to a buy down and renew the loan for an additional 6 months. In this scenario a portion of principal and interest is made with every payment thus reducing the customer principal balance on the loan. If all payments are made timely the final payment would pay off the loan.
- If the customer is in a good equity position and wants to continue to make the minimum payment due they are able to renew the loan for an additional 6 months at the same or a reduced % rate compared to the rate that they previously had. We do this to reward our customer for a timely pay history.
- There is a $4.00 and a $15.00 fee associated with a title loan. The $4.00 dollar charge is remitted to a third party motor vehicle processor to secure our lien holder interested in the vehicle. The $15.00 charge is paid as a processing fee to secure the lien.
- For information on Tio Rico Te Ayuda's codes of practice and policies on responsible lending please see the section above or visit our disclosures page.