Posted by My Tio Rico
You probably read about it all the time, someone’s identity being stolen. You may even get notifications or email about there being a security breach within a company you subscribe to, and that they recommend you get a new card because of it. No matter what you know about identity theft, it’s a crime that’s… Read more »
Posted by My Tio Rico
We all dread it, costly summer energy bills. Do you ever brace yourself before opening the envelope or as the online payment page opens? The summer can be the best time for a lot of things, but overpaying on your energy bill because of the heat isn’t one of them! Lucky for you, the New… Read more »
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:
ARIZONA
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.
Quick Personal Loan Terms:
Quick Car Title Loan Terms:
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 reduced % rate compared to the rate that they previously had. We do this to reward our customer for a timely pay history.
CALIFORNIA
CA: Licensed by the California Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law. California loans other than deferred deposit loans are issued pursuant to the California Finance Lenders Law. Installment title loans subject to minimum auto value requirements.
http://www.mytiorico.com/CFL_Licenses.pdf
http://www.mytiorico.com/Def_Dep_License_Lynwood_and_Pacoima.pdf
Title Loan: CFLL 22320.35
(1) For a period in default of not less than 10 days, an amount not in excess of ten dollars ($10).
(2) For a period in default of not less than 15 days, an amount not in excess of fifteen dollars ($15).
Pay Day Loan: CDDTL 23035
(1) If the customer’s check is returned unpaid, the customer may be charged an additional fee of up to fifteen dollars ($15).
(2) The customer cannot be prosecuted in a criminal action in conjunction with a deferred deposit transaction for a returned check or be threatened with prosecution.
Non Payment of a Title Loan:
CFLL 22328
If you fail to repay the loan pursuant to the terms of your contract your vehicle may be repossessed and sold. Additional charges may apply.
Quick Pay Day Loan Terms:
Quick Car Title Loan Terms:
If the customer is in a good equity position and wants to continue to make the minimum payment due they are able to renew the loan for an additional 6 months at the same or reduced % rate compared to the rate that they previously had. We do this to reward our customer for a timely pay history.
Delinquency fees shall not exceed five cents ($.05) for each one dollar ($1.00) of each installment more than ten days in arrears; provided that the total of delinquency charges on any such installment shall not exceed ten dollars ($10.00)
Non Payment of an Installment Loan secured by a vehicles title:
If you fail to repay the loan pursuant to the terms of your contract your vehicle may be repossessed and sold. Additional charges may apply.
Non Payment of an Installment Loan, unsecured:
NMSA 58-15-17
A judgment may be obtained for pre-judgment interest and other costs such as attorney fees as provided by law.
Quick Unsecured Installment Loan terms:
Quick Car Title Loan Terms:
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 reduced % rate compared to the rate that they previously had. We do this to reward our customer for a timely pay history.
Responsible Renewals and Refinancing Options for installment loans: Our installment loans do not have to be paid 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.
Responsible payments for Pay Day Loans: The Pay Day loans are single payment short term loans and are due as stated on your agreement. We may allow an extension of time or a payment plan for repayment of an existing deferred deposit transaction.
Compliance with Laws: We maintain strict compliance with applicable state and federal lending laws. These include, but are not exclusive to:
1. Electronic Fund Transfer Act
2. Equal Credit Opportunity Act
3. Fair Credit Reporting Act
4. Fair Debt Collection Practices Act
5. Gramm-Leach-Bliley Act Privacy Requirements
6. Truth in Lending Act
7. 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.
For additional 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.
602-322-1010