At Bismarck Industries, Inc., we have a simple four step process that doesn't waste your time or mislead you:

Our Easy Four Step Process:

First, you fill out our basic application. We don't need any of your personal or financial information up front. Instead, we only need you to answer a few basic questions about your car and whether you own it. If everything looks good, we will ask you to go to a local certified and licensed mechanic who will review your vehicle and make sure it is in good working condition. After that, we will tell you if we can give you a loan. No games and no dishonesty. If we can make a deal, we will have you go to our local office to fill out your loan agreement and turn in your pink slip and you will be on the way to getting the cash you need as soon as possible.

Our customers are very important to us. We understand that sometimes everyone goes through hard times. That's why we will always be up front and honest with you about the loan process and what it entails. We will also treat you with the respect that you deserve as our customer.

Interest Rate:

Your loan will carry a maximum annual percentage rate (APR) of 36%. With the exception of running a credit check $30, or loan application fee $100 (which is rarely charged), you will not be charged any additional fees so long as your loan payments remain current and you do not get behind in your payments.

For example, if you received a title loan for $3,000, with a monthly rate of 8% for 12 months, your monthly payment would be $490, and your total payment would be $5,880.

You are free to repay your entire loan back. However, if you pay your loan back in less than 30 days, you will be charged a $300 prepayment penalty. If you pay back your loan after 30 days, you will only be responsible for the principal amount of your loan plus any accrued interest. You will NOT re responsible for all interest through the lifetime of the loan.

For example, if you take a $3,000 title loan with a 12-month repayment plan, and you decide to pay back your loan 31 days after you took the loan, you would be responsible for the first monthly payment of $490 ($250 in loan principal, $240 in loan interest), and the balance of your loan ($2.750).

Thus, there is no minimum period to repay your loan. Our loans will never last longer than a 12-month repayment plan.

Loan Fees:

We do not want to mislead you and will always provide you with a transparent process. During the loan process, you may encounter certain fees, as follows.

Credit Check $30 (Not all customers will need to have a credit check)

Loan Application Fee $100 (Not all customers will need to pay a loan application fee)

Prepayment Penalty $300 (The prepayment penalty only applies if you decide to pay off your loan within the first 30 days of the loan. If you decide to pay off your loan after the first 30 days, then the prepayment penalty will not apply and you will not be charged for paying off your loan early after 30 days).

Insufficient funds or returned check $35 (This will only apply if we are charged a fee by a banking institution for a returned check).

Other Important Information:

Under California law, the minimum loan amount is $2,500 or more.

While Bismarck Industries, Inc., usually does not check a customer's credit before issuing a loan, car title loans may require a credit check depending on the circumstances.

To be approved for a title loan, you must be at least 18 years of age. Account approval is subject to vehicle inspection, appraisal, and if applicable, a credit check.

Proof of income may also be required as well as proof of residency in the state. Your vehicle's registration must also be valid and current.

Depending on your current loan, Bismarck may be able to buy out or refinance your title loan at a lower interest rate. Ask today about title loan refinancing.

Important Advice on Title Loans:

Title Loans are high risk and high interest loans. The California Department of Business Oversight offers the following advice:

Borrow only as much money as you can afford to fully repay when the payment is due, which may be less than the amount you may be eligible to receive.

You have the right to full disclosure in your contract of all interest charges, the annual percentage rate (APR) of the loan and all fees. The final contract must be in the language in which you negotiated it.

Before you take out a loan, read the contract thoroughly and be sure you understand all the terms. Once the loan agreement is signed, you are legally responsible to fulfill the obligations in the contract.

Be aware some lenders use remote engine shutdown devices that allow them to turn off your car if you don’t make payments. Some of these devices have GPS tracking capability.

Although these loans are quick and easy to obtain, you pay higher prices for the convenience.

ABOVE ALL, CONSIDER AVAILABLE ALTERNATIVES. Examples include asking your employer for an advance on your next paycheck; finding out if your bank or credit union provides short-term credit products; asking creditors for more time to pay your bills; asking for a loan from a relative or friend.