What are title loans? Title loans are not common and that is why most people do not know about them. Well if you don’t know what title loans are all about then you are in the right place? A title loan is a short-term, high-interest loan that requires your car as collateral to borrow money. Title loans near me can help you go through the process of getting a loan when you use your car as collateral.
If you don’t have great credit and you need to take out a loan then you might be searching for the wrong places that will accept your low credit score or bad credit history. However, you can get car title loan places near me if you do a good search. A title loan is a secured loan that lets borrowers use their vehicle as collateral. Since your car secures the loan payment the lender can take possession of your car if you don’t repay the loan on time.
If you have run out of cash and you won a car, you might need to take out a car title loan. a car title loan is similar to a payday loan, it is a small loan for a short period usually 30 days. So in exchange for the loan you give the lender the title to your car until the loan is fully paid. Title loan places near me can be appealing because they usually do not require a credit check.
How does a Title Loan Work?
The common form of a title loan is a car title loan so a potential borrower is required to own a car outright and sign the title over to an auto loan title company. Note that the loan company will lend up to 25% of the car’s total value to the borrower and keep the car title as collateral in case of default. However, a typical car loan amount is $1,000 although it can be higher. The usual length of the loan is 15 to 30 days but it can be extended. Borrowers can repay the car title loan with a single payment for one month. Or they can repay the loan on a multi-year installment plan.
How much can I Borrow with a Title Loan?
Getting a Title loan near me means you can borrow up to 25% to 50% of the value of the car. The average loan amount is $100 to $5,500 but some lenders will allow you to borrow up to $10,000 and more. So once the loan has been approved you will give the lender the title to your car. But you can continue driving your car; some lenders may install a GPS device to track it and they can also copy your keys.
Title Loan Benefits with TitleMax
TitleMax is one of the nation’s largest car title lending companies and you can locate any TitleMax loans near me. And they are also different from other Title loans near me. Now let’s take a look at the benefits of using your car as collateral with TitleMax.
- You get cash in as little as 30 minutes
- Get quick approval for a title loan online
- Convenient payments options
- No bank account is required for a title loan
- You get to keep driving your car
- All makes and models accepted by titlemax
- They have friendly customer service
- Most credit types are accepted
And finally, they have an app that is easily accessible on your desktop and mobile desktop. You can easily manage your account with ease anytime, anywhere. Also conveniently check the balance of your account, payment history, and payment due date.
Alternative to Car Title Loans
Car title loans are not the only way to get cash quickly you can also consider other means of getting cash quickly. However, it is safe to consider these potential options which Are less expensive than a car title loan.
- Apply for a personal loan with a co-signer
- Take a credit card cash advance
- Look into a payday alternative loan from a federal credit union
- Ask your employer for a paycheck advance
- Ask family and friends for help
- Go to local charities and churches for help
- Get help managing debt
- Use your tax refund
- Try to get a loan from a credit union
- Ask your creditors for more time to repay them
Title loans near me provide fast access to cash but sometimes they can create serious problems for borrowers. So to avoid these issues, you can make use of any of the alternatives above if you require quick cash.