/ How To Apply For Title Loans Charleston /
A title loan is one of the easiest loans to apply for. With traditional loans, you have a bunch of paperwork to fill out and generally have to submit lots of information to prove your creditworthiness such as your income and assets. Thankfully, title loans in Charleston and South Carolina title loans are much easier to apply for and get approval for. When you begin the application online, you will notice that you only need some basic information about the car and the borrower. Some of the information you will need about the vehicle includes the year, make and model. Additionally, it is important that you supply the current mileage of the vehicle as well. Some of the basic information that you will need to submit about the borrower includes full name, address and zip code. You will also need to supply current contact information so that the representative can contact you at your earliest convenience. Once you have completed the simple application and submitted it, you will be given a free title loan estimate. Afterwards, you will be contacted by a friendly loan representative to discuss your loan offer and to discuss the terms and conditions. You will also discuss setting up a payment plan that works best for you.
/ Legal Rules And Regulations For Title Loans in Charleston /
Title loans are a way to borrow some money against your vehicle. Depending on the value of your vehicle, most lenders will offer loans from a couple hundred dollars to a couple thousand dollars. All title loan lenders have specific rules and regulations they must follow when providing these loans to borrowers. Most title loans are 30 day loans except in the case that both the lender and the borrower agree otherwise. A lender must also let the borrower keep the car and be able to still drive it while they are repaying the loan. In South Carolina, there are specific rules that lenders have to follow as well as restrictions on the amount of interest they are allowed to charge. For title loans in South Carolina, the loan amount must be more than $2500 in order to avoid the small loan cap. For loans between $600 and $2500, there are additional interest loan caps that must be adhered to. All of the rules and regulations that title loan lenders must abide by are set in place in each respective state to protect the borrowers from being taken advantage of.
/ Charleston Car Title Loan Benefits /
There are plenty of benefits to obtaining a title loan when you need money quickly. Below are some of the top advantages borrowers will find from applying for a title loan online.
Easy Application Process - Unlike many traditional loans, a title loan is very easy to apply for. A simple application can be completed in as little as an hour from the comfort of your own home. Approval for a title loan is typically very fast as well.
Good Credit Not Needed - For borrowers who don't have the best credit ratings, a title loan may be the best choice. Because a title loan is approved by using your car's title as collateral to secure the loan, a credit check is often not needed or required by the lender. This is great news for borrowers who have been turned down for other types of loans that require good credit for approval.
Drive Car - An additional benefit that many people find surprising about title loans is that you will still be able to use the car while repaying the loan. Even though the lender will want to keep the title while you are still making your payments, you will receive it back once the full loan has been repaid.
Affordable Loan Type - Compared to other short-term loans, a car title loan is a great option. Title loans are more affordable than similar loan options such as payday loans and cash advances. The title being used as collateral means less risk for lenders. In turn, a lender is more willing to offer better interest rates on the loan.
Easy To Repay - Another great benefit to a title loan is that it is very easy to pay back. Once you have applied and agreed to the terms and conditions, a loan representative will work with you to set up an easy-to-follow payment plan.
Less Stress - While many loan types can be difficult to get approved for, title loans are easy to get approval for as long as you have a car with worth and a clean title. You don't need to have good credit or prove that you make a lot of money. When you are in need of money fast, it can give you a lot of stress. The application for a title loan is so easy that it won't add any unnecessary stress to your already stressful situation. When you are going through some financial difficulties, a car title loan can be just the thing you need to get you caught up financially and get rid of the excess stress.