CarTitle Loans Online in Columbia, South Carolina

You've probably driven around and noticed storefronts advertising auto pawns, title loans and similar such locations that purport to offer short-term lending services for those who need three- or four-figure sums of cash quickly. The idea behind title loans is that an emergency has cropped up — rent is due, you were laid off, your car broke down, etc. — and you don't have friends or family to pull money from to help you through your situation. In cases like these, you'd turn to a solution such as payday, cash advance or title loans Clemson. Title loans are usually the most balanced option of the bunch and provide the easiest means of getting your foot in the door with the cash you need. Applying for one is a simple matter of visiting the application section of our website to fill out your name and contact information along with the make, model, style and mileage of your motor vehicle. This information is necessary because auto loans partly function off the clarity of your auto title to determine your eligibility and the amount that you can borrow with our services.

How Title Loans in Columbia Work

In title loans, your auto title is used as the collateral against the amount that you've borrowed. Because the loan money is secured in this fashion, there's no need to factor your credit score into the pre-loan assessment that determines your liability. Instead, we look at a few other factors, such as:

1. Income ("Good Faith Judgment")

As a legal step that protects both parties, it's essential for us to evaluate your income during the process of creating title loans in Columbia for our valued clients. This is to ensure that you're capable of paying off the loan on time. Believe it or not, it's actually possible to file a lawsuit on any lending company that has assessed a loan on terms that are unreasonable or impossible to repay with your income.

2. Car Value

Reputable services such as Kelley Blue Book are frequently referenced and cited when determining how much your vehicle is worth in the event that it needs to be repossessed to reclaim the loan principle if you refuse or are unable to pay it off in time. This has a marked impact on how much you can borrow, and most title-based lenders will only allow you to borrow 30-50 percent of the fair market value of your vehicle because of the possibility that the vehicle will sell for far less by the time it's reclaimed.

3. Title Clarity

If you have any liens, fees or restrictions on your vehicle title, the process of issuing title loans in Columbia can take longer, and the amount that you end up borrowing may be significantly reduced. This is because the remaining balance on a title to clear it will become the burden of the lending agency in the event that your vehicle is repossessed, which means the difference needs to be made up somewhere. In some cases, a burdened title can bar you from carrying a title loan.

South Carolina Lending Laws

In South Carolina, no title-based lender is permitted to do the following:

  • Hire loan specialists who have not received the proper education, training or certification to create and distribute title loans in Columbia
  • Create loans without first verifying the client's income
  • Repossess a vehicle until 30 days have passed since the payment due date
  • Assess title loans of less than $600 in value