Title Loans Athens, Alabama
With the increasing level of popularity, you’ve probably heard a thing or two about title loans in the Athens, Alabama area, but you’re still probably wondering what they are, how they work, and what benefit they can bring you.
What are Title Loans Athens?
In Athens, Alabama, you can receive a loan based on the value of your vehicle. With this kind of loan, known as a title loan, you do not need to use your credit score or financial information to apply. Instead, the overall value of your vehicle is used to determine your loan amount.
With a standard loan, your credit score is used as a guarantee that your loan will be paid off. The idea is that because you want to have a high credit score in order to get loans or credit cards in the future, you will make your payments on time and in full. If you don’t points will be taken off your score and you will have a more difficult time getting financial assistance until you can bring that number back up.
But a title loan is not a standard loan. In fact, a title loan won’t even consider what your credit score is when determining how much loan money to give you. Rather than using your credit score as a means to ensure the money will be paid back, a title loan uses the title of the vehicle as collateral.
What are the Benefits of Title Loans Athens?
If you already have poor credit, you may struggle to find a loan or credit card that you qualify for. This can make your financial situation tight from month to month as you look for new ways to pay bills, buy food, and ensure all your needs are met. But because a title loan won’t look at your credit score, you can even get title loans without a job.
Without a need to prove that you have the financial history to repay your loan, you can get the money you’re looking for easily. You won’t need to fill out application after application only to find that you won’t qualify, so even if you have a payment due in a few days, title loans in Decatur can ge you the money you need.
What if I Can’t Pay the Title Loan Back?
Any time that you take a loan out, you will be expected to make payments on the borrowed money. A title loan is no different.
Payments should be made according to the agreed upon schedule. Missing a few payments can result in an increase of interest rate. If too many payments are missed, the car may be repossessed and held until back payments are made up. If you are still unable to pay back the money borrowed through your title loan, the vehicle may be sold to cover the cost of your debt.
How do I Apply for Title Loans Athens?
If you are ready to get started on receiving cash from a title loan, you can fill out an application online with Platinum Lending.
The first step of the application process is to provide information about the vehicle you want to take a loan out on. Title loans can be given for vehicles including cars, trucks, motorcycles, boats and more. To determine your title loan estimate, you will need to give the make, model, and mileage of the vehicle.
Once your application has been approved, a loan representative will contact you to discuss the details.