Title Loans In Birmingham
An automotive title loan is a personal loan that you secure with the physical title of a car or truck that you own. Although you use your car as collateral, the lender doesn’t take physical possession of the vehicle, and you can continue using it to get to work, run errands and so on. Since automotive title loans are secured, acceptance is all but guaranteed, loans can process in mere minutes, amounts can be very small and the loan period can be as short as 10 days, which is a legal minimum.
These characteristics differ greatly from the personal loans that are available from banks in this area. Consider BB&T, which is one of the largest banks in the Greater Birmingham area. It won’t consider personal loans less than $1,000, and the vast majority of loans it approves are $5,000 or more. Likewise, Fifth Third Bank, another large bank in the area, has a minimum loan term that ranges from three to six months, and Regions Bank prefers loans for assigned purposes, such as car loan or home improvement. The money from car title loans, on the other hand, can be used for any purposes.
Title Loans Birmingham: Applying and Getting a Title Loan Online
Another convenient aspect of online title loans in Birmingham is that you can actually apply for them online, and in many cases, leading services like Platinum Lending can help you finalize the entire process without ever having to leave your home. You’ll need several items of information first:
- Your full name and zip code
- The make, model and year of your vehicle
- An odometer reading or estimated mileage
- Contact information, such as a cell number or email address
Simply enter that information into the short form provided on the Platinum Lending website. Once you’ve confirmed that the information is accurate, submit the form. Within seconds, the site will provide you with a car title loan estimate that indicates a maximum amount and other details. Shortly, you’ll be contacted by a loan specialist who can answer your questions, explore all the loan options available to you and guide you through finalizing the loan process and getting cash in hand.
How Title Loans Are Regulated in Alabama
Automotive title loans in Alabama are completely legal, and all title loans in Birmingham and throughout the surrounding areas are governed by the Alabama Pawnshop Act. By law, all lenders must be licensed by the state, and title loans must have a term of at least 10 days and be no more than 31 days. The law doesn’t limit the loan size, and it doesn’t directly cap either the interest rate or the lender fees. However, a lender cannot charge more than 25 percent of the loan amount in a given month.
How Title Loans in Birmingham Can Benefit You
Title loans in Birmingham can be:
- Finalized in less than 15 minutes
- For small or large amounts
- For a period of 10 to 31 days
- Had with no credit or income check
Since title loans are secured, approval rates are above 99 percent, which is higher than with any other type of personal loan. These loans can be acquired with bad credit or no credit or while collecting unemployment or being unemployed without an income source. Title loans are also superior to other short-term borrowing options, such as payday loans, because the fees and rates tend to be much lower.