Title Loans Daphne, Alabama
When times get tough, finding the money to make ends meet can be challenging, stressful, and may sometimes even be impossible. If you struggle financially, you know that it can be very difficult to keep money in the bank, pay all your bills, and still afford to put food on the table and buy other necessities.
If you struggle financially, there is also a good chance your credit score isn’t the greatest. This can leave you without many options when it comes to getting loans or taking out credit cards – only making it more and more difficult to find your footing.
But what if there was a loan option that didn’t consider your credit score or your financial history? What if all you needed to get some extra cash was to own a car? A loan like that does exist and it is called a title loan.
Title loans in Mobile, also called auto pawns, allow you to use your car, truck, motorcycle or other vehicle as collateral for the loan. When you apply for a title loan, you’re agreeing to hand over the title of your vehicle while you hold the borrowed money. Rather than using your credit score and history paying off your loans to determine the money you can receive from a loan, a title loan uses the value of your car.
Title Loans Daphne Benefits
Because a title loan focuses on the vehicle and not your credit score, you don’t need to jump through endless hoops trying to prove that you are capable of receiving a loan. Instead, you can apply for a loan and receive the money you need quickly and without hassle.
The cash you receive from your title loan is yours to spend how you wish. Here are just a few of the things you can use your title loan money for:
- Paying rent or mortgage bills
- Purchasing groceries for your family
- Buying gifts before a holiday
- Making payments on other loans
- Title Loans Daphne Application Process
If you are looking to apply for car or motorcycle title loans online, Platinum Lending allows you to receive online title loans with no inspection. Rather than needing to take your vehicle to be approved and appraised, the entire application process can be done online and over the phone.
To begin your application, you will need to provide Platinum Lending with the vehicle’s make, model, and mileage, which will be used to determine the vehicle’s overall value. Upon submitting the application, you’ll immediately be given an estimate of loan worth. Once a loan representative contacts you to discuss the loan details, you can ask any questions about the loan and solidify the amount of cash you will receive.
The Legal Details of Title Loans Daphne
As we’ve already touched on, your loan provider will hold onto the title of your car until you have paid off the entirety of your loan. This includes the initial amount of money you’ve received from the loan and any interest that was able to accumulate during the time that your loan was out. If you make all your payments on time, you can receive your title back without any additional issues or hurdles.
But it is important to remember that a title loan is still a loan. Unlike a standard loan, not paying won’t damage your credit score, but it could put you at risk of losing your car. As your car is the collateral that gives your loan provider comfort that the loan will be repaid, it can be sold to cover the debt if necessary.