Title Loans Gadsden, Alabama
Many people have been in a situation where they’ve needed some cash in hand fast in order to get them through to payday or until a check cleared. If you were fortunate, than you had family or friends to lean on, but what do you do if that isn’t the case? Bank loans are an option, but they generally have high requirements and aren’t well-suited to very short terms, such as seven to 30 days. The option you should consider is title loans in Gadsden, which just requires that you:
- Be 18 years of age
- Own a car, truck or motorcycle
With this kind of loan, you use your title as collateral. The loan is secured, which means that the lender isn’t taking on much risk. That means that approval rates are very high and loans can process in minutes because there’s not much to the vetting process. This is quite different than the options available to you from Cadence Bank, Keystone Bank and other area financial institutions. These banks want excellent credit or a lot of collateral, a high loan amount and an extended repayment schedule. The loan process can also be involved, which is a major hurdle when you need cash fast.
Title Loans Gadsden: How an Online Lender Can Help
Title loans in Gadsden may be even more convenient than you ever imagined, and that’s because you can apply for them online through a lender like Platinum Lending. Not only can Platinum Lending assist you with car, truck and motorcycle title loans, but it can even help you finalize your loan from the comfort of your own home. How’s that for hassle-free? Here’s what you’ll need:
- Your name and zip code
- A phone number and email address
- Details about the vehicle used as collateral
The Platinum Lending website will respond with a maximum loan estimate in a matter of seconds, so try to be as accurate as possible. Keep in mind that the quote is just an estimate, so you can borrow less and may even have access to more. At your convenience, a loan specialist will contact you, and he or she can hash those details out with you as well as assist you in finalizing the loan.
What the Title Loan Laws Are in Alabama
Both local and online title loans are governed by law in Alabama by the Pawn Shop Act. Total value of title loans in Birmingham and throughout the state are capped at the borrowed amount plus 25 percent. This means that interest plus fees and surcharges cannot be more than 25 percent of the amount originally borrowed. Title loans in Gadsden that are for amounts less than $1,000 are also governed by the Small Loan Act, and that law further limits interest to 3 percent for the first $200 and 2 percent for any money beyond $200 up to $1,000 total.
Why Title Loans Are an Effective Option
Title loans in Gadsden make a lot of sense when you need money fast and want to repay it in a relatively short period of time. These loans come with none of the hassle of a traditional bank loan, and they’re more appealing than payday and other short-term loans because total costs are generally lower. As mentioned earlier, approval rates are high, and this is because requirements are low. No credit and bad credit title loans are available, and these loans are an option regardless of what your current income or employment status is.