Title Loans Homewood, Alabama
Title loans in Homewood are secured loans, which means the lender takes on little risk. Secured loans require collateral, and in this case that insurance is the title of a vehicle that you own in full. Although you’re using your title as collateral, you don’t actually have to relinquish your vehicle, which means you can still use it for work, errands and whatever else. Since the lender takes on little risk, there’s no need for a long or intricate application process, and loan terms can be rather short.
Title loans in Homewood offer a number of advantages over the typical personal loans you can get from a bank. A bank like Synovus will usually want a strong credit record and a lot of other information before it agrees to a similar loan. Even in cases where that isn’t a problem for you, banks like BB&T and Regions Bank will probably demand a loan amount of $5,000 or $10,000 and may demand a term length of 90 or even a 180 days. Traditional banks don’t want to bother with a loan unless they can ensure a certain profit threshold. That means there may even be penalties for early repayment.
Title Loans Homewood: Applying and Getting Your Loan Online
Online title loans through a leading lender like Platinum Lending are easy. All you need to get started is a small slice of personal information, such as:
- Your complete name and zip code
- Your phone number and email address
- The year, make and model of your vehicle
- Estimated mileage on that vehicle
With that information handy, you can simply submit it via the short application form on the Platinum Lending website. Within seconds, the site will provide you with an estimate for title loans in Homewood. If you wish to proceed, a loan specialist will contact you to finalize the details and answer any questions you may have. He or she can help all the way through to getting cash in hand, and it’s possible to complete the entire process without ever having left your home.
How Alabama Regulates Car Title Loans
Title loans in Birmingham and throughout Alabama are legal and governed by a series of statutes that are designed to provide consumer protection. There’s no maximum on how large a car title loan can be, and loans cannot be for a period shorter than 10 days or a period longer than 31 days. Lenders must be licensed, and it’s possible to secure loans online as well as locally in person. Lenders must also state all interest rates and fees up front, and it must be clear in writing how much the total loan will cost if the borrower takes the full term for repayment.
Why Car Title Loans Are a Great Option for You
Most title loans in Homewood:
- Process in under 15 minutes
- Don’t require credit checks
- Allow for short terms, such as 10 days
Car title loans are more convenient than bank loans when you need cash in hand fast and want to repay in a relatively short period. These loans are generally a smarter option than payday loans as well because the total cost should be lower. Since credit checks aren’t needed, no credit and bad credit title loans are an option, and you don’t have to worry about employment and income verification.
