Title Loans Mountain Brook, Alabama
Each month, we’re required to pay for rent or a mortgage, pay back student loans, pay off credit cards, and more. On top of it all, we still need money to buy necessities like food or gas. It can be difficult to come up with the money that we need.
But title loans in Birmingham can make things much easier.
When months are tough, we rarely know we’re going to low on cash until just a few days until everything is due. In that little amount of time, we can’t apply for credit cards or personal loans and still have time to make the payments before their due date. But with title loans, you can get the money you need quickly and easily.
A title loan works the same way a pawn would, but you are allowed to keep your car, truck, RV, SUV, or other vehicle while you are paying back the money that you borrowed. To use the car as collateral for the deal, your loan provider will hold onto your vehicle’s title. The amount of money you will receive from your title loan is reflective of the overall worth of your vehicle, so you can expect to receive more money if you have a nicer or newer car to pawn.
Once you have made all the payments on your loan, including paying off the accumulated interest, you will receive your title back.
Benefits of Car Title Loans Mountain Brook
A title loan isn’t just beneficial because you can get your money quickly. A title loan is also a great option for someone with a low credit score. Because you use your vehicle as collateral with a title loan, you don’t need to have great credit to borrow some cash.
Here are some additional benefits of car title loans:
- Only qualification is owning a car
- Loan money is reflective of car value, not your credit score
- Can still drive your car while the loan is out
- Can receive title loans without a job
Applying for Car Title Loans Mountain Brook
With Platinum Lending, applying for online title loans is easy. This simple four step process puts you on the fast track for receiving the borrowed cash you need:
- Fill out application with car details, including make, model and mileage of the vehicle
- Provide Platinum Lending with your contact information
- Receive title loan estimate
- Finalize loan details with a Platinum Lending loan representative
Your loan provider will help you to determine a repayment schedule and interest amount to accompany the loan.
The Legal Regulations of Title Loans Mountain Brook
Title loans in Mountain Brook are not without legal regulations. As with anytime you borrow money, you will be expected to make full payments on the money loaned to you and interest will be involved. If you want to receive the title of your vehicle back, you will need to meet the loan demands set out by your provider.
Because a title loan is considered a secured loan, your vehicle is collateral in the event that you cannot pay back the money you borrowed. This allows for less risk with the loan provider so they can loan you more money, but it also means you risk losing your vehicle if you fall too far behind on payments or are forced to default.
Failure to repay your loan can result in your vehicle being repossessed and possibly even sold to cover the cost of your debt.