Title Loans – Northport, Alabama
When it comes to title loans Northport residents can easily get help to quickly pay down pressing debt or put aside some money for emergencies, such as home or car repairs. Platinum Lending provides title loans to all eligible Alabama residents. As a matter of fact, applying for title loans in Tuscaloosa or Northport can be the difference between making ends meet and going in the hole while waiting for your next paycheck or benefit payment.
So, what exactly is a title loan and how can it help a customer in Alabama? It’s simple. An Alabama title loan is a short term loan that is made by providing us with the title of your vehicle as a security. These loans are available to anyone that owns a car, truck or SUV, as long as the title is in his or her name and there is an adequate and up-to-date insurance policy on the vehicle. There are even options for commercial vehicle and semi truck title loans. Though the interest rate is higher than typical credit lines or loans, the approval rate is also much greater and pretty much any vehicle owner will qualify. Most of the time, cash is immediately available for instant use, so there is no wait time for purchasing groceries, paying bills, or sending in your rent.
Easily Apply on our Website for Title Loans – Northport, Alabama
If they are looking for title loans Northport citizens can easily apply on our website from the comfort of their own homes. Simply fill out the application with all the pertinent information about your automobile. Indicate the model year, the make and model, and the total mileage. These statistics will paint us an accurate picture of the value of your vehicle.
Next, fill in your basic personal information, such as your name and the best ways to contact you, including your phone number and email address. Don’t forget to include your zip code so we can ascertain which branch is geographically closest to you. Once the application is complete and sent through our system, you will be provided with a free title loan estimate. A company representative will contact you at your earliest indicated convenience to discuss all terms and conditions with you.
Legal Regulations on Title Loans – Northport, Alabama
In Alabama, title loan lenders are classified as pawnbrokers, due to a 1993 law that deemed that they are to be covered by the Pawn Shop Act. This means that they are held to the same standards as any other pawn broker, yet they have a bit more wiggle room than traditional lenders.
Still, a title lender is not legally allowed to charge any more than 25% of the loan amount per month in interest payments. However, if a title loan lender does not receive a payment on the loan within the first 30 days from the signing of the original contract, they do have the legal right to take possession of your vehicle, since it is now rightfully the property of the lender. That said, many lenders are flexible and willing to work with its customers by charging late fees or offering refinancing packages.
As a whole, Alabama does not restrict title lenders as severely as most states do. Like all Alabama proprietors of title loans Northport branches are required to pay an annual licensing fee to the state. They are also bound by law to provide full disclosure of the terms of each title loan in writing to the customer and are forbidden to use any false advertising. All transactions are to be kept on record, whether on paper or digitally.
In conclusion, title loans offer many benefits to those in immediate need of money. For example, unlike payday loans, they do not require an income stream or a bank account. This means that you can apply for title loans with no job, and title loans are a viable option for the disabled or unemployed that need to pay emergency bills while awaiting the approval of benefits. They are also a quick solution for those that need cash quickly but are self-employed, engaged in non-traditional employment, or have less-than-stellar credit.
If you have a vehicle registered in your name that is legally insured, and you need cash now, you should give us a try. We will get you the money you need to get back on your feet when cash flow is slow. Contact us today for more information.