Title Loans in Phenix City Alabama
No one is ever ready for a financial dilemma. It is something that no one wants to endure. However, it does happen, more often than not. For that reason, people are always looking for easy and fast ways to obtain money to take care of financial setbacks. If you find yourself in such a situation, whether it is catching up with late rent or mortgage, paying funeral expenses for a loved one or just behind in your utility bills due to a layoff on the job, you can get financial aid from a title loan lender. The process is easy and it is quick. In as little as 24 hours, you could have the solution to your money shortage. So, don’t wait too long before making the decision to discuss your financial situation with a title loan lender.
About Phenix City
The city of Phenix City is located in both Russell and Lee countries within the state of Alabama. It is considered the county seat, but in Russell Country and not Lee Country. The population was 32,822 in the year 2010 as reported by the U.S. census data. In 1923, the city of Girard and Phenix City was formally merged so that Phenix City could keep its name. The merging of the city did not change the division of the two counties. In fact, Lee County was finally entirely moved into Russell County in 1932. Get more information about Phenix City from its official website.
Title Loan Laws
The Alabama Supreme Court made a decision to categorize title loan lenders in 1993 as pawnbrokers. For that reason, these title loan lenders fell under the umbrella of the Pawn Shop Act. Alabama Pawn Shop Act is the legislature that governs title loans in the Montgomery area. The states of Georgia like the state of Alabama are the only two states that establish title loans as pawn transactions. A pawnbroker cannot charge more than 25 percent in interest rate for a title loan.
The lender providing the money during a loan process will retain the certificate of title for the vehicle, but won’t keep the physical vehicle. That means, the borrower can still drive the vehicle while repaying the loan. This makes it easier on the borrower to have a vehicle to use for commuting on a daily basis. The lender only asks that the borrower produce the certificate of title in exchange for the money provided by the lender. Once the borrower repays the entire loan balance, the lender will give back the certificate of title.
There are nominal requirements to obtain a title loan. Of course, you have to be 18 years or older. So you have to show proof of age using either your driver’s license or valid ID. You will turn over the certificate of title to the lender, but also provide that you are receiving steady income to pay off the loan.
After you complete the signing of the contract agreement, the lender will fund the loan within 24 hours, directly wiring it to your bank account. However, before you get to this point, you have to first complete the initial application. To get started, go to the website and fill out the basic title loan application today, after which you will submit it to the lender for review and approval. You owe it to yourself to get it done now.