Title Loans in Boston, MA
Do you urgently need cash for a financial emergency? If you do, then a car title loan could accommodate the cash shortage that you are experiencing. With a title loan using your vehicle as the security interest, you can solve your financial situation in less time compared to approaching a traditional lender.
Because title loan companies have a process with less paperwork than the traditional lender does, it makes the process faster. That means, you will receive a loan approval in a reduced amount of time; as little as thirty minutes to 24 hours after you have completed the application.
There is no way that you would get a loan approval from a conventional lender such as a credit union or bank in the same day. In addition, the title loan lender does not do a credit check on you because your vehicle is the collateral for the loan. For this reason, a title loan is the ideal solution for urgent financial situation like yours.
The City of Boston and Title Loans
The city of Boston is the largest city in the state of Massachusetts. It was first discovered in 1630 and is now known as one of the ancient cities in the United States. One of the historic sites is Faneuil Hall, which has become a well-known marketplace for residence.
In the past, it was used as a meeting house. In 2015, the population in the city was estimated to be 667,137. This makes the city fall in number 24th place as one of the largest cities within the United States. The cost of living in the city of Boston is higher than many other cities in the United States.
Laws Governing Title Loans in Boston
Under the Massachusetts Title Laws, the interest rate for title loans in Massachusetts cannot exceed twenty three percent and the lender has to adhere to an administrative fee each year of twenty dollars. The borrower is responsible to pay all loan expenses and this should include the total to be paid for things like recording fees, interest charges, service fees and loan extension fees.
An Attractive Choice
A title loan is an attractive choice. Why? It is not only a viable financial vehicle for people who suffer from bad credit. It is open to all consumers, but especially those in need of fast cash. Once you repay the title loan in a timely manner, you won’t have to contend with long periods of paying interest. Title loans are short and the duration is only thirty days. It is a quick way to solve an emergency financial issue.
To be eligible for a title loan, you need to have a vehicle that is completely paid off and has a free and clear title. You also have to be earning steady income from various sources such as:
- Full time job
- Worker’s compensation
- Retirement funds
- Unemployment benefits
- Disability benefits
Your title loan amount will depend on the equity in your vehicle. Most lenders will give between 40 to 50 percent of your vehicle’s equity.
The application process for a title loan is so simple. You must be 18 years or older. There are no hassles to go through. Therefore, for that reason, you should apply for your title loan today. You can use it to improve your existing credit rating as long as you pay on time. Don’t procrastinate when money is available by today or tomorrow morning. Take action by submitting your title loan application.