Title Loans in Wilmington, DE
A title loan is a short-term loan, which means that you can access the money fast and fulfill your obligation in a period of 180 days or less. Title loans are secured, which unlike with unsecured loans means that the lender assumes very little risk. This allows for fast processing and other consumer benefits, but it also means that you need the title to a vehicle that you own in full in order to secure the loan. Don’t worry; the car or truck is still yours to drive to work and around town on errands.
Title loans are a hot financing trend in Wilmington and throughout the surrounding areas because they meet the everyday needs of the average person better than traditional lending options do. Take personal loans from banks, for instance. A bank like M&T Bank often doesn’t want to hand out loans for amounts less than $5,000, and WSFS Bank often has an involved application process.
Title Loans Wilmington: Getting Your Loan Quick and Easy
Title loans in Wilmington and elsewhere in Delaware have both legal and lending requirements that you must fulfill in order to be eligible. You must be 18 years old and a Delaware resident and provide:
- A state-issued ID
- Proof of age and residence
- The title to a vehicle you own
- A second form of ID, such as a credit card
You can get a car title loan estimate in seconds and finalize your loan against car in mere minutes. There’s not much to it all when you use services such as those provided here at Platinum Lending. Simply access the brief application form for cars or motorcycles, and then, provide a/an:
- Vehicle make and model
- Vehicle year and style designation
- Estimated mileage or an odometer reading
- Full name and zip code
- Cell number and email address
Just click the Submit button! You’ll receive an estimate in moments, and if you wish to proceed, a loan representative will contact you in order to walk you through finalizing the loan and getting the money you need.
Legal Regulations in Delaware
Delaware has laws on the books that regulate title loans in Wilmington, Delaware and elsewhere throughout the state. All lenders must be licensed and make certain disclosures when presenting you a loan agreement to sign. This disclosure must include the term, the loan principal and any interest and fees. Title loans can be for any period up to 180 days. Loans can also be renewed or “rolled over,” but the total length of the loan, including rollovers, can never exceed 180 days, or about six months. Delaware law also has a buyer’s remorse clause, which means you have until the end of the next business day to return the full loan amount and rescind the loan at no cost or penalty to you.
Benefits of Car Title Loans
- Fast access
- No credit checks
- Short term
- Early repayment option
The biggest advantage of title loans over other lending options is that you can get the money you need as soon as you need it. There isn’t an involved application or an extended approval process, and most title loans in Philadelphia and Wilmington are processed in 15 minutes or less. Bad or no credit are all right too since there are no credit checks, background screening, employment verification and so forth. Title loans are cheaper than cash advances, payday loans and other short-term lending options. Loans can be for a term as short as 24 hours, and you can pay your loan off early without incurring any penalties.