Guide to Title Loans Hammond Basics
Do you keep going over your finances and worrying about what the future holds? Even if you put a small amount back in your emergency fund with each paycheck, an unexpected emergency or bill can wipe out that fund in seconds. That knocking sound coming from the engine of your spouse’s car might require a repair that costs hundreds of dollars, or you might have a hospital bill that you didn’t plan on come up at the end of the month. With title loans Hammond car owners now have an alternative way to get fast cash.
Before you even think about visiting a traditional lender or a payday loan lender, keep in mind that title loans often cost less. Your bank may only loan you a larger amount, and it will do an extensive credit check before handing you a dime. Payday loan lenders will charge huge interest fees and may require that you pay back your loan and interest in one lump sum payment later. Companies that offer title loans in Baton Rouge let you pay down your loan through low monthly payments. To learn more about the benefits of these loans and how you can apply, check with Platinum Lending.
Title Loans Hammond Applications
Though you can use a title loans Hammond online application to apply, you’ll also need to gather some documents and present proof that you can afford that loan. You must have identification that is valid and shows an image of you, proof that your car is registered and insured and that you have a bank account. The lender will also ask for proof of your income and the title to your vehicle.
When you apply online, you can actually an estimate for car title loan. After inputting info about the make and model of your car, the trim or style of that vehicle and its estimated mileage, you’ll find out how much your car is worth and how much you can borrow. This is the pre-approval process, which lets the lender know that you qualify for a loan. You can complete the other steps associated with the loan process at a local office.
State Regulations for Borrowers and Lenders
Louisiana changed its laws regarding predatory lending practices, but those laws do not apply to the title loans offered by Platinum Lending. The minimum amount you can borrow is $350, which means that the vehicle you put up must have a value of $350 or more. You will then have two months to pay off your loan. If you cannot pay off the loan within that period, you may need to roll that loan over into a new one or apply for a second loan. Louisiana prohibits lenders from offering loans of a smaller amount or offering longer repayment terms. Though some believes that these laws protect buyers, the laws may actually hurt buyers who need more time or more money.
Benefits of Louisiana Car Title Loans
Do you have a low credit score that prevents you from taking out a bank loan? Did you file for bankruptcy in the past or saw the bank foreclose on your home? Those issues can keep you from getting a traditional bank loan, but those issues won’t get in your way of obtaining a title loan. Even those with a very low credit score or a recent bankruptcy may qualify for a loan against car title. Whether you need a few hundred dollars to tide you over until your next paycheck, or you need a larger amount, you can apply for a loan today.