What are Title Loans Laurel, Maryland?
Have you ever found yourself short on money and had nowhere to turn? If you’ve got great credit and your job situation has been stable recently, that’s wonderful. You’ll likely qualify for a loan with a bank or be able to pick up an extra credit card to solve your problems. But if your situation isn’t as ideal — if you’ve made some mistakes with your credit in the past or you’ve recently gone through a financial ordeal like divorce or bankruptcy — then your access to emergency cash is severely limited. What do you do then?
That’s where title loans in Baltimore through Platinum Lending come in. Car title loans are structured so that the amount of money you can borrow is based on the value of a vehicle you own, not on what it says in your credit report. As a matter of fact, no one will even check your credit. Lenders use your car title as collateral to secure the loan. You give them the title to a vehicle you own outright in exchange for credit. Once you’ve finished making all of your payments, you get the title back.
Applying for Title Loans Laurel, Maryland
Platinum Lending is a professional title-lending referral service that can quickly put you in touch with the right lender for you based on your location and needs. The application process begins online. You simply answer a few basic questions about your car’s make, model, age and mileage. This information is used to provide you with an instant estimate on car title loan amounts you may qualify for.
Then, fill out a short form answering a few questions about yourself, including your name, address and a reliable phone number where you can be reached. Once you’ve been matched with a title loan professional, he or she will give you a call so you can go into greater depth about your situation and financial needs. At this point, you aren’t committed to a loan. You’re just getting the information you need to make a decision. If you decide you do want to take on the loan, you’ll meet with the loan officer to provide your photo identification and the car title. The loan officer will quickly inspect your vehicle, you’ll sign the paperwork and you’ll be done!
Rules and Legalities of Title Loans in Maryland
Maryland legislature has put up so many legal roadblocks for the car title industry that very few storefront locations exist in the state any longer, according to the Washington Post. That isn’t good news for people who need access to alternative forms of credit like title loans Laurel. However, there is a light at the end of the tunnel. Platinum Lending works with plenty of highly-experienced car title lenders in the neighboring state of Virginia. Many borrowers simply travel to Virginia to get car title loans Laurel, Maryland.
Are Title Loans Helpful?
Title loans are helpful because they provide credit opportunities to people who otherwise would have nowhere to turn when in financial crises. Being able to get a cash loan against car title means people with bad credit can bypass the usual step of having their credits checked and still qualify for the money they need. Many are able to walk away with the money in hand the same day they apply online.
With car title loans, you’re free to use the money you get in any way you see fit, such as:
- paying bills
- making a deposit on a new home
- buying a new car
- making ends meet
How you spend it is up to you. Car title lenders are only interested in making sure you get the money you need, when you need it.