Title Loans Madison, Mississippi
There are times in life when money is needed in a hurry. If you do not have the cash in the bank, this can bring about a precarious situation for even the most conscientious of Madison residents. While traditional lending institutions certainly serve their purpose, they are not known for their ability to grant quick approvals. In addition, many people lack the good credit necessary to get approved for such loans, leaving many in need of quick cash all over again. With title loans in Jackson, however, it is possible to get a loan in no time at all using your own personal vehicle as collateral.
Platinum Lending is able to offer short-term loans of this nature to residents of Mississippi. As long as a vehicle is titled in your name, you will likely find that cash can be on its way to in short order. This is a loan against car equity, so it is not even necessary that the car, truck, or motorcycle be completed paid off. Do keep in mind that these loans should be paid back as quickly as possible in order to minimize interest expense.
Applying Online For Title Loans Madison
Filling out the application online for title loans Madison does necessitate certain detailed information. Be as accurate as possible in order to speed the process along and get you the cash that you need. This begins with the information related to your personal vehicle. This is the car, truck, or motorcycle that you will be using as security for the loan. Fill in the exact make, model, and year of the vehicle where requested. You also need to submit the current mileage reading as well. Were asked, submit your full legal name, complete and detailed address, and zip code. Once everything is complete and accurate, you will receive an estimate for online title loans. Soon thereafter, a representative from Platinum Lending will call you to complete the process and get you on your way.
Legal Regulations Relating To Title Loans Madison
Mississippi does have some regulations in place to protect borrowers, and Platinum Lending does follow these. This is good news for Mississippi residents, however, as the legislature has enacted laws opening up the industry to provide individuals with access to these short term loans. Payment terms have now been extended to as long as ten months. Keep in mind that existing law does allow for an interest rate of up to 25 percent to be charged monthly, so the sooner you can get the loan paid off the less expensive it will be. You are permitted to borrow between $500 and $2,500. Lenders are allowed to take possession of your vehicle if you do not meet the payment terms of your loan, so keep that in mind as well. You should be given a document clearly outlining your payment dates and the interest that will be charged. Be certain that you understand this document prior to signing it.
Benefits Of Car Title Loans Madison
Title loans Madison do contain many benefits for today’s borrower. You will notice right away that there is much paperwork and hassle associated with these short term loans than there would be with banks or credit unions. This means that you will get the money that you need much quickly than would otherwise be possible. It is also important to note that you will be able to keep driving your own personal vehicle while you are paying off the loan. As long as you make your payments on time, you have nothing to worry about in that regard.