Title Loans in Cherry Hill, NJ
One of the most convenient and fast types of loan out there is a title loan that allows and individual to use his or her car ownership as collateral on a loan. This type of loan is perfect for those who may have struggled in the past to achieve financing because of credit issues.
If you’re wondering how title loans and auto equity loans work and whether or not title loans in Cherry Hill are right for you, read on to learn more.
Cherry Hill Title loans: How it all works
The process starts like just about any type of loan process. The first thing that has to be done is an application has to be filled out. This application indicates some key details about the applicant, but the most important detail is regarding the applicant’s vehicle. The vehicle is being held as collateral, so its value is important to determining the loan amount. The details that need to be entered about the collateral vehicle in the loan application include the make, model, and milage of the vehicle in question.
After an application is received for title loans in Cherry Hill, we’ll quickly evaluate it and determine whether or not we can provide a loan. If a loan is an option, we send back details on the loan we can offer including how much the loan is for, how soon it will need to be paid back, and how much interest will be charged on it. Then, the applicant can decide whether the loan terms are acceptable and send back a signed loan agreement and vehicle title. The loan funds are then sent to the borrower and the borrower will begin to pay off the loan according to the loan agreement terms. Once the loan has been entirely paid back, the borrower will get his or her vehicle title back.
Title loans in Cherry Hill and state laws that regulate them
In New Jersey, state law dictates that there is no maximum amount for a title loan so they can be offered for any amount. On the other hand, there is a cap of 30 percent on the interest rate that may be charged on a loan in the state.
Benefits you can enjoy with this alternative lending product
The unique benefits offered by title loans make this special type of alternative lending product ideal for many people. If any of the following benefits appeal to you, you definitely should look into title loans in Wilmington DE an throughout the state:
- They don’t require a great credit score- People with all different credit scores can be approved for this type of loan. The vehicle is held as collateral, so the applicant’s credit is fairly immaterial to whether or not he or she can be approved.
- They are convenient and quick- The application can be filled out in only a few minutes.
- They allow a borrower’s vehicle to multitask- Borrowers continue to use their vehicles throughout the life of the loan in question.
- They are small and easy to budget for- It’s usually possible to quickly pay back this type of loan because the amounts are not very high.
- They don’t require employment- Even the unemployed can be approve for title loans.