What Are Title Loans West Columbia, SC?
Title loans in West Columbia are a way for those with bad or no credit histories to obtain an instant cash infusion for financial emergencies. Anyone who legally owns a motor vehicle like a car, truck, van, or SUV may be eligible for a title loan, even if the vehicle is not fully paid off.
A title loan guarantees the loan of an amount that is usually 30-50% of the value of the vehicle. Whatever equity is built into the vehicle can count toward this value. When the loan is made, a lien is placed on the title of the vehicle and a hard copy of the title is held onto by the borrower. Once the loan has been fully paid off, the title is returned.
Co-owners of a vehicle can apply jointly or one party can obtain signed consent from the others involved in the ownership of the vehicle. This is not an obstacle to obtaining a title loan.
Those who own a vehicle but have misplaced the physical copy of the title can fill out the necessary paperwork to obtain a new copy with our guidance.
How Do I Apply for a Title Loan?
Our website automates much of the process and gets you your cash more quickly.
Title loans in Columbia begin with supplying us some information about your vehicle. We want to know the year, make, model, and estimated mileage to our computer can give you an instant, free estimate on the loan amount you may be eligible for.
Once you decide to proceed with the loan process, you will be contacted by one of our representatives at your convenience. You will discuss your needs and make an appointment for a car inspection.
On the day of the inspection, drive the vehicle that you will be using as collateral to a Platinum Lending location, where we will verify the information you supplied online. This is the last step of the process. Once your car has been approved, you will drop off your title and drive off with cash in hand.
Title loans online are just that easy!
What Are the Restrictions on Title Loans?
Title loans in SC are regulated by the state of South Carolina to protect the borrower.
- A loan against your car cannot be less than $600.
- You are allowed to renew your loan up to six times, usually for a month at a time.
- Your car cannot be repossessed unless it can be demonstrated that you are completely unable to repay the loan.
- Once your car has been repossessed, you will have every opportunity to buy it back by repaying the loan in full.
What Are the Benefits of a Title Loan?
Benefits of a title loan all come from the fact that you are putting your car up as collateral. This allows you to bypass many of the obstacles to approval through more traditional means.
- You will not need a credit check. This makes the process faster and easier for most of our customers. Without having to jump through this hoop, we can usually get cash to borrowers within a day.
- Interest rates are lower than those of payday loans. Because we have a guarantee in the form of a car title, we can offer up to 50% lower interest rates than payday loans.
- Title loans allow you to keep your vehicle while you repay the loan. This means you will not lose wages by not being able to drive to and from work, and your daily routine will remain unchanged.