Title Loans Arlington, Virginia
Title loans in Arlington are secured personal loans. The collateral for these loans is the title of a vehicle that you own outright. Maximum borrow amount is based on the value of the vehicle. This collateral means that the lender assumes little risk. This works in your benefit a number of ways: the application process is simple and completes within minutes, borrower vetting is minimal, loans can be for relatively small amounts and short loan periods and loans can be repaid early without penalty.
You can get a personal loan from a bank as well, but they’re usually quite different from your average title loans in Arlington. For instance, a large bank like SunTrust generally won’t agree to this kind of secured loan and would want an unsecured loan instead. The problem with that is the bank will require a solid credit history and extended vetting process. Even if you’re eligible, you may not be able to get the money you need fast enough. Additionally, banks like United and TD will often demand larger loan amounts, longer loan terms and early repayment penalties in order to ensure a certain profit level.
Title Loans Arlington: Getting Auto Title Loans on the Web
Did you know that you can apply for and finalize your loan via the Internet? That’s right. Respected online services like Platinum Lending make it easy to get started. You’ll need:
- Personal information, such as your name and zip code
- Contact information, such as your email address and phone number
- Vehicle information, such as year, make, model and mileage
Within seconds of submitting this information, Platinum Lending will give you a car title loan quote, which is an assessment of how much you can borrow. When you’re ready to continue, a loan representative will get in touch. He or she can answer any questions you may have and help you complete the process. Most car title loans online finish in less than 15 minutes, and many can be completed entirely without ever having to leave your home.
How Virginia Provides Consumer Protection for Auto Title Loans
Title loans in DC and throughout Virginia are governed by a series of laws that are designed to provide consumer protection. Recent laws are generally intended to prevent lenders from putting borrowers into a cycle of debt. Virginia caps loan amounts at 50 percent of the fair market value of the vehicle being used as collateral. Additionally, the loan period must be at least 120 days and no more than 12 months. Rollovers and renewals are not allowed. Lien fees are permitted, and interest is capped at:
- 22 percent on the outstanding balance up to $700
- 18 percent on the outstanding balance up to $1,400
- 15 percent on the outstanding balance above $1,400
How You Can Benefit from a Car Title Loan
Title loans in Arlington are a great option because they usually:
- Don’t require vetting
- Process in under 15 minutes
- Support small loan
- Allow short loan terms
- Don’t penalize for early repayment
As long as you can prove who you are and that you rightfully possess the title, you’re good to go. Credit history is irrelevant, so you can have bad credit, bankruptcies on your record or even no credit at all. The background checks many banks require aren’t necessary, and there’s no need for employment or income verification. That means that you can even be collecting unemployment or disability.