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A title loan is a great solution for fast cash, but it is not the only option. Payday loans are often considered alongside title loans but are only offered in small amounts (usually up to $500) and require either a post-dated check or pre-authorization for a debit from your bank account. A cash advance is another quick option, but typically carries a high-interest rate and other fees.
Unlike title loans (which require your vehicle as collateral), bank loans can be secured or unsecured, meaning they may not require collateral. In the case of an unsecured loan, your credit history will be the primary factor in your approval and interest rate. Since a title loan is a secured loan, your credit history will not be the primary focus during the approval process and can be one of the best options for those with bad credit or past bankruptcies.
Bad credit can result from unavoidable life events, like a sudden illness or death in the family. It can also be cumulative from late payments, bankruptcy, or simply errors in reporting. Regardless of the cause, bad credit can stand in the way of obtaining credit with reasonable interest rates. Getting a title loan in Springville is a perfect alternative since it does not require a credit check for approval.
A car title loan is a secured loan that uses your vehicle as collateral, which allows you to obtain credit regardless of your FICO score. With a few details about your car, we can pre-approve you for a title loan and set the process in motion to have your vehicle inspected. The inspection will determine the loan amount, and you will receive approval within 24 hours. Fund disbursement can happen within a few minutes (with a deposit to your bank account) to a few business days (if receiving a check).
A secured loan, like Springville title loans, is a great option to keep interest rates low, especially for people who may not have the best credit score. An unsecured loan relies on a person's credit history to determine their interest rate, so low credit will often equal a high rate. Since auto title loans are secured by your vehicle, the lender incurs less risk and can then offer lower rates to these applicants (without a credit check).
Even though secured loans usually have lower interest rates, that still doesn't guarantee a competitive rate for your loan. Titlelo works with multiple lenders to ensure you get the very best rates available and loan amounts are based on the value of your vehicle, rather than your credit history. Within seconds, you can be pre-approved for a title loan by entering basic information about yourself and your car.
If your car is not yet paid off, but you still would like to take out a title loan, Titlelo can work with you to find a solution. A title loan on a vehicle with an already-active loan would be referred to as a second-lien on the vehicle. A lien is the legal right of possession over property until another party pays off a debt.
Though Titlelo does not recommend this kind of loan, as it is considered a high-risk loan, we want to empower you to make the best decision for your situation. We can discuss all of your options and provide you with our professional recommendations, but at the end of the day, we will connect you with the lender you choose. Titlelo has worked hard to build relationships with lenders that offer these special loans while still maintaining an excellent reputation.
When consumers compare loans, interest rates are usually front and center. Choosing a loan with the best rate is so complicated that there are entire companies (like Titlelo) designed to solve this problem alone. On top of the interest, processing and penalty fees vary widely from lender to lender, and these charges can really add up. Titlelo strives to work with companies that have the most reasonable fees and highlights lenders that do not charge prepayment fees.
Not every lender offers flexible payment options or schedules, but Titlelo works to narrow down your search quickly. Rather than comparing each lender you can find in a web search, fill out a quick application (online or over the phone) and get instant pre-approval. Titlelo works mostly with lenders who do not charge prepayment fees, but if this is an important feature for you, let us know, and we will be sure to find you a loan without these additional charges.
Applying for car title loans online shouldn't be difficult. Complete our simple online application and enter basic information about yourself and your vehicle. Once you're pre-approved, one of our friendly experts will contact you.
Titlelo will assess your needs and match you with the best lender in your area. Once you've accepted the terms and conditions of your lender, we'll help you gather everything you need to make the process simple and swift.
Visit your local title lender and bring your title, ID, and any other required documents. Review and sign your loan documents and get the cash you need instantly. Drive away with your car and get back to what matters in your life.
The Pawn Shop Act in Alabama covers the regulations regarding title loans. Instead of the usual interest rates charged for title loans in other states, a pawnshop charge is required by title lenders in Springville, AL. This amount should cover the expenses, losses, cost, and services rendered by the lender. However, it cannot exceed 25% of the principal amount charged each month.
Should the amount collected exceed the fee stated above, the transaction will then be deemed as void.
All borrowers in Alabama must be of legal age. The borrower also needs to present a valid identification card before the transaction begins. Lenders must have an up-to-date license to provide loan services in the state.
During the transaction, the loan ticket must include the name, address, and date of birth of the borrower. The ticket must also notate the exact date of the pawn or purchase transaction, the ID and ID number presented by the borrower, and the physical description (height, sex, race, etc.) of the borrower. The ticket should also reflect the expiration date of the transaction, the amount of the total cash advanced, the monthly rate and charges, and the amount due.
Lenders in Springville, Alabama have the right to forfeit pledged vehicles that are not redeemed after the 30-day grace period. However, the borrower may also request a rollover. In this case, the payment for the amount borrowed as well as the interest will be rolled over to the next month. As for the current month, the borrower may pay only for the interest.
Note, however, that this would mean higher payments when accumulated. For a lot of borrowers, rolling payments over to the next month make it more difficult to catch up, leading to repossession.
Much like any other loan transaction, pawn loans in Alabama have an expiration period. If the borrower fails to redeem the pledged vehicle on or before the expiry date on the ticket, the lender will still be obligated to hold onto it for another 30 days following the maturity date. The vehicle may be repurchased or redeemed by the borrower within that grace period. However, on top of the payment first agreed for the pledged car, extra charges will be added.
All unredeemed vehicles must be within the pawn shop's premises for at least 21 business days before they are deemed eligible for resale.
An auto title loan is a short-term loan that uses your vehicle's title as collateral. No credit check is required, and repayment is usually due within 30 days but can be extended with an installment plan if needed. The amount available for you to borrow will depend on the value of your vehicle.
Car title loans are great alternatives to traditional bank loans since they do not require a credit check and can usually be processed much quicker. There are fewer requirements for income, employment, and documentation, and interest rates are lower than unsecured loans.
Other short-term loans, like cash advances and payday loans, can have high-interest rates, additional fees, and strict terms. Auto pawns (not title pawns) are secured short-term advancements, but use your actual vehicle as collateral, rather than just your title.
Title pawns, pink slip loans, auto equity loans, and auto collateral loans are all terms that can be used to describe types of title loans.
Titlelo offers car title loans in twenty-one states. We have partnered with reputable lender with multiple locations across the United States. Although Titlelo is headquartered in Florida, you'll be able to complete the loan process online or with one of many local title loan companies.
Looking for title loan places open on Sundays? We've got you covered. For your convenience, we've also partnered with lenders in your area that are open on the weekends. Never worry about an unexpected emergency again. Visit one of our many partner locations near you to get the help you deserve.
No problem! Title loans are secured loans, which means they use collateral instead of credit history to determine the interest rate. No credit information or sensitive personal information (like your social security number) is required. Apply online with your contact information and a few details about your vehicle and receive instant pre-approval.
The lender may request additional information to process the loan including a valid government-issued ID, your vehicle's title, and proof of income. Income does not have to be regular employment and can include payments from disability, social security, child support, alimony, unemployment, and self-employment.
Some lenders may also wish to see proof of address, car registration, or car insurance. If you prefer not to provide certain documentation, let your Titlelo expert know, and they will match you with a lender with fewer requirements.
The amount of your loan is dependent on the value of your vehicle and loan regulations in your state. Generally, title loans can be approved for amounts as low as $200 to as much as $25,000. To determine the value of your car, the lender will complete an inspection of your vehicle.
Apply online to pre-qualify for a car title loan with only minimal information about your vehicle: make, model, year, and estimated mileage. The expected amount of your title advance may change depending on the condition of your car, as determined by the lender's inspection.
Titlelo will match you with a lender in your state and will help schedule the inspection of your vehicle (either at your location or the lender's). After the review is complete, the value of your car will be finalized in the loan. You may choose to borrow all or some of the approved amount and can receive the funds the same day (if opting for direct deposit).
Yes! Even though your vehicle's title is used as collateral and the loan amount is established by the value of your car, your vehicle will remain in your possession during the entire life of your loan.
Unlike an auto pawn, which requires your actual vehicle as collateral, a lender of a title loan will only request your vehicle's title. Since this is still a big financial decision, you want to be sure to work with a reputable lender. Titlelo will help narrow down your options to a short-list of trustworthy companies that offer competitive rates and realistic terms.
After establishing the value of your vehicle with an inspection by the lender, the loan will be finalized and the funds disbursed. You will continue driving your car to work, school, and to run errands while making payments on your loan. When the loan has been repaid, you will receive your vehicle's title back from the lender.