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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 Greenwood 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).
Working with Titlelo will fast-track you to a lender with the loan that works best for you. Most Greenwood title loan lenders will provide options to make payments online or by phone, and some lenders will have a physical location. Even without a bank account, you can still pay some lenders with a money transfer (i.e., Western Union or Moneygram).
Want to make early payments? Great! We can also make sure we get you paired with a lender that does not charge prepayment fees.
Since you do not have to commit to a title lender before receiving a quote, you can consider your options and use Titlelo's experts for guidance. A lender with a competitive rate may not offer the flexibility you need, but starting the process over can be daunting. Titlelo compares lenders, rates, and payment options upfront so you can work with a company that lets you pay how you want.
If you have a title loan in Greenwood but are unhappy with the interest rates or even the customer service, Titlelo can find a new lender to refinance your loan. After learning more about your current loan and vehicle, we will connect you with a lender that will offer better rates and a better experience.
When a loan is refinanced, the old debt is paid off by the new lender and a new loan is created to replace the old one. The new lender will then have rights to the vehicle in case of a default on the loan. The lien on the vehicle (rights to possession in the case of a default) is transferred from the old lender to the new one with the new loan.
Refinancing is a great opportunity to shop for new rates and lenders, but it can be difficult to locate a credible company fast enough to satisfy your needs. Titlelo can match you with a new lender in minutes and lower your rates for good.
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.
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.
South Carolina is one of the few US states that openly allows short-term title loans. Under the SC laws, the lender is mandated to offer the borrower a principal loan amount equal to or less than the current market value of the vehicle. As such, the lender needs to appraise the car before an offer is made.
The average range of loan amounts in South Carolina is between $601 and $2500. Most lenders restrict the amount offered to over $600. This is mainly because the maximum interest rate laws apply to loans below $600.
South Carolina also allows a one-day void policy on all short-term loans. This means the borrower has 24 hours – from the moment agreement was contracted until the end of the next business day – to void the loan agreement. If the borrower decides to apply the policy, the principal loan amount must be returned to the lender. There will be no interest rate charged if the money is returned within the policy time frame.
As in most states, the borrowers in Greenwood need to present personal information and vehicle details to the lender before the signing of the agreement. The borrower must also be at least 18 years of age and the outright owner of the vehicle.
Title loans in Greenwood, SC are generally set up over a 30-day term. At the end of the month, the principal loan amount and the interest rate must be settled. If the borrower fails to do so, the lender can offer a renewal period of one additional month. For the extension, the borrower must pay the interest accrued on the first month of the loan. In South Carolina, the lender can offer extensions for six renewal periods for the title loan. The combined terms of extensions must not exceed 240 days.
If the borrower fails to repay the title loan, the lender has the right to repossess the vehicle. Typically, the lender has either a spare key of the car or a GPS tracker in the vehicle. This enables the lender to locate the vehicle when it’s to be repossessed.
There is no need for a judicial order to repossess a car. However, the lender needs to adhere to a few requirements. Some of these rules include using no force when getting the vehicle. There shouldn’t be any trespassing or any other breach of peace.