Vero Lending – Car Title Loans office in Mount Pleasant
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All About Car Title Loans In Mount Pleasant
When people are in need of cash in a hurry, there are some alternatives. Depending on the amount needed, of course, there is always the option of asking a relative or friend to bail you out. If that is not possible, there is always the conventional route – going to the bank and applying for a loan. Oftentimes, a bank loan is not possible, because banks will require income documentation and a credit history check. If you are unemployed or have a less than stellar credit background, the chances of securing a bank loan are slim at best. A credit union, if you belong to one, may be a little more lenient with some of its requirements but is still a longshot for those with poor credit or without a sufficient form of income. The answer may lie in a less common form of loan, the car title loan.
What Is An Auto Title Loan?
Car title loans Mount Pleasant and other cities in South Carolina are available to those who a car or truck with a clear title. When emergency cash is needed, a vehicle owner can use this option to secure those much needed funds. The vehicle is used as collateral for the loan. The process is fairly quick and easy for both the borrower and the lender. Once the loan is processed, the borrower will have access to his funds in roughly 48 hours. Many potential borrowers have never heard of this type of loan, but it is available and is an easy way to get cash quick.
How To Get A Car Title Loan
Car title loans Mount Pleasant can be obtained both in person and online. The process starts with the filling out of an application. There will be some documentation necessary. A potential borrower will have to show the lender the vehicle, the title of the vehicle, and some form of photo identification. The lender will then process the loan. There is no credit check with a title loan. This cuts down on some of the time needed to complete the process. When all is said and done, a title loan is usually completed within 24 to 48 hours. Borrowers are then able to access their cash.
Why Vehicle Title Loans Are Popular
For people who do not own a home but own a car, a car title loan has some very distinct advantages. One of the big advantages is speed. It only takes a day or two for the loan to be processed and for a borrower to receive his or her money. For those in a bind and in need of emergency cash quickly, this can be answer to their financial problems. Another plus is that there is no need for a credit or background check. Most conventional loans require a look at a person’ credit history. Any past problems will most likely disqualify you from a conventional loan. That is not the case with a title loan. The loan is secured with the vehicle; therefore, no credit check is needed. This is a huge plus for people with credit problems.
Do I Have To Give Up My Car?
There is another plus to doing a title loan. The car or truck owner gets to keep and use the vehicle while the loan is not paid off in its entirety. Borrowers are not pawning their vehicle. It is used as collateral to complete the loan. While the loan is a short-term transaction, usually 30 days, borrowers may get to keep it. The lender will keep the title and a separate paid of keys should the loan not be repaid. If the borrower defaults on the loan, the lender can take possession of it and sell it. If it is sold, the lender gets to keep all of the proceeds from the sale.
Loan Terms And Length
A car title loan, as stated previously, is a short-term loan that is normally opened for 30 days. A borrower will receive an amount of cash that must be paid back within the allotted time period. If the loan is not repaid within the 30 days, it can be rolled over, or renewed, for another 30 days. Borrowers can choose to pay the minimum payment, a minimum interest payment plus some principal, or the entire balance. Most title loans do not have a prepayment penalty so they can be paid off at any time. By allowing borrowers to renew, there is some flexibility in paying the loan off as well.