Vero Lending – Car Title Loans office in North Charleston
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Need Cash? Car Title Loans In North Charleston May Help
Over the past five years, there have been some serious economic troubles in the United States. South Carolina, like many states, has experienced some of the economic downturn. As a result, there are many families that are struggling to meet their financial obligations each month. They may have exhausted several sources of emergency funds. They may have burnt through their savings and asked family or friends one too many times. While there are some conventional sources of cash available, many times they are not accessible. One of the lesser known methods of accessing a quick source of emergency funds is the car title loan. Car title loans North Charleston and elsewhere in the state can help a family get through a rough month or two.
The Basics Of A Title Loan
While many may not know that car title loans North Charleston even exist, they are a form of short-term loan for borrowers that own a car or truck with a clear title. Loans are made for 30 days and the vehicle is used as collateral. The whole loan process is fast, usually just taking a day or two from beginning to end. Borrowers get access to their cash and can take care of their bills.
The Loan Process
A potential borrower can start the process by filling out an application either in person or online. The lender will require certain documentation from the borrower; however, it is nothing like a conventional loan. A loan from a traditional financial institution would require items like income documentation and credit history, but those are not needed for a title loan. A borrower will have to show the lender a vehicle, of course, the vehicle’s title, and photo identification. Usually, that is all that is needed. The lender processes the documentation and comes up with the repayment details. The borrower then is issued his money and the loan is complete. The process is quick and simple and normally takes just 24 to 48 hours from beginning to end.
Those who need a quick source of cash will enjoy the benefits of car title loans in North Charleston. The loan is processed quickly and borrowers get their money quickly. This allows them to take care of their financial obligations and not have to wait for days or weeks. Many borrowers who have tried to get conventional loans fail because of their credit histories. There is no credit check required for a title loan. The loan is secured against the vehicle, so there is no need for any type of background history check. Not having a credit check helps to speed up the process, too. The only thing that a potential borrower needs to complete this type of loan is a car. There is no requirement that someone has to own a house or even have a job. If a person owns a car with a clean title, he or she can qualify for an auto title loan.
Possession Of The Vehicle
If the loan is only for 30 days, it would seem that the car or truck owner would have to give up possession for that time period. That is not the case. Vehicle owners maintain possession of the vehicle while the loan is still outstanding. The lender will hold the title and an extra set of keys. If the borrower winds up defaulting on the loan, the lender can take possession of the vehicle. At that point, a lender can sell the vehicle to make up for some of its losses. Any proceeds earned from the sale of a vehicle are entitled to the lender.
A Source Of Fast Emergency Cash
In today’s unstable economy, there may come a time when an immediate source of emergency cash is necessary. A small loan from a financial institution is just not possible because of poor credit. Banks have really tightened up their lending standards over the past five years because of the financial strife facing our country. If someone is lucky enough to have a job, they may be able to ask their employer for a cash advance. While this is a great alternative, it is likely that, if lucky enough to get it, receiving a cash advance is a one-time thing. Continually going back to an employer for cash advances may raise a red flag and hurt your employment. Payday loans are another source, but when someone needs a substantial amount of money and needs it quickly, the car title loan is the quickest source of emergency funds.