Vero Lending – Car Title Loans office in Rock Hill
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We service Car Title Loans throughout Rock Hill, Providing a quick process, fair agreements, and friendly local agents in Wooster, Dover, and North Canton
Securing Car Title Loans In Rock Hill
In today’s unpredictable economy, more and more households are scrambling to pay their monthly bills. With unemployment at historically high levels and families struggling, there are a few methods of obtaining some emergency cash when needed. For those who are still employed, there is the payday loan, or payday advance. It may be possible to acquire a small loan from a financial institution if you have the sufficient credit history, or maybe you ask your employer for an advance. While these are plausible alternatives, another exists that many may not be familiar with – the car title loan.
What Is A Car Title Loan?
As the name suggests, a car title loan does involve a vehicle. For those who own their own car or truck, they are able to access some quick cash by completing a loan using the vehicle as collateral. Car title loans Rock Hill, for example, can be obtained by anyone with a vehicle with a clear title. The loan process is a little different than a conventional bank loan, too. Potential borrowers find that a car title loan is much easier to obtain than other types of loans.
How To Obtain An Auto Title Loan
Just like most any loan process, it starts with the filling out of an application. There are a few pieces of documentation necessary, a driver’s license for example, and the loan is processed. Since the loan is a secured loan, there is no credit check necessary. The loan is being secured by using the vehicle as collateral. As a result, no background or credit checks are needed. A title loan is normally processed within 24 to 48 hours and then borrowers receive their money.
The Advantages of Doing A Title Loan
There are many advantages of doing this type of loan. Borrowers are able to get their cash quickly. In an emergency situation, this is a big plus. There are no background or credit checks so potential borrowers that have less than stellar credit histories need not worry. A financial institution will not lend to someone with poor credit. Since credit is a non-factor in a title loan, no check is needed. Another advantage is that borrowers keep their car while the loan is not paid off. When pawning an item, the owner does not have access to the item. That is not the case car title loans in Rock Hill.
A title loan is a type of short-term loan secured by titled property. The owner of the property puts it up as collateral to secure the loan. The term is usually 30 days and is renewable. If the loan is not paid off within the 30 days, the term will extend for another 30 days. Borrowers will have the option of paying the loan off in its entirety or paying the minimum amount of interest. They may also pay the interest plus a certain portion of the principal to reduce the amount of their next payment. Typically, there are no prepayment penalties associated with car title loans.
Isn’t A Car Title Loan Like A Payday Loan?
In the way that both give people access to emergency funds, payday loans and title loans are similar. Both sources offer an easy loan process and are quick to get cash to borrowers. A car title loan, though, offers property (in the form of a vehicle) as collateral. With a payday loan, the borrower promises to repay the loan with future income. When the title loan borrower fails to repay the loan, the lender becomes the owner of the vehicle. Those looking for a quick source of funds, especially larger amounts of cash, will find that a vehicle title loan can be the answer.
Is A Title Loan Right For Me?
If you happen to be one of the many struggling to meet your financial obligations each and every month, you may find yourself looking for alternatives. Besides getting another job (which those are somewhat hard to find) or selling off your car, you may not have many choices when it comes to finding sources of emergency cash. You might be able to borrow from a relative, but if you have been down that road before the family bank may be shut off. If you own a car and happen to have less than great credit, the title loan might be your best bet. There is no credit check and the process is very simple. You can have access to the funds you need within a day or two.
With this information you are well on your way to finding car title loans Rock Hill that will work for you!