Title Loans Fort Mill
Car Title Loans Fort Mill
Many a times in life you face situations when you need cash immediately to make the present things and condition better. It can be for anything either to pay your legal advisor or a doctor or to get that broken HVAC unit repaired fast. No matter why you need cash, the first thought that comes to mind during such situations is ‘how to get cash’?
Today a number of options are available but each has its pros and cons. Sometime the procedure is so lengthy and tedious that you just can’t afford to choose that option. Usually, the loan procedure of banks and credit card companies are like this- too tedious and troublesome. This is where you need to look for options that are simple, easy and straight forward. This is where title loans come into scene.
What is a Title Loan?
The increase popularity of title loan has made everybody ask this question, especially people who need cash without any hassle. Title loan is a short term loan that is available at a higher interest rate of almost 300% annually. In this type of loan, the borrower can use the title of his vehicle it can be a car, truck, van or even a motorcycle to get the loan. The title is used a collateral. As a result, one needs to have a clear title of his vehicle in order to apply for the loan and get the cash to meet financial emergencies.
How do Title Loans Work?
The working procedure of title loan is very simple. Use the title of your car to get the loan, pay back the loan amount with the interest in 12 or 24 months and get the title back. If you fail to pay back the loan amount then the lender will repossess your car to recover the loan amount. Therefore, the value of car plays a key role in title loans.
Your approval and the amount of loan are decided according to the value of your car. Most of the lenders give loan on vehicles that have value of at least $10, 000. As far as the cash you can get using car’s title is concerned then you can take any amount from $60 to $10, 000. The documentation is also simple and short, and no credit checks are done during the loan procedure.
So, anybody can apply for these loans and get instant approval and cash. Usually whole process takes no longer than one business day’s time.