South Carolina is one of the thirteen states of the United States of America where you can get short term title loans. There are very few states in the USA who have a legal permission for title loans. The other states have banned it because of the hefty interest rates. Here is everything you need to know about title loans here in South Carolina.
What is the term length?
Title Loans SC is not rocket science. However, it is important to understand how it works to avail loans for yourself. Title loans are normally set up for one month. There can be title loans for more than a month long. This will depend on the lender. However, in South Carolina, it is required a minimum of one month per title loans. The maximum of that is 120 days.
The renewal Term Length Options:
There can be a lot of different regulations about these types of loans. The title loans will come up with an option of renewal. For example, let’s say, you took a title loan with an initial 30 days term of 1000 dollars. So, you have to pay 1000 dollars plus the interest charges in 30-days’ time span.
Now, once the 30 days are over, if you are not able to pay the entire 1000 dollars with interest, you can get a renewal period of another 30-days. In this case, you need to pay the interest of the first thirty days. Then, you can renew the loan for additional terms.
Now, after the renewal period has ended, you will be paying 1000 dollars and the interest of the second month according to the terms of your renewal. This time if you are again unable to pay the principal again this time, you have to pay the interest and can get another month of renewal of your loan.
In SC you have truck title loans, car title loans and another type of title loans. A lender, here in South Carolina will only offer you six loan renewals. All these renewals are going to be the exact same duration of the first loan. The combined terms of the six renewal periods should not exceed 240 days.
Interest charges on renewals:
If you think you will not be able to pay the principal with the interest, that the lender owes you, the lender can offer you a renewal. However, in this case, the amount of interest in the first term is not going to combine with that of the second term. So, you need to pay the interest in the first term to get the extension to the second term.
So, these were 4 Things you need to know about the Car Title Loans here in South Carolina. You can find more related information on our Website.
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