Everyone is feeling the pressure of the economy and it is no different in Greenville, North Carolina. Title loans Greenville lenders help people every day to get cash in an emergency. An online title loan or pawn is a secured loan where borrowers use their vehicle title as collateral.
What You Need To Know About Title Loans In Greenville, North Carolina
The loan is for a short time. You usually have to repay the loan within 30 days. The is type of loan also requires you to pay the lender a fee for borrowing the money.
Getting a pawn is not a complicated process. It consists of a lender evaluating your car to make sure it is worth the value you are borrowing. A title loans North Carolina application is usually processed within a day or two. One of the biggest benefits is that you can get the money very quickly.
If you have a car, then you can get a title pawn. This type of loan does not require a background check or a credit check. Approval is based on the collateral you are putting up to secure the loan. Read on to find out what you need to know before applying.
How To Apply
You can apply for a title pawn through the lender’s website. It works by filling out an application with information about your vehicle. This information may include:
- Year of Vehicle
- Phone Number
- Zip Code
After completing the form, you are given a title loan estimate. You also will be contacted by a loan representative at his or her earliest convenience.
What Are The Legal Regulations?
Here’s how title loans work in Greenville, NC. You have to give your vehicle’s original title loan to the lender for 30 days in exchange for cash. The loan is charged a monthly interest rate of 25 percent or more. If you cannot pay the loan back in 30 days, then it rolls over to the next month. The average customer takes eight months before paying off the loan.
Lenders make these loans available to customers with bad credit. They do not check your credit score. If you have a high-value vehicle, then you can get a high loan amount. Most lenders come up with the value of your vehicle from the Kelly Blue Book. A maximum loan is given for half of the blue book value. In North Carolina, borrowers must own their vehicles and have valid automobile insurance.
Title pawns are very beneficial for customers who need extra cash. If you need money fast, then you can offer your vehicle as collateral for a short-term loan. Another benefit is that you can keep your car while you owe the loan to the lender. This means you get your money without any change to your lifestyle.
This type of loan tends to be cheaper than payday loans and cash advances. They are cheaper because of having lower interest rates. The interest rate is lower because the loan is secured by your vehicle, which provides the lender with a layer of security.
One of the main advantage of title loans in Durham / Greenville is the quick repayment schedule. You are told how much you need to repay and when it need to be paid. Most borrowers pay their loan back by their next payday. However, some borrowers require several paydays to pay back their loan.
It helps to understand that you do not have to take the maximum loan. If you take what you need, then you can pay the loan back quicker and reclaim the title to your vehicle.