March 18, 2020
Great Short-Term Loan Options in Florence, Alabama
Car title loans are a great option for people going through financial hardship, people who are experiencing pay anomalies, and people who are just a little short on cash right now. A car title loan can be a lifeline when people need it the most.
Car title loans have other benefits such as not requiring a credit check and taking only a limited amount of time to process. You can continue to drive your vehicle while the loan is in effect.
Car title loans are one of the best short-term loan options in Alabama.
What is a Car Title Loan?
A car title loan allows you to get a short-term loan by signing your car title over to the lender. The loan must usually be repaid within 30 days, and until the loan is repaid in full, the lender remains in control of the title of the vehicle. In short, your car’s clean title becomes collateral on the aptly-named title loan.
Usually, to qualify for a car title loan, you must prove that you have equity in the vehicle, and you have free control of the vehicle. This means that you don’t have any outstanding liens on the vehicle, have paid it off, or own it because you bought it with cash.
Loan agreements can be anywhere between 15 days and a year or more on a recurring basis, but they tend to be for 30 days. The lender may take steps to ensure that the loan is repaid if the borrower fails to make repayments.
How Fast Can I Get a Car Title Loan Near Me?
One of the main benefits of car title loans is how quickly you can get the cash. Anyone who is in a financial pinch can get a car title loan extremely quickly and efficiently. This process can be quicker than getting a loan from a bank, a payday loan, family, friends, or other lending sources.
The speed of a car title loan is one of their most attractive features, and it is why many people seek them. People often run into situations in which they will have money soon, but they simply need a short-term loan for various reasons. The speed of a car title loan can be a godsend for these individuals and help them get the cash on time when they need it.
If you need to pay a bill or you have a financial emergency, a car title loan can be a great short-term fix. Most banks in Alabama do not offer this level of speed, and that’s why car title loans are one of the great short-term loan options.
Can You Get a Car Title Loan with Bad Credit?
Another great aspect of getting a car title loan in Florence, Alabama is that it can be an excellent avenue for people with poor credit. Banks, lending agencies, family, and friends might judge you based on your credit history or what you’ve done in the past, but we know these things don’t always give a complete picture of your current ability to repay a loan. People who could easily repay a loan might not have access to loans from traditional services like banks, due to their judgment of your credit history.
This is where car title loans are great. They rarely require a credit history or background check, and many times, the lender more accurately understands your current ability to pay because they consider how much money you take home each month from your job or other sources. Since these loans usually require that you own your car outright, you have already shown an ability to repay debts and make payments. You may simply be going through a short-term setback, and a car title loan is a great way for you to get money right now without having to deal with the hassle of credit history checks or facing the embarrassment of needing to ask family or friends for a loan.
Car Title Loans are Simple
A car title loan in Florence, Alabama only requires that you have a clean title on your car and proof of monthly income to pay back the loan. These easy requirements open the door to car title loans for many people who will struggle to get loans from other sources.
Car Title Loans Can Be Restructured
Car title loan deals can be restructured if there is any difficulty with repaying them. Many lenders will give an additional 30 days to repay the car title loan, at an additional fee. The ease of restructuring a loan is something that banks, lending agencies, cash advance agencies, friends, and family may be unwilling to do. This is another feature that makes car title loans a great short-term loan option in Alabama.
Title Loans Can Be Cheaper than Other Options
Car title loans can be cheaper than other options on the market in Alabama. On many occasions, we see people trying to get a cash-advance loan, but the interest rate on the cash advance is much higher than the interest rate on a car title loan.
The reason for this is because the car itself can be used as collateral, and that means lenders can charge lower interest rates since they have the car as a buffer to prevent them from taking losses. This isn’t the case with cash-advance loans, and that’s the main reason why cash advance loans can be more expensive.
When you compare the cons of cash-advance loans to the pros of car title loans, car title loans in Florence, Alabama are very attractive.
Consider a Car Title Loan If You Need a Short-Term Loan
Banks can be very discriminating in whom they lend money to. Friends and family can be less than generous at times, and taking loans from them can put serious strains on relationships. Lending agencies and payday loan agencies can charge much more than what you would pay for a car title loan. For this reason, car title loans in Alabama, especially at Select Title Loans, are often a much better option.