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.Read more
March 5, 2020
5 Ideas for Home Projects to Get Started On
As any homeowner can attest, there is always a project to be done that will make your home a better place. Such projects range from big to small and expensive to inexpensive. There’s the proverbial Clark Griswold backyard pool, and then there is the not-so-exciting but necessary gutter shields. Home projects don’t have to be expensive and can pay great dividends in both living quality and home equity.
No matter what project you pick, it is going to require money. Since most people don’t have a generous rich uncle or piles of cash lying around, focus on projects that you can get completed with your budget. Think about the kind of projects an average person can take on with commonly-available resources and funding opportunities. Thankfully, there are many short-term loan options in Florence, Alabama, for funding that home project. One such option is a car title loan from Select Title Loans.
Can I Fund a Home Project with a Car Title Loan Near Me?
A car title loan works by using your car as collateral to back a short-term loan. The borrower needs a car that is fully paid for that can be leveraged to support the loan. It’s an easy process where you provide proof of car ownership (specifically a clean title) for a car, truck, or motorcycle in your possession. After that, it’s a matter of showing other common loan support, such as proof of employment and references.
Select Title Loans in Florence, Alabama, is lenient about checking your credit history and caters to those with no or bad credit as well as those with stellar credit histories. In most cases, the borrower presents the title and the vehicle in its current condition, does some quick paperwork, and secures funding for whatever reason, like household repairs and projects.
Deciding on a Home Project
Having secured the funding, attention turns to what project is the best bang for your buck. Since car title loans in Alabama usually range from a few hundred dollars to a few thousand dollars, this is a starting point for making the decision. There are so many projects possible, it is best if you choose just a couple you can pay for with your car title loan.
In deciding on a home project, a balance needs to be struck between the practical and the desirable. That is, one should think about things that are not only fun, but can also add value to the home’s equity. For example, a home cinema room might be lots of fun, but it may not improve the value of the house for that eventual re-sale. Conversely, gutter shields may be highly practical, but they are not the kind of thing that makes a homebuyer want to run for the checkbook. It is a personal decision that needs careful consideration.
Below are five equity-friendly possibilities that can start the decision process.
Five Ideas for Attainable and Enriching Home Projects
No. 1: Privacy Fence
If there is a “can’t lose” possibility, it is the privacy fence. Most people live in a neighborhood of some sort where privacy and security are highly valued. Everyone likes the feeling of having a fence that not only protects one’s privacy, but also adds an element of security. This is particularly true for pet owners. Quality privacy fences have a great return-on-investment and can increase your property’s value.
No. 2: The Backyard Deck
While the price of a deck can get beyond the reach of a car title loan if you go for the highest-end materials, it can be tastefully accomplished at a reasonable price, particularly for those that have some DIY skills. Generally, it can be done for a few thousand dollars, depending on size and materials. This is a small price to pay for holding birthday parties and neighborhood barbeques that build lasting memories in your backyard on your brand-new deck. This is another investment that adds to the value of your home when it’s time to sell.
No. 3: Interior Home Improvements
When it comes to updating the interior of your home, the possibilities are endless. It is amazing what a fresh coat of paint or an updated light fixture can do to set off a room. There are so many things that can be done inside a home that are low-cost and add value. These include things like modernizing a fireplace, adding trim or crown molding, resurfacing countertops, finishing a room in your basement, laying new carpet, and more. The little things add up to big payoffs in comfortable living and building home equity.
No. 4: Remodeling the Kitchen
Many realtors will say that home sales begin and end in the kitchen. A nice kitchen is a must-have for many people. Like most home projects, the possibilities in the kitchen are many. To most, it may be replacing the appliances, countertops, sink, and flooring. This can be done within the bounds of a car title loan, and the results can add great value to a home in terms of equity as well as greatly improving living conditions.
No. 5: Entry Door Replacement
Installing a new door is a simple and often overlooked project that can provide great value and curb appeal when selling a home. It is the first thing people see, and it makes a lasting impression. For a couple hundred bucks, a steel door can improve the looks, energy efficiency, and the security of a home. It’s a simple thing, but an important addition that should be considered. To protect your gorgeous wooden doors from the weather, you could also consider installing storm doors, another inexpensive investment that has a big effect on your home’s looks.
The list of home improvement projects you can complete with funds from a car title loan is a long one. It boils down to taking a look at what can add value to the property and what would benefit you and your family the most. It may be a mix of things listed above, or other like landscaping additions or enlarging the driveway to accommodate your children’s playtime. The best choice is finding that project or projects that add value to the home as well as value to one’s daily life.Read more
February 24, 2020
Need Money for Spring Home Projects? Consider a Title Loan
Need Money for Your Home Project? Get a Car Title Loan
Don’t have the cash for that deck in the backyard? How about a privacy fence or a pool? With a car title loan, the wait is over! Spring home projects can begin right away.
It’s as easy as 1-2-3. Just show the ownership of a car, truck, or motorcycle and proof of employment, and that home project can hit the ground running. Car title loans are available at Select Title Loans in Florence, Alabama with fast in-and-out ease.
How Does a Car Title Loan Work?
Before visiting your car title loan provider in Alabama, you need to gather a few documents.
Generally, a lien-free title, photo ID, proof of insurance, and proof of a steady source of income are needed. The original title with no lien will get you started. A driver’s license will do for the photo ID.
Proof of insurance is usually done with a copy of the policy or a summary card that most keep in their glove box. In some cases, proof of insurance is not needed.
Proof of a steady source of income can be made with a recent pay stub or other evidence showing a constant cash flow that should continue for the duration of the loan. This cash flow can be many things including documentation proving annuities, court documents showing alimony conditions, payments from long-term investments, legal settlements, and more.
The number and types of documents vary depending on the loaning institution’s requirements. After one has satisfied the documentation requirements, the car needs to be taken to the loaning institution for inspection and documentation review. Once approved, one gets the cash, keeps the car, and work can begin on that spring home project!
What if the Vehicle Title Isn’t Clear?
In most cases, one can’t get a car title loan unless the title is clear. That is, the vehicle isn’t being used as collateral for a previous loan. As with many things in life, there are exceptions. It is possible to get an equity loan. An equity loan is like a home equity loan where one borrows against the equity in the car. The equity is the value of the vehicle minus the amount of the outstanding loan balance. All or some percentage of this amount is fair game for the loan amount. You can borrow as much or as little as you need, making it a very flexible option compared to many others out there.
How Much Money Can Be Borrowed?
As with the documentation, different loan institutions have different policies. In general, this depends greatly on the value of the vehicle and the ability to repay the loan. A rule-of-thumb is that the loan can range from 25% to 50% of the value of the vehicle. For example, if the vehicle is worth $10,000, the maximum loan amount can range between $2,500 and $5,000.
According to the Federal Trade Commission, the average loan amount for a car title loan is between $100 and $5,500, however, some financial institutions loan up to $10,000.
Car title loans, therefore, represent a way to get a larger amount of money than you can on other types of short-term loans in Alabama. Because the lender has a short-term lien on your vehicle, they are at a lot less risk than when a loan is completely unsecured. So, they’re able to lend more.
Secured loans like a car title loan can also be at a lower interest rate because of this reduced risk. Alabama laws ensure that the interest rates charged by car title loan companies are within a reasonable limit, so you can be sure you’re getting a good deal. Still, you can shop around to see the different interest rates that Florence, Alabama car title loan companies will offer you.
What about Credit Checks?
As with the rest of the loan requirements, this too varies among financing companies. Some may check credit reports while others do not. There are many factors contributing to this decision including the amount of the loan and the perceived risky nature of a steady source of income. Many companies, such as Select Title Loans, often don’t require a credit check and allow for poor credit loans in Florence, Alabama.
Spring Home Projects That Save Money
The things one can do with the money are limited only by the imagination and, of course, the amount of money available. One can use the money best if projects are selected that will actually pay for themselves in the long run. These are generally maintenance projects like adding insulation, maintaining an air conditioner (e.g., new compressor and coil maintenance), new more energy-efficient windows, roof repairs, caulking, planting shade trees, and more.
It’s often the case that people turn to Alabama car title loans because an emergency has arisen in the household. When the fridge or air conditioner packs in, or there’s a hole in the roof, it makes sense to get it fixed quickly and without fuss. A car title loan in Alabama can get you the cash you need quickly and there’s no long-term commitment. You can repay the loan when your paycheck comes in and you’ve avoided all of the expense caused by the emergency.
Spring Home Projects for Fun and Home Equity-Building
Spring home projects are fun and they increase the value of one’s home. Many add decks to their backyards for those barbecues and other get-togethers. Others add a pool, patio, or privacy fence. The options also include adding a vegetable or flower garden, re-sodding the yard, building a gazebo, new siding, extending a driveway, and repainting your home.
The advantages to getting a car title loan are many depending on one’s situation. It is convenient, fast, and simple. With a little document gathering and time, one can get that spring home project underway in no time while keeping your vehicle.Read more
February 10, 2020
Live in Alabama and Need Quick Cash? Title Loans Are Here For You
Sometimes, life gets the best of you. You have more bills than you can afford to pay. Then, something breaks or someone gets sick. You have more emergency expenses that were unseen and definitely not included in the monthly budget. You look at the balance in your bank account quickly approaching zero with more bills that still need to be paid. What is a person to do?
There are numerous options to secure cash in Alabama when you need it. Some are much quicker than others are.
One option, in particular, allows you to get the cash you need in exchange for putting your car up for collateral. This type of loan is called a car title loan.
There are many benefits to getting a car title loan in Florence, Alabama that make this type of loan a good option for anyone that needs fast cash.
What Are the Benefits of a Car Title Loan?
- A car title loan in Alabama is easy to obtain. All you need is a lien-free title for your car and a photo ID. You do not have to leave your car at the loan site either, just the paperwork. You drive your car to work and around town while the loan company keeps the title until you have paid back the loan in full and on time.
- Bad credit is no problem for a car title loan. Because you are putting the title of your car up for collateral, good credit is not needed to get you cash. If you default on the payments, the loan company has the right to claim your car. But, if you make your payments on time, the title of the car is yours. Therefore, a less than stellar credit rating is absolutely not an issue to get approved for a car title loan.
- The approval process is quick and easy. It does not take very long to get the money that you so desperately need. Many traditional banks, credit unions, and loan companies can take days or longer to get you approved, a car title loan is much faster. You will have your cash in minutes. This is crucial if you absolutely need the extra funds right away. There is no waiting when you apply for a car title loan.
- The only restriction on qualification is that you must own a vehicle. If you own a vehicle and hold the title, you will be approved for a car title loan. This gives the consumer peace of mind knowing that you will be approved when you walk through the door to the car title loan office.
- Your loan details are private. No one will know you have a loan taken out on your vehicle; it usually won’t even show up on a credit report.
Is a Car Title Loan in Alabama Faster to Get?
The biggest benefit of a car title loan is the ability to get approved for a loan for a significant amount of money with little to no stress. When you go into the car title loan company location, you know that you will walk out with the money that you need. This has a huge impact on reducing the stress that comes along with applying for a traditional loan.
When you apply for a traditional type of loan, you will have the stress of not knowing your approval status until the bank has reached a decision. If you have less than perfect credit, this wait for approval can be very daunting, adding to the stress of your current stressful situation. Taking a bit of stress away from an already bad day is just what you need to turn your life around financially.
In today’s modern economic world full of credit, loans, and "borrowing from Peter to pay Paul," sometimes you need a little extra help. If you have made mistakes in the past that had a negative effect on your credit, but you are now in a better situation, you will still be denied a traditional loan. With car title loans, you will have that second chance. You will be able to secure the funds that you so desperately need to get caught up or pay off that emergency and unforeseen expense. With lower interest rates and better payment options than other quick loans, a car title loan just may be the right decision for a lot of different people when faced with financial difficulties.
Florence, Alabama Title Loans
If you’re looking for a car title loan in Alabama, the obvious choice is Select Title Loans. For over 20 years, Select Title Loans has been lending money to people in the Seven Points area. With a stellar track record and excellent interest rates, Select Title Loans has risen to be one of the best lenders in the state.
In some cases, Select Title Loans are able to offer a 0% interest rate for 30 days on new loans. This means you won’t pay anything for 60 days, making the title loan even more convenient for those quick cash need situations.
Virtually the only thing you need is to own your car. This means you no longer have any finance agreement on it, whether from when you purchased it at a dealership or when you took out a previous car title loan. You need to be 19 years of age and have a valid ID. Good credit is not required — Select Title Loans doesn’t perform a credit check and the process is much simpler than if you were to go to a bank.
For the fastest large loan you can get in Alabama, fill out your details on the info sheet at SelectTitleLoans.com. This includes everything you need to advise the lender about so even before you come into Select Title Loans you’ll have pre-arranged your money. All you’ll need to do is come in and pick it up.Read more
January 20, 2020
How Do Car Title Loans in Alabama Work?
Car title loans are loans that you can take out against the value of your vehicle if you own your car outright. Every state has different rules and regulations regarding car title loans, and Alabama is no different. When you get a car title loan in Alabama, you and the lender must follow a number of rules to ensure that the agreement is safe and legal for both parties.
Laws do vary from state to state on lending. If you’re planning on taking out a car title loan in Florence, Alabama, it pays to know your rights.
What Is a Title Loan?
If you own property of value like a house or a car, it has value. You can use that value as collateral for a loan. A title loan company will loan you a percentage of the value of the vehicle while they hold on to the car title. You will repay the loan in a set period of time and get the title of your vehicle back.
How Does a Title Loan Company Make Money?
Like other lending establishments, a title loan company adds a set amount of interest to the loan, so when you repay the loan you’ll be paying the original amount you borrowed plus a percentage. It pays to find a title loan company in Florence, Alabama that is able to lend you the money you need through a title loan with the smallest percentage of interest possible. This means that ultimately you’ll have to pay back less.
What Is a Lien?
An important term to understand is a lien. Properties like homes, commercial buildings, and cars have ownership papers and these can have liens on them. A lien is like a note saying that the property is currently under a finance agreement.
For example, when you first buy a new car at the dealership using financing, the car title will have a lien on it stating the terms of the loan agreement. If you didn’t pay back the loan for any reason, then the dealership has the lien to show that there’s a legal reason you owe them money. If you continue to not pay back the loan, then the lienholder has a right to reclaim the property, in this case, a car.
After you have paid off the original financing of a vehicle, the car becomes yours outright, and the lien is removed from the vehicle title.
Can I Get a Car Title Loan if My Vehicle Has a Lien on Its Title?
In most cases, no. With a lien on the car title, there’s still a financial agreement in place with the original financing company. Adding a second lien onto a vehicle would be too complicated, so car title loans in Alabama are typically only available if the car is lien-free.
What Laws Govern Car Title Loans in Alabama?
Tough laws govern car title loan companies in Alabama so there’s no chance you’ll be taken advantage of. There are laws that state the maximum interest that can be charged, the rights of the lender and borrower, and proof of licensing.
Broadly, Alabama title loan providers are governed by the same rules as pawnshops. In 1993, car title loan providers were classified as pawnbrokers and most of the laws concerning car title loans, therefore, derive from the Pawn Shop Act.
How Long Can the Loan Period Be on a Car Title Loan?
Alabama has a relatively unusual loan period statute for car title loans in that loans can only be over the maximum of one month.
However, Select Title Loans is able to offer car title loans on a 30-day renewable basis, essentially allowing you to renew a loan with minimum fuss should you wish to rollover your loan to further months.
How Much Are the Interest Rates on a Car Title Loan?
The interest rates payable on a car title loan vary by provider. A provider that only loans to ‘safe’ borrowers should be able to set a lower interest rate as the overall risk to the business is lower. The amount of money and time that’s expected to be spent reclaiming and selling vehicles to recover the cost of a loan that’s gone bad would, in that case, be smaller, so overheads are lower.
On the other hand, car title loans are a lifeline for many people who can’t get credit through other means. So another car title loan provider might offer loans to a wider range of people but charge marginally higher interest rates to cover the higher potential risk.
Alabama does have a rule that says title loan lenders can’t charge more than 25% interest per month. In reality, most title loan lenders will charge a lower interest rate to be competitive with other options.
What if I Don’t Repay the Loan?
In Alabama, if you don’t repay the full amount of the loan within the allotted time (typically 30 days) then the lender has the legal right to take full ownership of the vehicle. The lender would have the right to then sell the vehicle to reclaim the money that they are owed from the bad loan.
It is therefore very important to keep on top of your repayments. Should you believe you will have unexpected problems making your car title loan repayments, you should contact the lender immediately.
Are Car Title Loans Easy to Get?
Car title loans are one of the easiest ways to get fast cash with no hassle. As no credit check is performed, all you need to do is prove that the car is yours, you own it completely, and bring some ID. You must bring in the vehicle for inspection. From there, you can get a car title loan within a matter of minutes.
Car title loans in Alabama are well regulated and represent a good option if you need emergency cash within a short period of time.Read more
January 7, 2020
Can You Get Title Loans Online in Alabama?
Alabama Title Loans — Fast Cash without Any Hassle
We all have times in our lives where an injection of cash over the short term can be a lifesaver. Perhaps there’s a home repair that’s desperately needed, a car insurance bill is due, or an unexpected medical expense drained you of your day-to-day funds. Every week, hundreds of people turn to Select Title Loans in Florence, Alabama for fast money with no strings attached.
What is a title loan? A title loan is one type of loan that can quickly get you cash without a problem. Car title loans in Alabama are available to anyone who owns a car outright. You’ve been diligent and worked hard to put all that value into an asset — your car — and now it’s time to take advantage of that.
Why are title loans so popular? Car title loans can get you up to $5,000 immediately, you get to keep your car, and you repay the loan at a low-interest rate. It’s obvious why Florence, Alabama title loans have become increasingly popular and Select Title Loans is the title loan provider of choice for so many Alabamians.
Getting a Car Title Loan Online
If you choose Select Title Loans, much of the legwork can be done online from the comfort of your own home. Firstly, we offer a calculator that you can use to estimate how much you’ll be able to borrow. Fill in your car’s make, model, and year, and we’ll instantly advise how much you might be able to borrow today.
Of course, the vehicle will still need to be evaluated at the dealership and we’ll only be able to loan the full amount if you can demonstrate you have the ability to repay the loan, but most of our visitors find that the quote they’re given on our website is accurate.
The actual application can also be done online so you’ll spend even less time at our office. We really advise all applicants to fill in the online info sheet application on our website as it includes everything you need to supply us with to get your loan. It’s better to fill in all the details at home, so you’re able to find documentation and details of employment when you need to. It saves you coming into Select Title Loans in Florence, Alabama having forgotten a vital piece of information.
Finally, should you have any questions about the title loan process we offer a comprehensive FAQ section that will likely answer your query. If you still have anything you’d like to go over, you can contact us using the contact form and we’ll get back to by email.
Is Everything Confidential?
Despite car title loans being widespread in use, most people prefer to keep their financial dealings a secret. Many of our customers prefer to handle most of the process online and simply come to the loan office for the short vehicle inspection we perform. We welcome all customers at Select Title Loans.
We also take extra steps to ensure your personal details are kept safe and private. The details of loans taken out through Select Title Loans never leave our offices. We never sell personal details or pass on details of customers to a third party. We don’t discuss your title loan or financial position with anyone.
Do I Need to Have a Good Credit Score to Get a Car Title Loan Online?
One of the reasons people come to Select Title Loans is because they don’t have a good credit score. Because they don’t have a good credit score, they find it difficult to borrow money through traditional means. Banks turn them away because they don’t have a home to secure a loan against or a huge salary.
Title loans fill that gap in the market for people who own real property (in this case a vehicle) that they can use for collateral for a loan. Because you own your car outright, we know that you have the value to back up any loan you take from us. Therefore, we don’t perform a credit check and the whole process is a lot simpler.
What Type of Car Do I Need to Get an Alabama Title Loan?
As advised above, we offer an online tool that will give you an estimate of how much you can borrow based on your car’s make, model, and year. The car’s condition will play a part in how much you’re able to borrow too, but we’re willing to accept almost any vehicle as collateral for a secured title loan.
For example, we’re happy to offer a title loan on a vehicle with expired car tags. If your car has been in an accident, we’ll still offer you a loan — as long as the vehicle is still drive-able. In fact, many people take out a car title loan to pay for the repairs on their vehicle after a fender bender!
Even if you don’t have car insurance, we’re able to offer you a loan. You do need to be at least 19 years old and the car title must be in your name. The car title must not have any other liens on it. This means that if you haven’t already fully repaid financing on your car, you won’t be able to get a title loan. Similarly, if you’ve already taken out a title loan on your car, you can’t take out another one until the first loan has been approved.
The Simplest, Fastest, Easiest Way to Get Cash Fast in Alabama
For those who have had credit troubles in the past but also own a car outright, car title loans are the obvious choice for getting a lot of money in a short period of time. Get in touch with Select Title Loans online and we’ll show you just how quickly and easily you can have a large sum of money in your hand today.Read more
December 16, 2019
Looking For a Short Term Loan in Alabama? Consider a Title Loan
Where Can I Get a Short Term Loan in Florence, Alabama?
Title loans from Select Title Loans are the perfect way to get out of a bind and set oneself back on the path to greater financial flexibility. A title loan is ideal in the case of unexpected expenses, which can tend to pop up here and there for just about everybody.
Regardless of how well you have budgeted, the expenses that come up have a great way of setting you back. That does not have to happen anymore, not if a title loan in Florence, Alabama is utilized to obtain some quick cash to cover the expenses. Whether it is a leaking water pipe or an out-of-control electric bill, a title loan is a perfect way to address the expenses.
Where Do We Start?
At Select Title Loans in Florence, Alabama, you can bring a photo ID and a lien-free title and walk away with the money needed to cover whatever expenses may be. The title of the vehicle is used as collateral in this case.
It really is as simple as it sounds, too. The title loan on a lien-free vehicle will get you some cash without having to bother with piles of paperwork or futile credit checks.
The title loans amounts can range greatly, from $150 to even $5,000, depending on the vehicle’s value and the applicant’s ability to pay back the loan.
It is designed to be hassle-free and easy, and all credit types are accepted without a credit check. In less than 20 minutes, the problems can be solved with quick and available money, and the vehicle used is still allowed to be driven off the lot. The title is a mere placeholder.
There are convenient locations throughout Alabama for those in need of a title loan at Select Title Loans.
Our Reliable Reputation
Select Title Loans in Florence, Alabama stands as a business with a strong reputation and the longevity to give our clients peace of mind. We have been doing business in the area for almost 20 years. The store opened in 1998, and we have always been friendly and flexible with our clients ever since. The customer service is top-notch, and Select Title Loans is open late hours to make it easy for anyone to find a time to stop by and obtain a title loan.
What is the Title Loan Process?
The process is three steps really. The first step is to bring in the vehicle and its lien-free title, along with a photo ID. Step two is just filling out the application while the car is inspected to determine its value as collateral. The final step is approval, wherein the cash is obtained and the car in question is driven off by its owner.
This is a great short-term solution and is the quickest way to obtain a large sum of money without having to sell off precious possessions. Given that there is no credit check nor wait, peace of mind can be restored quickly, even if the applicant needs a large sum of money —since some title loans range up to $5,000 in value.
The loans are structured on a 30-day renewable contract, wherein Select Title Loans in Florence, Alabama holds the title rights until the loan is repaid, but the car remains in the possession of its true owner.
The fact that no credit check is required means that just about every person with a decent vehicle can qualify. The loans can be used to fix a major appliance, pay college tuition, settle an overdue bill, to pay a speeding ticket, cover a major medical expense, or even to cover accident expenses on another vehicle.
Why Take a Title Loan?
Whether the money is needed to cover such expenses or just “float” a person until payday, it is much smarter than employing a cash advance, which usually comes with a nasty interest rate for its applicant. The title loan, conversely, only holds the title of the car until the applicant can pay back the sum of money. It makes so much sense to obtain funds this way that anyone would be nearly silly not to consider Select Title loans to cover major expenses.
Special Prices on a Financial Bailout Available to Almost Everybody
Select Title Loans also has some specials available. Often, one can obtain a 0% interest loan for 30 days, which requires no payments made for the first 60 days. These loans are also available to those in neighboring states, such as Tennessee. It is only required that the applicant lives within 80 miles of a given Select Title Loans office.
Once the loan is paid off, the title is returned to the applicant and the slate is cleared. This method can be employed repeatedly, which continues to provide that peace of mind that Select Title Loans is able to “bail one out” of whatever circumstances may happen to arise in this unpredictable life.
Another caveat is that one does not need car insurance to get the loan, which means to some, that a vehicle that is not insured (or even driven) can still be used. The car tags can be expired, and that is actually one reason some employ the title loan — to afford tag renewal fees.
It is required that the applicant is at least 19 years of age, and some of those younger applicants have no credit history — which is also not a problem in any way whatsoever. The vehicle is the collateral, and one’s financial past is not held against him or her in employing the vehicle as collateral.
Are Title Loans Private?
All information is kept strictly confidential and never will Select Title Loans sell any personal information nor provide it to third-party callers on the phone or in person. This anonymity is a huge relief to many, as the information Select Title Loans obtains is kept private, as it should be.Read more
December 9, 2019
Are Title Loans Good Short-Term Loan Options?
Do you live near Florence, Alabama? Do you need some extra cash for unexpected home renovation or auto repair? Do you have an overdue bill or unexpected emergency that has put you in a financially difficult spot and you need cash quickly? If you do, you may find yourself in need of a short-term loan from Select Title Loans.
What Is a Short-Term Loan?
A short-term loan is a loan that is paid back over a short period, usually for a small amount of money. Short-term loans are generally required to be paid back in less than one year. Some short-term loans are for just 30 days. Long-term loans, on the other hand, are often for larger amounts of money and can usually be repaid over a period of several years, but ultimately this means paying more interest.
One of the main differences between short-term and long-term loans is the difficulty in obtaining loan approval and how fast the borrower can get the cash in hand. Short-term loans are often easier to get for those who have problematic credit. In addition, short-term loans often have a quick application process, allowing potential borrowers to get the cash they need for a financial emergency quickly with no hassle.
Short-term loan lenders, just like all other lenders, are required to follow all federal and state laws and regulations that are applicable where they are doing business. In addition, most lenders offer options for repaying loans of any size in either a lump sum or in payments spread out over a period.
What Are Title Loans?
One type of short-term loan available in Alabama is known as a title loan. Title loans can be a great option for dealing with fiscal emergencies of any kind. A car title loan is a type of short-term loan that requires collateral. The collateral used for this type of loan is your car.
In order to obtain a car title loan, you must at least be over 18 and have a valid photo ID. You are also often required to show proof of income sufficient to repay the loan amount you are requesting. This proof is often in the form of your most recent pay stub.
Most importantly, to receive a car title loan, you will have to own a vehicle with a lien-free title. What does lien-free mean? It means that you own your vehicle outright and there are no other loans you’ve already taken out on the vehicle that have not been paid back. Only one loan can be taken out on a piece of collateral at one time. If you only have a small amount to repay on your old loan, you can pay it off before taking out a new car title loan for a larger amount now that your car is free of liens.
Once you have met all the requirements set by your particular lender, they will place a lien on the title of your vehicle, establishing it as collateral for your short-term loan. There are many lenders that offer short-term loans but you will find that title loans can often be one of the best options available to you for several reasons.
Is the Title Loan Process Fast?
The application process is quick and easy. For example, the application process at Select Title Loans is as follows:
- Bring your vehicle with your title (free and clear of liens), and your photo ID to our Florence, AL location.
- Fill out a simple application while we do a quick assessment of your vehicle.
- We will offer a title loan based on the value of the vehicle and your ability to repay.
- The transaction is for 30 days, but you have the option of renewing your account for an additional 30 days by paying the interest due, or you can pay your account in full.
- You will receive your title back once you have paid your account in full.
You can receive your cash quickly. Many car title loan lenders including Select Title Loans offer same-day approval. Since you are using your car as collateral for your short term loan there is no lengthy and invasive application process like at many banks and other lenders. If you meet the eligibility requirements and have all the necessary documentation with you, the time from application to approval can be as short as 20 minutes.
With title loans, there is no need for a credit check to be run. Since you are using your personal vehicle as collateral for your loan, it is not necessary to run a credit check. So if you have any credit issues from your past, they will not prevent you from getting this type of loan as long as you can show proof of income and have a vehicle to use as collateral.
Get the cash you need quickly. Title loans offer you quick access to money in an emergency. Whether you have an unexpected expense or an overdue bill, title loans offer you a way to get cash quickly. After completing the application process you will receive your loan funds immediately without any long waiting periods.
Do I Get to Keep My Car with a Title Loan?
Best of all, you get to keep driving your car. Let’s face it, it is hard to get around and take care of your responsibilities without a car. Once you have been approved, your lender will place a lien on the title of your vehicle and hold onto it until the loan is repaid. Meanwhile, you are free to continue using the car as normal with no restrictions. Once the loan is repaid in full, the lien is removed from the title and it is promptly returned to you.
With an easy application process and quick access to cash, title loans are a great short-term loan option for those who find themselves in any kind of financial difficulty. In Florence, Alabama, the top name for car title loans is Select Title Loans.Read more
November 18, 2019
Why Using a Title Loan to Help with Winter Car Maintenance is a Good Idea
Now that winter is here and freezing temperatures are fast approaching, having your car ready for the Alabama winter can save you time and money. The last thing you want is to break down on a freezing highway when you are alone traveling to family. Here are some of the reasons you may want to consider getting a title loan in order to winterize your car and the basic things you should do to get your car ready for the weather.
Preparing your Car for the Alabama Winter
Some basic checks can save a lot of time later on such as checking your battery by popping the hood and making sure no buildup is around where the wires connect to the battery. The acidic buildup on a car battery can cause the connection to become unstable and your car may not start one day if it builds up too much.
One of the most important parts of any car is the tires. The tires are what make contact with the road and provide the traction you need to travel safely. Checking tire pressure regularly is always a good idea since you never know when you may run over a nail or a thorn that could cause a leak or even a flat.
If you live in an area where there is heavy snowfall, it is worth considering getting snow tires. These tires are specially designed but they can cost several hundred dollars. This is where a car title loan in Florence, Alabama can help you out. You don’t want to lose traction on an icy road or not be able to stop in a reasonable amount of time if your tires are bald.
4-wheel drive, if your vehicle has it, is a mechanical system that can be expensive to repair. In order to keep it in functioning condition, schedule a maintenance check with a trusted auto shop. This is also an expense that a Florence, Alabama title loan can help with.
Carry Extra Fluids
Having an extra bottle or two of antifreeze can be a good idea. It never hurts to have some extra oil on hand either. This is part of what a maintenance check would cover so be sure to ask if the service you employ checks all of the vehicle’s fluid systems.
Stock Emergency Supplies
This may seem like it is preparing for a worst-case scenario, but if your car dies or if you are forced to sit in your car for many hours if there is an accident or a road blockage you will want to have blankets, extra water, food, and even some other camping essentials such as a solar charging pad and some flashlights with extra batteries.
Since winter can be a dangerous time to be on the road, it is best to be safe now rather than sorry later. You never know when you may have an emergency and find yourself needing to stay warm or hydrated on the road. Keep in mind that a title loan is always an option but be sure to have a plan to pay it back on time and use it not just to help winterize your vehicle but to improve your credit score.
What are the Benefits of Title Loans?
Choosing a title loan is a decision that shouldn’t be made lightly without weighing the costs and benefits. Likewise, keeping a car maintained properly also has costs and benefits. For example, if you skip maintenance appointments your car is more likely to break down costing you more in the long run than if you had just kept up on the maintenance. If you are ready to get your first title loan, here are some things to consider.
Easy to Apply
Title loans in Florence, Alabama can be very easy to get since all you have to do is apply, much like for a credit card. Even if you have poor credit, most title loan companies will still lend to you but with stricter terms. One of the biggest factors that affect whether you qualify for a title loan is whether you have sufficient income to repay the loan.
Title Is Collateral
A title loan is aptly named and involves signing an agreement that provides the lender the ability to use your vehicle as collateral. If you choose to get a title loan, the office will consider the year of your vehicle when determining how much to lend. Older cars will typically fetch lower loans but a car that is newer can bring substantially more. The whole goal of a title loan is not to sell your car to the dealer but rather to use the money in a smart way and repay it on time. This can also really help build a credit score if loan payments are made on time and in full.
When you apply for a title loan, one of the choices you can make is how quickly to pay it back. Usually, a title loan office will offer a standard repayment plan but how much you decide to borrow can affect the length of the loan.
In some cases, title loans can also be paid back faster than the payment plan requires and this can help reduce the total amount of interest you pay on the loan. If the title loan was originally planned to be paid off in six monthly installments of $200, paying three monthly installments of $400 will mean the loan is paid off twice as fast and therefore less interest will be accrued.
Where Can I Find Title Loans near Me?
If you are located near Florence, Alabama, consider Select Title Loans, one of the region’s most trusted auto title loan companies. A title loan in Alabama can be an excellent way to get your winter car maintenance completed and save you money and time on expensive repairs in the winter.Read more
November 7, 2019
Understanding the Importance of Title Loans
What is the Difference Between Title Loans and Traditional Loans?
Title loans in Florence, Alabama are important as an option for individuals who need cash for any reason but can’t obtain loans the traditional way.
For many individuals, taking a loan from a bank, credit union or other financial institutions may not be an option. In order to obtain a loan the traditional way, the borrower must satisfy certain criteria in order to be approved for the loan. One of the main criteria is the borrower’s credit score.
Before being approved for traditional loans from a bank, credit union or other financial establishment, lenders use the borrower’s credit score to determine creditworthiness. Typically, the higher the applicant’s credit score, the more creditworthy they are and the higher the probability of repayment. In addition, lenders usually see a person with a high credit score as being a perfect match for lower interest rate loans.
For those seeking traditional loans, the level of income that they have is also factored into the equation. If an applicant has a higher level of income and a lower debt:income ratio, they are in a better position to repay the loan. Most importantly, those who extend traditional loans to consumers often look at the expenses that a borrower has and how it compares with their level of income. A smaller debt:loan ratio indicates that the borrower is better able to afford the loan.
All these factors are considered when it comes to traditional loans. Unfortunately, a person who has a low credit score, a low income level, and a high debt:income ratio may lack the creditworthiness to qualify for traditional loans. Because of the difficulty of obtaining traditional loans, many consumers choose to go with title loans instead.
Why are Title Loans Important?
A title loan in Florence, Alabama is valuable and important to certain consumers who struggle with being able to qualify for traditional loans. A title loan is when a lender offers a loan based on the borrower’s equity in their automobile. In some instances, the title of the car might not be considered as clear and there may be liens on the title, usually from a bank or lending institution that financed the automobile.
One of the benefits of obtaining a title loan are there are no credit checks with most title loans. This is very important for people who lack good credit and/or have questionable credit. Many people who choose title loans versus traditional loans have low credit scores that hinder their ability to get approved for loans. Title loans are important because the borrower’s approval is usually not based on creditworthiness.
With some title loans, there is often no proof of employment or income required. This is important because some borrowers do not have steady income and they may not be employed. Consider a person who may have lost their job and need a loan but can’t qualify based on income. This person could benefit from obtaining a title loan that usually does not require income. Just like any other loan, title loans require proof of residency as it is important to validate the borrower’s contact information, telephone number, address, and references.
One way that title loans are important is that they usually have contingency for the borrower’s unexpected inability to repay the full loan by the due dates. In these cases, the loan can often be rolled over to a new loan. The ability to roll loans over is important because it protects the borrower against negative repercussions that arise when a rollover is not an option. This gives borrowers a cushion to work with and wiggle room in case anything happens that prevents them from being able to make their payment.
One of the best benefits of getting a title loan instead of a traditional loan is that the borrower gets to keep their vehicle while they are repaying the loan. This is especially important because the person who is taking out a title loan usually depends on the vehicle to be able to get back and forth to work. Being able to continue working is important because it places the borrower in a better position to keep money coming in and to be able to repay the loan. Title loans are important for those who are seeking a way to get cash quickly and to be able to repay the short-term loan quickly.
Another reason that title loans are important is that successfully repaying the short-term loan may help the borrower to establish and/or improve their creditworthiness. Payment histories and transactions are reported to credit agencies like Experian, Equifax, and TransUnion. When borrowers repay their title loans, good and favorable reports are sent to the credit agencies. Receiving good credit reporting from title loan companies helps borrowers raise their credit score, improve their creditworthiness, and leaves a positive rating for any future loans. A person who had a low credit score and who lacked creditworthiness can benefit from improving their credit score, making it easier to obtain and qualify for future traditional loans.
Why are Title Loans Near Me Growing in Popularity?
There are over 8,000 title loan establishments that operate in 25 states across the U.S. Currently, over two million people use title loans as short-term solutions when they need cash quickly and lack the resources to obtain a loan from traditional banks, credit unions, and financial establishments.
Most title loans in Florence, Alabama do not have hard credit checks and they are not based on the applicant’s credit score and creditworthiness. Title loans may also be growing in popularity because they offer short-term solutions with rollover options for those who are not able to pay their loan as planned and may need more time.
Finally, title loans are growing in popularity because they create a way to help borrowers with credit issues rebuild or fix credit issues and improve their creditworthiness. Statistics show that half of title loan users use the funds to pay regular bills like rent, mortgage, groceries, transportation, etc. This is the main reason that title loans are important for consumers who are unable to obtain traditional loans.Read more