In today’s society where things can be tough on individual and family finances people are looking for help or a way to get some quick cash. People are doing payday loans, online loans, and now as of recent years there automobile title loans available. A title loan or car title loan is when a person is given a loan and then uses his or her vehicle as collateral. The process goes like this the borrowers who get these specific types of loans have to allow the lender to place a lien on his or her vehicle. The owner of the vehicle also has the option of just simply surrendering the hard copy of the vehicle title to the lender in order to get the loan amount needed or approved for. If the borrower pays the loan back as agreed then the individual will get their title back to their vehicle or the lien removed. If the borrower does not pay the loan back as agreed in the contract the lender has the right to repossess the vehicle and sell it to retain the money that is owed. These loans are usually short-term and carry an extremely high interest rate.
Qualifications For Car Loans In Greenville
There are rules and regulations for getting auto title loans in each state and there are only specific locations as well. There are different locations to get any auto title loans Greenville SC. In Greenville, South Carolina the benefits of getting a car title loan is that you get the cash same day, quick approval, all credit accepted, and you can continue to drive your vehicle. Individuals need an actual vehicle which can be a car or motorcycle with the title. The last thing an individual needs is a government-issued ID and if a person is from Mexico and only has a Matricula card this form of identification is also accepted. The process seems to be very simple and very easy to obtain a car title loan in Greenville, South Carolina. This option is not only provided in Greenville, South Carolina but it is available around the United States. Even though interest rates are high when you have an emergency and no other way to get the cash you need this option can be a God send to a lot of individuals and families.
The History Of Title Loans
The car title loan industry has begun to grow every year because it gives people with bad credit access to money needed. This industry was started in 1990 and this market has gotten more and more popular each year. The auto title loans are considered to be a close relative of payday loans. This industry is very profitable to the lender because the APR is usually in the triple digits and if the client can’t pay of course they lose their vehicle. There is an alternative option to a car title loan called a car Pawn. This is slightly different from a car title loan because the lender actually keeps the vehicle and the title but the borrower walks away with more cash on hand.