Nearly everyone has experienced a financial crunch at one point in their lives. The next time you need cash in hand fast in order to pay a bill or make a crucial purchase, consider an automotive title loan.
Title Loans Reisterstown: How Car Title Loans Work
Automotive title loans are a kind of secured loan, and the loan is secured using the physical title of a car or truck that you own. Secured loans provide certain benefits over unsecured loans. Since the lender has a guarantee of repayment, decisions are made faster. In fact, most of these loans finalize in just minutes. That’s because less processing time is needed, delays are uncommon and most lenders don’t even require a credit check.
Title loans in Baltimore and the surrounding areas are an important aspect of daily finances in the region. Most financial institutions don’t offer these kinds of personal loans to the average person. Farmers & Merchants Bank and M&T Bank, for instance, don’t even offer non-specified personal loans. Some of the bigger area banks, such as BB&T and PNC, do but often require a minimum as high as $10,000 and a repayment period of at least six months. You can get a car title loan, on the other hand, for as little as $100 over a period of a week.
Title Loans Reisterstown: Applying for a Car Title Loan on the Web
Applying online is an easy way to get a title loan. Before you begin, you’ll need:
- The make, model and year of your vehicle
- An odometer reading
- The zip code where you live
- A telephone number where we can reach you
Once you have the information in hand, applying is easy. All you have to do is:
- Navigate to our application form
- Enter the vehicle information
- Fill in your name and zip code
- Give us your number and a good time to call
- Click the submit button to send us the info
You’ll receive an title loan estimate within seconds right on the site. That projection gives you an idea of the maximum loan amount you can expect on title loans in Reisterstown. If you choose to proceed, a loan representative will call you at the specified time. He or she can explain the title loan options available to you and answer any questions you may have.
Maryland Legal Regulations Pertaining to Vehicle Title Loans
There are laws and regulations at both the state and local levels governing car title loans in order to protect your interests as a consumer. One way that the state controls lenders is by prohibiting collections on loans made by unlicensed entities. Since no lender will risk an uncollectable loan, you can be confident that title loans in Maryland are only available through lenders that have met the stringent requirements set forth by the state. The state also limits maximum interest rates, maximum term and obligation and the number of times that such a loan can be renewed.
The Many Benefits of Vehicle Title Loans
Title loans in Reisterstown are a good fit for many people in this area. These benefits include:
- Fast access to cash
- No credit checks
- Fast repayment plans
While your title is used to secure your loan, you keep control of your vehicle the entire time. Loans process within 15 minutes on average. You can choose a loan amount that makes sense for your circumstances, and the total cost is less expensive than with other short-term loans, such as payday loans. These loans are also a great option for people building or rebuilding their credit history.