We all find ourselves in need of some financial help, perhaps with an unexpected emergency or a bill that needs to be paid. Why not consider a title loan? A title loan is a type of secured loan where the borrower can use their car title as collateral in exchange for a sum of money. Borrowers who get a title loan must allow the lender to place a lien on their car title and temporarily give the lender the hard copy of their car title. However, you still get to keep and use your car in the meantime. When a loan is repaid, the lien is lifted from the title and returned to the borrower. As opposed to other types of loans, which can take time for approval, a title loan can be obtained in as little as 15 minutes, doesn’t typically require a credit check and can be applied to online. Typically the amount of the loan is determined by the condition and value of the vehicle. Title loans in Catonsville, Maryland are a quick and easy way to get the extra cash you need.
How to get Title Loans in Catonsville
Getting title loans in Maryland are quick and easy. You can apply for a title loan online or come into one of our retail store locations and fill out the application. Information you will need to provide are:
- A valid government issued I.D. or driver’s license
- Proof of income, such as a pay stub
- Proof of residency, such as a gas or water bill
- Your car registration
- A lien-free car title in your name
- At least two references
- Proof of car insurance
- You must be 18 years or older
If you fill out your application online, a representative will call you at your earliest convenience once your application goes through for a vehicle inspection. You will be required to bring your car to the closest location nearest you in the Baltimore area for an in-person inspection of your vehicle. In the store, our team will also need information about the car you wish to use for the title loan. This includes:
- The year
- The make
- The model
- The style
- The mileage
- Spare set of keys to your car
Things You Should Know About Getting Title Loans in Catonsville
Title loans in Baltimore and the surrounding area fall under the title loan laws of the state of Maryland. A borrower has 30 days after receiving funds from a title loan to make their first payment. If you are unable to make payments on your title loan and go into default, the lender is liable to repossess your car and sell it to cover the debt of your title loan. Making payments on time will also help you to avoid late fees. If you are having trouble paying back your loan, contact your representative, and they will be able to work with you on your payments.
Why You Should Consider a Title Loan
The biggest benefit to a title loan is that they are quick and easy to get. Most loans are processed in a day or two and funds are available immediately, either in store or by direct deposit. With a title loan, you can borrow a small sum of cash, as low as $100 so you can borrow only what you need. With other types of loans, lenders will not lend anything under $1,000. Another great benefit is that anyone with a paid off car can get a title loan. There is no credit check or background check required for a title loan because the title and determined value of your car are enough for you to receive funds. A title loan may be the best option if you have a car and need extra cash as quickly as possible to take care of your needs.