If you need money fast and without much hassle, then a car title loan can be a great decision. Let’s take a look at your loan options and how title loans in Owings Mills and throughout Maryland work.
Title Loans Owings Mills: How Title Loans Work
A title loan is a secured loan that uses your vehicle title as collateral. Secured loans are an attractive option when borrowing because the collateral allows for fast processing of the request and favorable interest rates. You provide the physical copy of your title in exchange for the loan amount. Once you’ve repaid the loan, the lien is removed from the vehicle and the title is returned to you.
According to industry statistics, the average automotive title loan is processed in under just 15 minutes. That means that even online, thanks to direct transfers, you can have access to the borrowed money in a matter of minutes. Another convenient aspect of car title loans is that you can borrow exactly what you need. Many banks, including PNC in Owing Mills, and other financial institutions won’t even consider a loan for less than a $1,000 and some have even higher minimums, but title loans in this area are often as low as $100.
Title Loans Owings Mills: How to Apply Online
Applying for a car title loan online is simple. You’ll need the following information:
- Make, model and year of your vehicle
- Mileage reading from your odometer
- Your contact information as reflected by the title
Once you have this information ready, securing title loans in Owings Mills via our website is easy. Simply enter the above information into the spaces provided on the form. Check twice to ensure that all of the information is correct, and then click the button to submit it to us. You’ll immediately receive a car loan estimate, which is approximation of the maximum amount you can borrow. The estimate is provided at no cost and without obligation. Soon after, or at the time you indicate is most convenient for you, a loan representative will call you at the phone number you provided to discuss your options.
Title Loan Legal Regulations in Maryland
Automotive and other title loans in Maryland are governed by a series of state laws and regulations. One of the most important regulations is the one governing unlicensed consumer loans. This law prohibits collections against Maryland residents for loans that were made by unlicensed entities. What this ensures you is that company handling your loan is licensed and monitored by the state. In addition, the state defines permissible interest rates, and you can be sure that your rates will not exceed these caps.
Benefits of Automotive Title Loans in Owings Mills
Here’s a quick overview of the many advantages a title loan provides you:
- Fast access to cash
- Fast repayment schedules
- No need for a credit check
- Cheaper than payday advances
- Access to your vehicle throughout the loan period
Title loans in Baltimore and throughout the surrounding areas are a great choice when you need money fast and over a short period. As mentioned earlier, you can have cash in your hands within minutes, and you can choose an amount that makes sense for you. The only limit is the value and condition of your vehicle. These loans are also a strong option if you have bad credit or no credit all because they have high acceptance rates and rarely require a credit check.