Title Loans in Conway, South Carolina from Loan Cheetah
Anyone in need of title loans in South Carolina wants to first conduct research. Learning where to find title loan lenders and their loan policies is the first and most important step in the process. Loan Cheetah can help connect you to the best lender in your local area.
Introduction to Title Loans Conway
Before a potential borrower makes the decision to take out a title loan against his or her vehicle, it’s important to conduct research. There are many providers of title loans in Conway, which gives consumers many options. The first step is for consumers to learn what a title loan actually is.
A title loan is a special type of loan that allows an individual to use his or her clear vehicle title as collateral for a loan. One of the primary title loan requirements is there must be no liens against the car’s title. There are some minimal requirements, but a clear title is the most important one.
Applying for Title Loans Conway
The application process for a title loan is much simpler and faster than applying for a traditional loan. Those who seek title loans online only need to provide a minimal amount of information:
- Year, make, and mileage of the collateral vehicle
- Name, phone number, and zip code of the borrower
Once the consumer completes and submits the application he will receive a title loan quote. A loan representative will reach out as soon as it is convenient for the borrower to finalize the loan. The loan proceeds for which an individual is approved depends upon the actual value of the vehicle as determined by the Kelly Blue Book. While Loan Cheetah allows up to $50,000 depending on the car’s value, lenders of title loans in Conway vary on the amount of money they will lend.
Legal Regulations for South Carolina Title Loans
Under South Carolina law including title loans in Charleston, the interest rate is based on the funds disbursed on a short term basis. Most lenders will not issue loans under $600 because they are limited in the amount of interest they can charge on amounts less than that.
If the borrower is unable to pay the loan in full, he has the option of rolling it over for a longer period. State law only allows the lender to roll over an individual loan a maximum of six times.
State law also forbids title lenders from making loans that are in excess of the fair market value of the car. These amounts are determined by either Kelly Blue Book or NADA.
Lenders must also disclose a title loans in Conway are high interest loans that put put the borrower’s vehicle at risk in the event of default.
Benefits of Title Loans
Car title loans have some advantages for borrowers, especially those with bad credit or those who are unemployed. These benefits include:
- No credit check
- No employment needed although borrowers must provide proof of income whether that income source is social security, unemployment, welfare, or another source
- Variety of lenders from which to choose
- Competitive interest rates
- Funds usually disbursed within 24 hours
The important thing is for borrowers to conduct research and choose the lender that best meets the borrower’s individual needs. Provided the borrower performs research on title loan providers there is no need for him to feel he made a mistake. Title loans are advantageous for those who need money in a hurry and/or those who do not qualify for a traditional bank loan.
