Title Loans in Plum, Pennsylvania from Loan CheetahTitle Loans in Plum: How Auto Title Loans Work
Auto title loans are secured loans that use the title from a vehicle owned outright as collateral. The vehicle can be a car, truck or even a motorcycle, and most vehicles have enough value. Even a salvaged vehicle or one that doesnít run will usually have enough value for a loan. Your loan amount can be as much as the vehicle is worth, or you can borrow just what you need. Short terms are also option, so if you want to borrow just for a week or a month, you can do that, and you donít have to worry about early repayment penalties.
Car title loan interest rates are generally lower than the interest rates associated with other short-term lending options. Title loans in Plum tend to be more convenient than bank loans as well. Citizens Bank, for instance, generally doesnít give out secured loans and prefers borrowers meet a certain credit score and income requirement. Loans can take hours or days to process rather than minutes. Banks like S&T Bank will often have high minimum loan amounts, and they may require you to spread payments out over at least three to six months and even charge additional fees for early payment.
Title Loans in Plum: Applying for an Auto Title Loan Online
Perhaps the easiest and most convenient way to shop and apply for title loans in Plum is to do it online through a service like Loan Cheetah. The application for auto equity loans online is very short and only requires some basic information. Youíll have to provide:
- Your name and zip code
- Estimated mileage or an odometer reading
- Year and make
- Model and any style designations
- An email address and/or phone number
Once you submit this information, the Loan Cheetah website will respond with an estimate in just a few seconds. This will give you an idea of how much you can borrow, but you can of course borrow less. If you want more information at that point, a representative will contact you to discuss the loan. The loan representative will cover the details, answer any questions you may have and even guide you through finalizing the loan. Some people will pick the money up locally, and others will be able to finish everything online by having the money transferred to a bank account.
Regulation of Auto Title Loans in Pennsylvania
Title loans in Pittsburgh and throughout the state of Pennsylvania are in something of a gray area. State law does not currently allow small loans that use a title or vehicle as collateral, but that doesnít necessarily mean there arenít title loans in Plum. With proof of a title, many lenders can still provide loans up to $1,500 without requiring a credit check or other steps normally associated with a bank loan. There may also be other options to borrow both in state and out of state.
Benefits of Auto Title Loans
Car title loans are an excellent option when you need money fast and without restrictions on how you use that money. Title loans in Plum generally donít require a credit check, which means that your credit score doesnít matter and you can have no credit or a bankruptcy on other serious negatives on your record. Background screening is also not a requirement, and you donít have to show proof of employment or income, which means you can be out of work. These reasons are why approval rates near 100 percent and title loans usually process in just a matter of minutes.