There are times in life when you need extra money, and when other options have been depleted, the benefits of a Georgia title loan can help get you the money you need. Title loans remain one of the most popular ways to get significant loan funding, without exorbitant interest rates, and while still being able to keep your property.
A title loan is a loan made to a borrower, using their vehicle title as collateral. The lender will require the title and a set of keys to the vehicle and will lend the borrower a sum of money based on the value of the vehicle and their ability to pay it back. They often feature much higher funding limits than options like installment loans or payday loans, and in many cases, they can have much more reasonable interest rates as well.
The catch is, that if the borrower defaults on the loan, the lender then has the legal right to pursue and possess the vehicle and to sell it to cover the remainder of the money owed. In most situations, the lender will only accept titles from borrowers that have some equity in their vehicle or who own it outright. Many lenders will also require the vehicle to be tagged with a GPS module to ensure they can track it to collect it in the event of default.
One of the biggest benefits of a Georgia title loan is that the application takes just a few minutes, and approvals are incredibly quick as well. Applications can be completed in the store, and the loan can be issued shortly after approval. This means that you could walk out with up to $10,000 the same day that you apply.
Pawn loans are usually only available for a few hundred dollars, at most. Payday loans can be obtained for a bit more, and installment loans usually max out at only a few thousand. A title loan, however, can get you up to $10,000 depending on the value of your vehicle. This means more money in your pocket to handle your debts and bills.
Since your vehicle title secures the loan, there is no need for credit checks or other guarantor requirements. This makes title loans perfect for consumers that need significant cash fast but have credit damage that might prevent them from taking other loans out.
Another one of the biggest benefits of a title loan, particularly over a pawn loan, is that you get to keep your vehicle. You can still have independence and mobility, and you can still get to work each day. Most title loans are for 30 days, but for an additional refinance charge the loan term can be extended or renewed, giving you even more time to pay it back.
For more information about the benefits of a Georgia title loan, or to start the application process, contact Lending Bear today.