Title loans are a great option for people in South Carolina that need emergency cash. When you apply for a title loan online, you’re looking to borrow money with a short term cash advance loan. The lender will look to use your car’s equity as collateral for the amount you borrow and that’s why they probably won’t even check your credit score.
You can then use that money however you want, such as paying off bills, making home repairs, or taking care of other unexpected expenses. But remember, because of the high rates, you should only work with a South Carolina secured lending company as a last resort! Some benefits come with a title loan, but there are also drawbacks. So, let’s break down the requirements, benefits and possible outcomes to expect when you consider a loan provider.
What Is Required To Get An Online Title Loan In South Carolina
The title loan industry has changed A LOT over the years in South Carolina. Car title loans used to be offered for just a few hundred dollars, and you were expected to pay back the loan quickly. That’s all changed over the past five years as now you can borrow much more cash and take longer to pay off the loan.
Now if you need a title loan in South Carolina these days, there are requirements that the lender will expect you to meet. At the forefront, you will need to provide a paid off vehicle as collateral for the amount borrowed. There’s no getting around this requirement, as the title lender uses your pink slip to secure the loan, so you can’t leave the title behind. If a lien holder still holds your title, you must pay off that lien first before a finance lender issues cash.
It’s also required that car owners in South Carolina show proof of income from a current full time job or other income sources. Proof of income can include checking statements or W-2 forms along with recent work schedule for employment verification purposes. Some borrowers may even have an additional requirement to provide paystubs or evidence of steady income as part of the loan underwriting process. A licensed lender requests this information because it helps them ensure their clientele are financially responsible and good candidates to stay current on the monthly payments.
Apply Online Or Meet With A Lender Near Me In South Carolina
The title loan industry has had a lot of changes over the years, one of which is where you apply for your title loan. Long gone are the days when a company required applicants to make an office visit with their car title. It used to be that borrowers physically had to bring their car or truck into a lender, and they would evaluate it as part of issuing a secured loan. Now, however, borrowers can pay for title loans online without needing to involve themselves face-to-face if they don’t want to. This speeds up the approval process and makes it easier for those who don’t have transportation or problems getting around. By applying completely online, you can complete everything at your own rate and convenience and still ensure you’re getting the most competitive rates and terms.
The option still exists, however, to apply with a local company offering title loans in Columbia, SC. You also have your pick of multiple finance companies in Charleston and Greenville, and there are also a handful with inspection offices and locations in Greenville SC. It may take longer to get cash when you meet with a local title loan company versus applying online or over the phone, but you may have a better experience working with someone in your neighborhood so whichever choice you go with you should be fine.
Will I Have Trouble Qualifying For Auto Title Loans in SC With Bad Credit?
When you need title loans in South Carolina and your credit is less than ideal, you may think that your options are automatically cut out. After all, if you have bad credit, you’re probably worried about paying back the loan on time, as it’s unlikely that you’ve been able to do so before. Fortunately, most companies no longer operate under those guidelines as they know that times can be tough and what matters the most is how qualified a borrower is regarding the vehicle value.
With regular proof of income and a reliable source for living expenses, almost everyone will qualify for title loans in SC, even with negative marks on their credit report. It should also be noted that some lenders allow borrowers to re-borrow or take out additional cash whenever necessary to ensure they can stay current on their payments and handle emergency expenses. This is especially true in Hilton Head And Mount Pleasant where the cost of living is high and you may have extra costs. You need to check and see if your title loan company is following the South Carolina Regulations that cover short term and secured lending. That way you can be comfortable knowing you made the right choice.
When Can I Get My Cash Near Me & How Much Can I Get With A South Carolina Title Loan
The underwriting process is different depending on the current condition and status of your vehicle is. South Carolina title loan companies can process your loan quickly, and you may be able to complete the in person inspection within one business day. Some finance lenders will even be able to offer a title loan estimate as quickly as 20 minutes after you first apply! That means you possibly have the funds wired to a bank checking account or savings account in 24 hours or less when you apply online.
When applying for title loans near me in Charleston or Rock Hill, you’ll be asked how much you need and if you have a particular amount or range in mind, it’s quite alright to let the agent know what that amount is. Some companies will let you borrow a range between 40-70% of the vehicle resale value. So if you have a high value car with low miles, you could get up to 20k when you get a vehicle equity loan!
Local Lending Options In South Carolina: