Title Loans in Somerville, Alabama

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No title loan companies in Somerville, AL. Consider companies in other cities:

Company nameAddressZip codePhone number
Home Lenders-The Shoals-Killen 108 Co Rd 412, Killen, AL 35645 +1 (256) 229 - 6903
Easy Money 2950 SpringHill Ave, Mobile, AL 36607
Columbus Finance 1273 Old Talladega Hwy, Sylacauga, AL 35150 +1 (256) 249 - 0305
World Finance Corporation 105 E Court Sq, Abbeville, AL 36310 +1 (334) 585 - 9576
Security Finance 1432 S Eufaula Ave, Eufaula, AL 36027 +1 (334) 687 - 4107
TitleMax Title Loans 1815 Quintard Ave, Anniston, AL 36201 +1 (256) 231 - 4888
Always Money 4546 St Stephens Rd, Eight Mile, AL 36613
World Finance 2412 N Broad St, Selma, AL 36701 +1 (334) 875 - 5656
Security Finance 1 Sunflower Ct, Centre, AL 35960
Alabama Title Loans, Inc. 3951 Government Blvd, Mobile, AL 36693 +1 (251) 643 - 7661

Title Loan Companies in Nearby Cities

If there are no title loan companies in Somerville, AL, you can try to find different companies in big cities nearby. Check out the following pages here: Car Title Loans in Alabaster, AL, Car Title Loans in Albertville, AL, Car Title Loans in Anniston, AL, Car Title Loans in Athens, AL, Title Loans in Atmore, AL, Title Loans in Auburn, AL, Title Loans in Bessemer, AL and Title Loans in Birmingham, AL. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Somerville, AL.

Title Loans in Somerville, Alabama: Everything You Need to Know

Are you in need of quick cash but don’t have the credit score to qualify for a traditional loan? Title loans might be an option for you. In Alabama, title loans are legal and popular among those who need emergency cash. If you live in Somerville, Alabama, then you’re in luck as title loans are available to residents in your area. In this article, we’ll dive into everything you need to know about title loans in Somerville, Alabama, so you can make an informed decision if it’s the right choice for you.

What is a Title Loan?

A title loan is a type of secured loan where a borrower uses their vehicle title as collateral. This means that if the borrower is unable to repay the loan, the lender can take possession of the vehicle and sell it to recover the amount owed. However, the borrower can still use their vehicle while they repay the loan. The amount that a borrower can borrow depends on the value of their vehicle and their ability to repay the loan.

Are Title Loans Legal in Alabama?

Yes, title loans are legal in Alabama. Under Alabama law, title loans can carry an interest rate of up to 25%, which can add up to a substantial amount if not repaid promptly. It’s essential to read the loan terms carefully and understand the potential risks before borrowing.

How to Apply for a Title Loan in Somerville, Alabama

Applying for a title loan in Somerville, Alabama, is a straightforward process. You’ll need to provide the following documents:

  • A government-issued ID
  • The vehicle’s title, which must be in your name
  • Proof of income, such as a recent payslip
  • Proof of residency, such as a utility bill or lease agreement

Some lenders may also require a vehicle inspection to determine its condition and value. If approved, the lender will provide you with a loan amount, and you’ll sign the loan agreement. You typically have 30 days to repay the loan, although extensions may be available in some cases.

What Are the Risks of Title Loans?

While title loans can be a quick way to get cash, it’s important to understand the potential risks. If you’re unable to repay the loan, the lender can take possession of your vehicle. Losing your vehicle can have a severe impact on your ability to work and earn a living. Additionally, title loans can come with high-interest rates, making them more expensive in the long run. Be sure to read the loan terms and understand the risks before borrowing.

Interesting Facts and Statistics about Title Loans in Somerville, Alabama

  • Alabama has the second-highest concentration of title lenders in the country, with over 1,000 lenders operating in the state.
  • The average title loan amount in Alabama is $1,000.
  • The average APR for title loans in Alabama is 300%, which is higher than the national average.
  • In Somerville, Alabama, title loans are readily available to those who meet the criteria set by the lenders.

Apply Now

If you’re in need of emergency cash and a title loan seems like the right choice for you, TheGuaranteedLoans can help. As a connector service, we work with a network of potential lenders to help you find the best loan option for your needs. To apply, simply fill out our online application, and we’ll connect you with a lender that fits your criteria. Remember, TheGuaranteedLoans is not a direct lender, so make sure to read the loan terms carefully before accepting any offer.

At TheGuaranteedLoans, we’re committed to helping you find the financial support you need, no matter your credit history or financial situation. Contact us today to get started.

Useful Articles

Title Loans Available in Somerville, AL By The Following ZIP Codes:

35670

Somerville, AL title loan calculator

Frequently Asked Questions About Car Title Loans in Somerville, Alabama

How much can I borrow with a title loan in Somerville, Alabama?

The maximum loan amount that can be borrowed with a title loan in Somerville, Alabama is based on the value of the borrower's vehicle. Lenders are required to follow the Alabama Finance Code, which sets a maximum loan-to-value (LTV) ratio of 10% for title loans. This means that the maximum loan amount cannot exceed 10% of the value of the borrower's vehicle.

What is the interest rate on a title loan in Somerville, Alabama?

The interest rate on a title loan in Somerville, Alabama is determined by the lender and is based on the borrower's creditworthiness and the value of their vehicle. Lenders are required to follow the Alabama Finance Code, which sets a maximum interest rate of 10% per month for title loans.

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Look for Title Loans in Other Cities:

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