Title Loans in Mattapan, Massachusetts

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No title loan companies in Mattapan, MA. Consider companies in other cities:

Company nameAddressZip codePhone number
Walpole Co-operative Bank 982 Main St, Walpole, MA 02081 +1 (508) 668 - 1080
Citizens Bank Supermarket Branch 690 Depot St, Easton, MA 02334 +1 (508) 230 - 3578
People's United Bank 75 Gold Star Blvd, Worcester, MA 01605 +1 (508) 595 - 1400
Citizens Bank Supermarket Branch 57 Main St, Westfield, MA 01085 +1 (413) 562 - 8024
Bank Of America 225 Newburyport Turnpike, Rowley, MA 01969
Joe DeBesse at Guaranteed Rate Affinity 60 Adams St, Milton, MA 02186 +1 (617) 476 - 8969
Savers Bank 6 N Main St, Uxbridge, MA 01569 +1 (508) 278 - 2426
New Bedford Credit Union 1150 Purchase St, New Bedford, MA 02740 +1 (508) 994 - 6546
KeyBank 225 Park Ave, West Springfield, MA 01089 +1 (413) 747 - 1432
Guaranteed Rate 222 N Main St Ste 5, Natick, MA 01760 +1 (508) 422 - 0644

Title Loan Companies in Nearby Cities

If there are no title loan companies in Mattapan, MA, you can try to find different companies in big cities nearby. Check out the following pages here: Car Title Loans in Falmouth, MA, Car Title Loans in Fitchburg, MA, Title Loans in Framingham, MA, Car Title Loans in Haverhill, MA, Car Title Loans in Holyoke, MA, Title Loans in Lawrence, MA, Title Loans in Leominster, MA and Title Loans in Lexington, MA. 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 Mattapan, MA.

Title Loans in Mattapan, Massachusetts

If you live in Mattapan, Massachusetts, and are considering a title loan, it’s essential to have all the facts and understand the risks associated with this type of loan. While title loans are legal and popular in Massachusetts, they come with high-interest rates and fees, making them a costly way to borrow money.

What is a Title Loan?

A title loan is a type of secured loan that uses a borrower’s vehicle as collateral. To qualify for a title loan, the borrower must own their vehicle outright and have a clear title. The amount borrowers can receive through a title loan depends on the value of their vehicle and their ability to repay the loan. Typically, title loans have shorter repayment terms than traditional loans, with repayment periods of 30 days to a few months.

How Does a Title Loan Work?

To obtain a title loan in Mattapan, a borrower must provide their vehicle title and proof of income. The lender assesses the value of the vehicle and offers the borrower the loan amount. If the borrower accepts the loan, they must sign a contract agreeing to the repayment terms, which typically include interest rates of 25% or more and additional fees.

Once the borrower accepts the loan, the lender places a lien on the vehicle’s title, making them the legal owner until the loan is repaid. If the borrower fails to repay the loan, the lender can repossess the vehicle and sell it to recoup their losses. While the lender may give the borrower the option to roll over the loan for another month or two, this increases the amount the borrower must repay, putting them at risk of falling deeper into debt.

What are the Risks of a Title Loan?

The risks associated with title loans are clear – they are expensive and carry high-interest rates and fees, making it easy to fall into a cycle of debt. According to the Consumer Financial Protection Bureau, one in five borrowers of title loans have their car seized for failing to repay the loan.

Additionally, title loans have a negative impact on borrowers’ credit scores, making it harder to qualify for more affordable lending options in the future. For these reasons, financial experts recommend exploring all other options before resorting to a title loan.

What are the Alternatives to a Title Loan?

If you’re considering a title loan in Mattapan, there are several alternatives you may want to consider:

  • Personal Loans: If your credit score is good, you may be able to qualify for a personal loan with lower interest rates than title loans.
  • Credit Counseling: A credit counselor can help you develop a budget and find ways to improve your income to help you pay off debts more quickly.
  • Negotiating with Creditors: You may be able to negotiate with your creditors to set up a payment plan or settle your debts for less than the full amount owed.

Interesting Facts and Statistics about Title Loans in Mattapan, Massachusetts

  • In 2017, Massachusetts car title loan borrowers paid an average interest rate of 205%, nearly triple what they would pay on a traditional bank loan.
  • According to a 2016 study, one in three Massachusetts households is “asset poor” and lacks the savings and other assets necessary to live above the poverty line for three months if they lose their sources of income.
  • In 2016, the Massachusetts Attorney General’s office ordered three car title lenders to cease and desist from issuing loans without a license.

Apply Now

If you decide that a title loan is the right choice for your financial needs, TheGuaranteedLoans website can help connect you with potential lenders. As a connector service, we cannot guarantee that you will be approved for a loan. However, we work with a network of reputable lenders who specialize in title loans and are committed to helping our customers find the right lending solution for their needs.

To apply for a title loan, simply fill out the online application, providing us with your contact information and details about your vehicle. We will review your application and connect you with potential lenders who can offer you a loan that meets your financial needs.

Remember, a title loan should be a last resort, as it can have a negative impact on your financial health. Always explore all other options before considering a title loan.

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Title Loans Available in Mattapan, MA By The Following ZIP Codes:

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Frequently Asked Questions About Car Title Loans in Mattapan, Massachusetts

Can I get a title loan in Mattapan, Massachusetts on a salvage title car?

It is possible to get a title loan in Mattapan, Massachusetts on a salvage title car, but it will depend on the lender's policies. Some lenders may be willing to provide a title loan on a salvage title car, while others may not.

Can I get a title loan in Mattapan, Massachusetts on a car with multiple owners?

It may be possible to get a title loan in Mattapan, Massachusetts on a car with multiple owners, but it will depend on the lender's policies. Some lenders may require all owners to be listed on the loan and on the vehicle's title, while others may have different requirements.

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Look for Title Loans in Other Cities:

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