Title Loans in New Salem, Massachusetts

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

Company nameAddressZip codePhone number
First Citizens' Federal Credit Union Administrative Offices 200 Mill Rd 100, Fairhaven, MA 02719 +1 (800) 642 - 7515
Rockland Trust 76 North St, Medfield, MA 02052 +1 (508) 359 - 7366
Citizens Bank 50 S Main St, Randolph, MA 02368 +1 (617) 551 - 6262
LYC Mortgage 20 SW Park, Westwood, MA 02090 +1 (781) 303 - 2618
First Citizens Federal CU 352 Main St, Falmouth, MA 02540 +1 (800) 642 - 7515
Rockland Trust Branch & Commercial Lending Center 75 Moody St, Waltham, MA 02451 +1 (781) 392 - 3700
Country Bank 64 Cherry St, Ludlow, MA 01056 +1 (800) 322 - 8233
Citizens Bank Supermarket Branch 125 Highland Ave, Seekonk, MA 02771 +1 (508) 336 - 3532
Rockland Trust 104 Main St, Weymouth, MA 02188 +1 (781) 335 - 3980
Needham Bank 17 W Central St, Natick, MA 01760 +1 (508) 647 - 4999

Title Loan Companies in Nearby Cities

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

Title Loans in New Salem, Massachusetts: An Overview

If you’re in New Salem, Massachusetts, and need quick access to cash, a title loan may be a viable option. These loans are legal and popular in Massachusetts, but it’s essential to understand how they work before you apply.

What is a Title Loan?

A title loan is a type of secured loan where the borrower uses their vehicle’s title as collateral. The lender will hold onto the title until the loan is repaid, but the borrower can continue to use the vehicle throughout the loan term. The loan amount is usually based on the vehicle’s value and typically ranges from a few hundred to a few thousand dollars.

How Do Title Loans Work in New Salem, Massachusetts?

In Massachusetts, title loans are regulated by the Division of Banks. The maximum loan amount is $25,000, and the maximum annual percentage rate (APR) is 36%. The loan term must be at least six months, and the borrower cannot be charged prepayment penalties.

To apply for a title loan in New Salem, you need to provide the lender with the vehicle’s title, a photo ID, and proof of income. The lender will assess the value of the vehicle and offer a loan amount based on that value. If the borrower accepts the loan offer, they sign a contract outlining the terms and conditions of the loan, including the interest rate and repayment schedule.

The Risks of Title Loans

While title loans can provide quick access to cash, they come with significant risks. The interest rates on these loans are often high, and if the borrower misses a payment, the lender can repossess the vehicle. Additionally, if the borrower cannot repay the loan, they may end up owing more than the vehicle is worth.

It’s crucial to carefully consider the risks before applying for a title loan and to explore other alternatives, such as personal loans or credit cards, that may offer more favorable terms.

Interesting Facts and Statistics About Title Loans in New Salem, Massachusetts

  • In 2019, there were over 15,000 title loans taken out in Massachusetts.
  • The average title loan amount in Massachusetts is $1,231.
  • More than 65% of title loan borrowers in Massachusetts have an income of less than $30,000 per year.
  • The majority of title loan borrowers in Massachusetts are between the ages of 25 and 44.

Apply Now

If you’re interested in applying for a title loan in New Salem, Massachusetts, TheGuaranteedLoans can help you connect with potential lenders. Fill out our online application, and we’ll see if we can find a lender that meets your needs. Remember, we’re a connector service, not a direct lender, so we can’t guarantee approval or loan terms. However, we work with a network of reputable lenders, and we’ll try our best to match you with the right one.

At TheGuaranteedLoans, we believe in transparency and responsible lending. That’s why we encourage all borrowers to read the loan contract carefully before signing it and to only take out a loan if they’re confident they can repay it according to the agreed-upon terms.

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

01355

New Salem, MA title loan calculator

Frequently Asked Questions About Car Title Loans in New Salem, Massachusetts

What happens if I default on my title loan in New Salem, Massachusetts?

If a borrower defaults on their title loan in New Salem, Massachusetts, the lender may repossess their vehicle and sell it to recover the loan amount.

Can I get a title loan in New Salem, Massachusetts if I have bad credit?

Yes, borrowers with bad credit can still qualify for a title loan in New Salem, Massachusetts because the loan is secured by the borrower's vehicle.

Advise to read before applying

Look for Title Loans in Other Cities:

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