Title Loans in Salem, Massachusetts

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Title Loan Companies in Salem, MA

Company nameAddressZip codePhone number
Century Bank 37 Central St 01970 +1 (978) 740 - 6900
Institution for Savings 6 Paradise Rd 01970 +1 (978) 462 - 3106
Metro Credit Union 4 Paradise Rd 01970 +1 (877) 696 - 3876
Nestor Financing Corporation Inc 37 Bridge St 01970 +1 (978) 741 - 7080
People's United Bank 7 Traders Way 01970 +1 (978) 745 - 7893
TD Bank 600 Loring Hills Ave 01970 +1 (978) 741 - 7779

Title Loan Companies in Nearby Cities

If there are no title loan companies in Salem, MA, you can try to find different companies in big cities nearby. Check out the following pages here: Car Title Loans in Shrewsbury, MA, Car Title Loans in Somerville, MA, Title Loans in Springfield, MA, Car Title Loans in Taunton, MA, Title Loans in Tewksbury, MA, Car Title Loans in Waltham, MA, Title Loans in Westfield, MA and Car Title Loans in Woburn, 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 Salem, MA.

Introduction to Title Loans in Salem, Massachusetts

Title loans in Salem, Massachusetts are a popular way to get quick cash in times of need. They can often be acquired quickly and easily with no credit checks and no long waiting periods as with traditional bank loans. The downside to title loans is the high-interest rates that often accompany them. In Massachusetts, title loans are legal, and those considering a title loan should become familiar with the laws and regulations governing this type of loan.

Understanding Title Loans

Title loans are short-term loans that are secured by the borrower’s vehicle title. In order to apply, the borrower must have a valid driver’s license and own the vehicle outright. The title must be free and clear of any liens or encumbrances. The borrower will then sign over the title to the lender until the loan is repaid.

The loan amount is based on the vehicle’s current market value and the borrower’s ability to repay the loan. The loan term is typically 30 days and can be extended, with the lender charging additional fees. The loan amount, along with interest and fees, must be repaid in full on or before the due date. If the loan is not repaid, the lender may repossess the vehicle and sell it to repay the loan.

Title Loan Laws in Massachusetts

In Massachusetts, title loans are regulated by the Small Loan Act. This law sets the maximum amount of interest a lender is allowed to charge, which is 23% of the principal loan amount. The maximum loan amount is $2,500, and the loan term is up to 6 months. In addition, lenders must obtain a license issued by the Commissioner of Banks to provide title loans in Massachusetts.

Are Title Loans Worth It?

Title loans can provide quick cash when you’re in a financial bind, but they come with certain risks. The high-interest rates associated with title loans can quickly eat away at the value of the loan, resulting in a debt that is more difficult to pay off. Borrowers should always proceed with caution and ensure they are able to make the payments on time.

TheBottomLine

Title loans in Salem, Massachusetts can be an attractive option for those in need of quick cash in a financial bind. While the high-interest rates can quickly add up, title loans are regulated by the Small Loan Act, which sets the maximum amount of interest a lender is allowed to charge. Before taking out a title loan, borrowers should become familiar with the laws and regulations governing this type of loan and consider other options such as borrowing from family or friends.

Frequently Asked Questions

What is a title loan?

A title loan is a short-term loan that is secured by the borrower’s vehicle title. The loan amount is based on the vehicle’s current market value and the borrower’s ability to repay the loan. The loan term is typically 30 days and can be extended, with the lender charging additional fees.

What is the maximum loan amount in Massachusetts?

The maximum loan amount in Massachusetts is $2,500.

What is the maximum interest rate a lender can charge?

The maximum amount of interest a lender is allowed to charge is 23% of the principal loan amount.

What are the risks of taking out a title loan?

The high-interest rates associated with title loans can quickly eat away at the value of the loan, resulting in a debt that is more difficult to pay off. In addition, if the loan is not repaid, the lender may repossess the vehicle and sell it to repay the loan.

Apply Now

At TheGuaranteedLoans, we understand that everyone’s financial situation is unique. That’s why we offer our customers the opportunity to apply for a loan online and get connected with lenders who may be able to help. Our goal is to provide you with the best customer service and the most competitive rates on the market. Fill out our online application today, and we’ll be in touch with you shortly.

Remember, TheGuaranteedLoans is not a lender and does not make loans or credit decisions. We simply connect borrowers with lenders for their loan needs.

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

01947, 01970, 01971

Salem, MA title loan calculator

Frequently Asked Questions About Car Title Loans in Salem, Massachusetts

How do title loans in Salem, Massachusetts work?

Title loans in Salem, Massachusetts work by allowing borrowers to borrow money using their vehicle as collateral. To qualify for a title loan, borrowers must own their vehicle outright and have the title in their name. They must also have a source of income and be able to provide proof of income and residence. Once the borrower has qualified for a title loan, the lender will hold onto the vehicle's title as collateral for the loan and provide the borrower with the loan amount in cash. The borrower is then required to repay the loan, plus interest and fees, within a specified period of time.

How much money can I borrow with a title loan in Salem, Massachusetts?

The amount of money that can be borrowed with a title loan in Salem, Massachusetts will depend on the value of the borrower's vehicle. Most lenders will lend a percentage of the vehicle's value, typically between 25% and 50%.

How Many Cash Advance Companies are in Salem, MA?

With the help of our service, you will be able to find 6 cash advance companies in Salem, MA

What Cash Advance Companies in Salem, MA are the most popular?

You should check Century Bank, Institution for Savings, and Metro Credit Union. Also, you can start your application online on our website.

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Look for Title Loans in Other Cities:

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