Payday Loan 
Title Loan 
Personal Loan 
Business Loan What are Title Loans in Southfield, Michigan?
Title loans in Southfield, Michigan are a type of secured loan which uses a borrower’s vehicle title as collateral. Short-term loans, title loans are typically for amounts ranging from $100 up to $2,500 and can be repaid in 30 days or less. It’s an accessible form of borrowing for people with bad credit or little saved in the bank.
Title loans are legal in Michigan. While it is illegal for payday loan companies to operate in Southfield, the Michigan Office of Financial and Insurance Regulation (OFIR) oversees and regulates the title loan industry in the state. OFIR ensures that title lenders provide borrowers with copies of loan documents, APR information and repayment options, as well as adhering to a 30-day repayment timeline.
How to Get a Title Loan in Southfield, Michigan
Title loan lenders will require a few documents and information before approving your loan request. Borrowers usually need to present a valid photo ID, proof of income, the vehicle title, and proof of the vehicle’s registration and value. Some lenders may also require references or proof of insurance.
The lender evaluates the borrower’s information and vehicle to determine the loan amount, which is typically based on the vehicle’s value. The lender will also print the loan agreement and attach the title to the loan documents. After the loan is approved, the borrower is given the money minus any fees, and the lender keeps the title until the loan is repaid.
Title Loan Repayment in Southfield, Michigan
Title loan lenders in Southfield, Michigan will require repayment of the loan within 30 days. Once the loan is paid off, the vehicle title is returned to the borrower. When the loan is repaid, the lender will calculate the fees. These fees can vary based on the lender, but usually range between 10% and 25% of the loan amount. If a borrower cannot repay the loan within 30 days, the loan can be extended for an additional fee.
Alternatives to Title Loans in Southfield, Michigan
In addition to title loans, Southfield, Michigan residents may want to explore other borrowing options, such as:
- Borrowing from a family member or friend
- Getting an unsecured loan from a bank or online lender
- Using a credit card cash advance
- Asking an employer for an advance
F.A.Q.
- How much can I borrow with a title loan in Southfield, Michigan? – Title loans in Southfield are usually for amounts ranging from $100 up to $2,500. It depends on the lender, the vehicle value and the borrower’s creditworthiness.
- Are title loans legal in Southfield, Michigan? – Yes, title loans are legal in Michigan and are overseen and regulated by the Michigan Office of Financial and Insurance Regulation (OFIR).
- How long do I have to repay a title loan in Southfield, Michigan? – Title loan lenders in Southfield will require repayment of the loan within 30 days. If a borrower cannot repay the loan within 30 days, the loan can be extended for an additional fee.
Apply Now
If you need a short-term loan, title loans in Southfield, Michigan may be the right choice for you. To get started, fill out our easy and secure online loan request form on TheGuaranteedLoans website. We will connect you with lenders and help you find the best loan option for your needs. Note: TheGuaranteedLoans is not a lender, but can connect you with a lender for title loans.
Beautiful sights of Southfield, MI
