What Are Title Loans in Hattiesburg, Mississippi?
Title loans in Hattiesburg, Mississippi are short-term loans secured against the borrower’s vehicle title. Borrowers with bad credit or no credit, who do not qualify for a traditional loan from a bank or credit union, can use the collateral of their vehicle in order to obtain money.
How Do Title Loans Work in Hattiesburg, Mississippi?
In order to get a car title loan, the borrower presents their vehicle title and other required documents to a lender. The lender evaluates the information and approval status of the loan, and also assesses the collateral and the borrower’s ability to pay back the loan.
The borrower must also provide proof of income, proof of residency, and a valid photo ID. After approval, the borrower is given the loan amount minus a fee.
The borrower keeps the car, however, they turn the loan title to the lender until the loan is repaid. When the loan is fully repaid, the lender returns the loan title to the borrower.
Are Title Loans Legal in Mississippi?
Yes, title loans are legal in Mississippi. However, Mississippi does require lenders to obtain a license from the Mississippi Department of Banking and Consumer Finance. The license application includes financial records and the lender must be able to provide the loan documents.
Are Title Loans Expensive?
Unfortunately, title loans are typically more expensive than traditional loans from banks or credit unions. Title loans often have high interest rates, and sometimes come with other fees and charges.
What Are the Benefits of Taking Out a Title Loan?
The main benefit of taking out a title loan is that you can get the cash you need quickly, usually within 24 hours. Also, you retain possession of your vehicle. Title loans are ideal for those who need money quickly and have bad credit or no credit.
Are There Other Alternatives to Title Loans in Hattiesburg, Mississippi?
Yes, there are other alternatives to title loans in Mississippi. Before taking out a title loan, you should consider other options such as asking family or friends for a loan, or looking for other types of short-term loans from banks or credit unions.
How Can I Get a Title Loan in Hattiesburg, Mississippi?
If you decide to take out a title loan in Hattiesburg, Mississippi, you can apply for a loan with TheGuaranteedLoans. We are not a lender, but we will connect you with trustworthy lenders from our network.
You can fill out the online application on our website, and one of our representatives will call you back to discuss the details of the loan and answer any questions you may have.
Frequently Asked Questions
Q: Is it possible to get a title loan without a job?
A: Yes, it is possible to get a title loan without a job. However, you will need to provide proof of income, such as social security benefits, disability benefits, retirement benefits, or other income.
Q: Can I get a title loan if I have bad credit?
A: Yes, you can get a title loan if you have bad credit. Title loan lenders typically don’t check your credit score, and the loan will be based on the value of your vehicle and your ability to repay the loan.
Q: Are there any restrictions on how I can use the money from a title loan?
A: No, there are no restrictions on how you can use the money from a title loan. The lender will expect you to use the money for whatever purpose you stated on your loan application.
Apply Now
If you are in need of money quickly and have bad credit or no credit, consider applying for a title loan in Hattiesburg, Mississippi with TheGuaranteedLoans. Our representatives are available to answer your questions and help you find the loan that best suits your needs. Fill out the online application today and learn more about how we can help.