What Are Title Loans?
Are you familiar with title loans? If not, here’s a quick rundown: a title loan is a loan that’s secured by the borrower’s vehicle. This means that the lender holds onto the title of the vehicle until the loan is repaid in full. Title loans are often used when traditional loans aren’t available or when borrowers need money quickly.
Legal Status of Title Loans in Coats, North Carolina
If you’re interested in getting a title loan in Coats, North Carolina, you’ll be glad to know that they are legal and popular in the state. However, there are some regulations that lenders must follow to comply with state laws. For example, the loan amount cannot exceed $2,500. Additionally, the loan term cannot be longer than 30 days.
How to Qualify for a Title Loan in Coats, North Carolina
Qualifying for a title loan in Coats, North Carolina is relatively easy. In most cases, all you need is a vehicle that you own outright and a few other documents, such as your driver’s license and proof of insurance. Additionally, you must be at least 18 years old and be able to provide proof of income.
The Benefits of Title Loans
So what are the benefits of getting a title loan in Coats, North Carolina? Here are a few of the most notable ones:
- Easy to qualify: As mentioned earlier, getting a title loan is relatively easy. As long as you have a vehicle that you own outright, you should be able to qualify for a loan.
- Quick access to cash: Title loans are often used by borrowers who need money quickly. If you’re facing an unexpected expense or bill, a title loan may be able to help you cover it.
- No credit checks: Unlike traditional loans, title loans don’t require a credit check. This means that even if you have poor credit, you may still be able to qualify for a loan.
Interesting Facts and Statistics About Title Loans in Coats, North Carolina
Here are some interesting facts and statistics about title loans in Coats, North Carolina:
- In 2017, there were more than 2,000 title loans made in Harnett County, where Coats is located.
- The average loan amount for a title loan in North Carolina is $1,000.
- Approximately 1 in 5 borrowers are unable to repay their title loan and end up having their vehicle repossessed.
Apply Now for a Title Loan in Coats, North Carolina
If you’re interested in getting a title loan in Coats, North Carolina, TheGuaranteedLoans can help you find a potential lender. Our online application process is simple and fast, and you could receive your funds in as little as one business day. Keep in mind, however, that TheGuaranteedLoans is a connector service and not a direct lender. We work with a network of trusted lenders to help you find the right loan for your needs.
Apply now for a title loan in Coats, North Carolina and take the first step towards financial freedom!