Title Loans in Conetoe, North Carolina

Title Loans in Conetoe, North Carolina:

When you need quick cash and traditional lenders won’t give you a loan, title loans offer a solution for many North Carolinians. These loans are a popular option in Conetoe, North Carolina, where they are perfectly legal.

What is a Title Loan?

A title loan is a secured loan where the borrower uses their vehicle title as collateral. In other words, the borrower hands over the title of their car or motorcycle to the lender in exchange for funds. The lender becomes the lienholder on the vehicle until the loan is paid back in full.

Since title loans are secured loans, lenders often don’t require a credit check or require one with less stringent requirements, making them an option for borrowers with poor credit. The lender is more interested in the value of the vehicle than the borrower’s credit history. This makes title loans an alternative for people who may not have access to traditional bank loans or credit cards.

Are Title Loans Legal in Conetoe, North Carolina?

Yes, title loans are legal in North Carolina. However, there are certain restrictions in place to protect the borrower. The North Carolina General Statutes Chapter 53, Article 19B outline the guidelines for lenders in the state.

The maximum amount of the loan that a lender may grant is $25,000, regardless of whether the vehicle’s value is higher. This restricts the amount that the lender can lend and protects the borrower from overextending themselves.

Additionally, title lenders may only charge interest of up to 30%, which is a rate much lower than what some predatory payday lenders charge.

If the borrower cannot repay the title loan, the lender may repossess the vehicle. However, North Carolina law requires an order from the court before the repossession. This gives the borrower the opportunity to appear in court, make arrangements with the lender, and/or keep the vehicle by paying the outstanding balance.

Interesting Facts and Statistics About Title Loans in Conetoe, North Carolina

• In 2020, title loans accounted for $7.98 million in total loan volume in North Carolina. (Source: North Carolina Office of the Commissioner of Banks)
• In North Carolina, there are almost 400 businesses licensed to offer title loans
• The average title loan size in North Carolina is $1,157

The Application Process

At TheGuaranteedLoans, we make the application process for title loans easy and simple. We are not a direct lender, but we provide a connector service where we connect borrowers with lenders who will loan them money based on the collateral of their car title.

To get started, go to our website and fill in our online application form. The application process is fast and easy, taking only a few minutes to complete. Once you have submitted your application, one of our agents will contact you about the next step in the process.

If you have any questions or need help with the application process, our team is available 24/7 to assist you. Contact us at any time by phone, email, or chat.

In Conclusion

When you need quick cash and traditional lenders are not an option, title loans can be a great way to obtain the necessary funds. They are legal and popular in Conetoe, North Carolina, and provide borrowers with access to short-term loans through the collateral of their vehicle.

At TheGuaranteedLoans, we are here to help facilitate the process and connect you with potential lenders who can offer title loans. Our application process is fast, easy, and hassle-free.

Remember, title loans should only be taken out if you can afford to repay them. Make sure you read the terms and conditions of the loan before signing any contract.

Apply now with TheGuaranteedLoans and get connected with a potential lender in minutes!