Title Loans in Greenville, North Carolina

What Are Title Loans in Greenville, North Carolina?

Title loans in Greenville, North Carolina, are secured loans that use a car title as collateral. A title loan is a type of loan that can help people who are in need of quick cash. According to North Carolina law, all title loan lenders are required to provide borrowers with full, unbundled disclosure of rates and all fees associated with the loan.

How Do Title Loans Work?

To apply for a title loan in Greenville, North Carolina, you must provide the lender with your car title and proof of identity such as a valid driver’s license or state-issued ID card. Your car must be paid off and the title in your name. The lender will review the vehicle and decide how much money to lend you, up to the limit of the car’s value. The lender will then hold onto your car title until the loan is paid off in full.

The loan amount and repayment schedule are determined by the lender, which could include a wide range of repayment terms depending on the borrower’s creditworthiness. Typically, title loans are due in 30 days but could range from 15-90 days, depending on the terms of the loan. The loan amount, interest rate and repayment terms will be discussed with the borrower in the initial loan counseling session.

Are Title Loans Legal in North Carolina?

Yes, title loans in North Carolina are legal. The North Carolina Deferred Presentment Services Act, which was passed in 2001, sets forth the standards and regulations to which title loan lenders must adhere. All title loan lenders in North Carolina must be licensed with the North Carolina Office of the Commissioner of Banks and must abide by this statute.

As of 2019, title loan lenders in North Carolina are required to follow the following guidelines:

• The maximum loan amount is $10,000.
• The minimum loan term is 15 days.
• The maximum loan term is 120 days.
• The maximum finance charge is two-thirds of the principal loan amount.
• All borrowers must be at least 18 years old.
• The lender must provide full, unbundled disclosure of all fees and interest.
• The lender must provide an itemized statement of all charges.
• Borrowers are allowed to pay off the loan early without any penalties.

Are Title Loans a Good Idea?

Although title loans can be a good option for someone who is in need of quick cash and cannot access traditional loan options, they should be approached with caution. The interest rates on title loans are typically much higher than those associated with other types of loans, and the repayment terms can be longer.

Borrowers should be aware of the risks associated with taking out a title loan, such as the possibility of losing their car if they are unable to repay the loan. Additionally, if the borrower fails to make their payments on time, their car could be repossessed.

How to Apply for a Title Loan in Greenville, North Carolina

If you need a title loan in Greenville, North Carolina, TheGuaranteedLoans can connect you with lenders in your area. To apply for a loan, you must be at least 18 years old and provide the following documents:

• A copy of your car title.
• Proof of identity such as a valid driver’s license or state-issued ID.
• Proof of income.
• Proof of insurance.
• Proof of residence.

Once your application is approved, the lender will review the vehicle and determine how much you can borrow, up to the limit of the car’s value. You will then be required to sign a loan agreement detailing the loan amount, interest rate and repayment schedule.

F.A.Q.

Q: Are title loans the same as payday loans?

A: No, title loans are not the same as payday loans. Title loans are secured loans that use your car title as collateral, while payday loans are unsecured loans that are typically due on your next payday.

Q: How long do I have to repay a title loan?

A: The repayment terms of a title loan depend on the lender, but typically range from 15-90 days. You should discuss the details of the loan with your lender before signing the loan agreement.

Q: What happens if I am unable to pay back my title loan?

A: If you are unable to pay back your title loan, the lender may repossess your car. You should discuss the consequences of defaulting on the loan with the lender before signing the loan agreement.

Apply Now

If you’re in need of quick cash, you may qualify for a title loan in Greenville, North Carolina. At TheGuaranteedLoans, we can connect you with lenders in your area who offer title loans and help you find the best loan for your needs. We are not a lender. We are a loan matching service and our goal is to connect customers with lenders who offer them better loan options. To apply for a loan, simply fill out the online application and we will get in touch with lenders in your area who can help.