Title Loans in Lowell, North Carolina

Title Loans in Lowell, North Carolina: What You Need to Know

Are you in need of quick cash to cover an unexpected expense or emergency? A title loan may be a viable option if you own a vehicle and have a clear title in your name. In North Carolina, title loans are legal and popular.

In this article, we’ll discuss everything you need to know about title loans in Lowell, North Carolina, from the application process to repayment terms and interest rates.

What are Title Loans?

A title loan is a type of loan where a borrower provides their vehicle title as collateral in exchange for a loan amount. The loan amount is typically a percentage of the vehicle’s value, and the borrower must repay the loan plus interest and fees within a set timeframe.

In North Carolina, title loans are governed by the North Carolina Attorney General’s Office. While title loans are legal in North Carolina, they are limited in terms of the loan amount and interest rates that lenders can charge.

The Application Process for Title Loans in Lowell, North Carolina

If you’re considering a title loan in Lowell, North Carolina, the first step is to find a lender. The good news is that there are many title loan lenders in Lowell, so you should have no trouble finding one that meets your needs.

Before applying for a title loan, it’s important to understand the requirements. To be eligible for a title loan, you must:

• Be at least 18 years old
• Own a vehicle with a clear title in your name
• Have a valid government-issued ID
• Have proof of income and a bank account

The application process typically involves filling out an online application or visiting a lender in person. You’ll need to provide information about your vehicle, including the make, model, mileage, and condition. The lender will also ask for information about your income and expenses.

Once you’ve submitted your application, the lender will assess your vehicle’s value and determine how much you’re eligible to borrow. If you’re approved for a loan, you’ll sign a contract that outlines the loan amount, repayment terms, and interest rate.

Repayment Terms and Interest Rates for Title Loans in Lowell, North Carolina

North Carolina law limits the amount of interest that lenders can charge for title loans. Lenders cannot charge more than 30% APR on loans of $500 or less, and no more than 18% APR on loans over $500.

Additionally, the loan term for a title loan in North Carolina cannot exceed 30 days. If you’re unable to repay the loan by the due date, you may be able to extend the loan by paying additional fees.

Interesting Facts and Statistics about Title Loans in Lowell, North Carolina

-According to the North Carolina Commissioner of Banks, there were 1,301 licensed title lenders in the state as of June 2021.

-The average loan amount for a title loan in North Carolina is $1,000.

-In 2020, North Carolina residents borrowed over $142 million in title loans.

Apply Now for a Title Loan in Lowell, North Carolina

If you’re in need of quick cash and own a vehicle with a clear title, a title loan may be a viable option. TheGuaranteedLoans connects borrowers with lenders offering title loans and other types of loans. Our application process is quick and easy, and we’ll help you find a lender that meets your needs. Apply now to get started.

Please note that TheGuaranteedLoans is a connector service, not a direct lender. We will facilitate your connection with potential lenders, but we do not make credit decisions or determine loan terms.