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When faced with the need for quick cash, title loans can be an attractive option. These loans allow borrowers to use their car as collateral and get the money they need in a matter of days. When it comes to title loans in Granville Summit, Pennsylvania, there are some things borrowers should know.
How Title Loans Work
When a borrower takes out a title loan, they use the title to their vehicle as collateral. The lender holds onto the title until the loan is either paid off or the borrower defaults. The amount that can be borrowed depends on the value of the vehicle and the borrower’s ability to repay the loan.
Title loans in Pennsylvania can be applied for at a physical location or online. Borrowers need to have a clear title, proof of income, and identification to apply. Loans are typically processed quickly with the funds being available in a matter of days.
Interest Rates and Fees
Interest rates on title loans in Pennsylvania are high. According to Pennsylvania law, a lender can charge up to 25% interest per month on loans up to $1,000 and up to 15% interest per month on any amount over $1,000. Fees can also be added on top of the interest, such as processing or document fees.
It’s important for borrowers to read all the fine print and understand the terms of the loan before signing. Taking out a title loan can be expensive, and nonpayment can result in the loss of the vehicle. Borrowers should only take out a title loan if they have the means to repay the loan in full.
Legal Protections for Borrowers
Title loans are legal and regulated in Pennsylvania. Lenders are required by law to provide a written agreement that outlines the terms of the loan. The agreement must include the total loan amount, interest rates, fees, and due date. Borrowers also have the right to cancel the loan within one business day of signing the agreement without penalty.
In the event of nonpayment, lenders must provide a ten-day notice of default before repossessing the vehicle. Borrowers have the right to cure the default by paying the past due amount plus any fees. If the loan is not repaid, the lender has the right to sell the vehicle and keep the proceeds. Any remaining amount after the sale must be returned to the borrower.
Interesting Facts and Statistics
- In Pennsylvania, there are over 500 licensed title loan lenders.
- The average title loan in Pennsylvania is around $1,000.
- The majority of borrowers are between the ages of 25-54.
- The default rate on title loans in Pennsylvania is around 10%.
Apply Now
If you’re in need of quick cash and are considering a title loan in Granville Summit, Pennsylvania, TheGuaranteedLoans can help you find a lender. As a connector service, we connect borrowers with potential lenders. To apply, visit our website and fill out an online application. We’ll do our best to connect you with a lender that fits your needs.
Remember, title loans can be expensive, and nonpayment can result in the loss of your vehicle. Make sure you understand the terms of the loan before signing and only take out a title loan if you have the means to repay the loan in full.