Title Loan laws in South Carolina

 
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A title loan can be a great way to get some help in a time of sudden financial need, when you receive an unexpected bill for example. Unlike traditional loans, there’s no lengthy application process. This means you may be able to get the funds you need to cover your emergency expense1 in a shorter amount of time, sometimes as short as one business day3. All you need is the clear-and-free title of a car you own and a few pieces of identification and other information. However, before you apply for a title loan, you should get familiar with the laws governing them in South Carolina. This insures that you borrow from a lender obeying state laws and that there won’t be any surprises down the road.

How much can I get for my Title Loan in South Carolina?

This varies based on a number of factors:

  • Loan Terms
  • Value of your vehicle
  • Income

You may not be able to borrow more than the value of your car, as determined by common industry appraisal guidelines like Kelly Blue Book. Generally the better your income, more money you may be able to borrow1. The minimum loan amount from LoanMart in South Carolina is $1,100.

What do I need to get a Title Loan from LoanMart?

You need a few things to be able to apply for a title loan:

  • Qualifying title for the vehicle
  • Photos of the front, back, and sides of vehicle
  • Proof of Income
  • Government-Issued Photo I.D. (Driver’s License, State I.D., Passport, etc.)
  • Proof of Residence (Certain pieces of mail)

What is considered proof of income for a Title Loan from LoanMart?

In addition to something like a paystub, there are a number of other income sources you can use to demonstrate your ability to pay back your title loan. For example:

  • Annuity
  • Settlement/Court-Ordered Award
  • Workers’ Compensation
  • Social Security

How do I get a copy of my vehicle’s title?

It may be possible to contact your local Department of Motor Vehicles (“DMV”) for a duplicate of your car title. Some DMVs can even provide expedited titles. Depending on the situation, LoanMart may be able to assist you in getting an expedited title from a qualifying DMV or direct you to the nearest DMV capable of assisting you. You may add LoanMart as a lienholder at that time—it may reduce the wait time on your loan.

How much does interest cost for a Title Loan?

LoanMart can charge a maximum APR of 209% in South Carolina for a title loan.

Are there any costs other than the interest for a Title Loan?

There is no fee to be considered for a title loan from LoanMart. That said, there may be additional fees associated with a title loan, beyond simply the interest. Lenders should disclose this to borrowers during the sign-up process.

How long do I have to pay my Title Loan back?

LoanMart offers loan terms ranging from 12-48 months.

What happens if I fail to pay my Title Loan?

If you ever find yourself unable to pay your title loan back in the agreed-upon timeframe, it’s important to speak with your lender as soon as possible. LoanMart will try to work with you to come up with a solution to work with your financial situation.

If you miss a payment on your title loan LoanMart will send you a right to cure notice stating the amount of time you have to pay the balance of your loan before the repossession process may begin. This is one of the reasons it’s so important to tell LoanMart if you are having trouble making payments. They would prefer not to repossess your car.

How to get a Title Loan with LoanMart

Now that you know some of the laws surrounding title loans in South Carolina, you can see that auto title loans can be a great way to get emergency funds without waiting on the application process of a traditional loan. Your qualifying car title in your name may let you be eligible for a title loan of up to $50,0001. And, because of LoanMart’s streamlined registration process, the time between when you submit your information and when your money arrives could be less than 24 hours3.

With our easy process, we give you three ways to contact us that make it convenient for you:

  1. Visit a participating store
  2. Call us at 1-877-787-4923
  3. Sign up online without leaving your home

Once you’ve figured out the best way for you to get in touch, all you have to do is follow these steps to get the money you need:

  1. Fill out the registration form
  2. Submit your important documents to your LoanMart representative
  3. Sign your LoanMart agreement1
  4. Collect your funds1!

Don’t let a sudden financial hardship ruin your day. You can sign up for a title loan with LoanMart in a few easy steps and have the funds you need1. Once you get your money, take care of your unexpected expense and get back on track.

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