Does North Carolina Allow Title Loans?
Yes, title loans are available to residents of North Carolina. The state has specific laws in place to protect borrowers from predatory lending practices and ensure that lenders operate in a fair and transparent manner. Online title loans in North Carolina work by allowing an applicant to use their car as collateral for the loan. Car title loans are often used by borrowers who need money quickly and may not be able to qualify for an unsecured loan due to their current financial situation. Many residents of Cary, North Carolina, are struggling to make ends meet. The poverty rate for the state is 13.4%, and in the city of Cary, it is 5.7%.
A title loan could provide you with the cash you need to deal with unexpected expenses, rent, or past-due bills. Apply for a title loan serviced by LoanMart today by filling out the pre-qualification form online. Or, call 833-910-2140 toll-free!1
What Do You Need for a Title Loan in Cary, North Carolina?
You don’t need to jump through hoops to apply for a car title loan in Cary, North Carolina! To qualify for an auto title loan serviced by LoanMart, you must meet these initial requirements:1
- Be 18 Years of Age or Older: To apply for a title loan in the state of North Carolina, you must be of legal age. You will need to provide a valid Government-issued Identification to verify your identity.
- Have a Car Title in Your Name: You will need a car title in your name to apply for an auto title loan. After you obtain your title loan, the lender has the right to to place a lien on the title to secure the loan. If the title is not in your name, you will not be able to use it as collateral for a car title loan. In some cases, it may be possible to transfer the title to your name before applying for the loan. Contact the North Carolina DMV to learn more about title transfers. Or, ask a title loan agent for more information.
- Have a Qualifying Vehicle With Positive Equity: If you are interested in applying for a title loan, you will need a vehicle with some equity to qualify. The equity in your car determines your potential loan amount, and learning this number can be simple! Equity in a car is calculated by subtracting the amount owed to the lender or bank from its overall value. Fortunately, you can use LoanMart’s online title loan calculator tool to get an estimate of your car’s equity! This estimate also comes with a quote that is free of obligation.1
- Provide Proof of Income: You will need to demonstrate your ability to repay the loan. Most applicants provide proof of income through bank statements, pay stubs, or tax returns. Alternative sources of income, like disability or retirement income, may also be accepted as proof of your ability to repay the loan.
Call 833-910-2140 to learn more about what you will need to apply for a title loan in Cary, North Carolina!
What are the Alternatives to Car Title Loans in Cary, North Carolina?
While a car title loan could be a great option to consider for quick funding, other alternative loan options are available to residents of Cary, North Carolina:
A payday loan is a short-term loan designed to provide borrowers with quick access to cash. These loans are typically small, with loan amounts ranging from $100 to $500. A borrower is expected to repay the loan in full as soon as they receive their next paycheck. Payday loans are often used by people stuck in a temporary financial crisis and need access to cash quickly. While this can be a fast way to obtain money, payday loans are notorious for their high-interest rates, making them expensive to repay.
A credit card cash advance can allow the cardholder to borrow money against their existing credit line. The loan amount is limited to a certain percentage of the cardholder’s available credit limit. Typically, credit card cash advances come with higher interest rates and fees than regular credit card purchases. It’s important to consider those rates before taking out a cash advance, as it can quickly lead to a cycle of debt.
Apply for a Title Loan in Cary, North Carolina
Not sure which option is right for you? Car title loans in Cary, North Carolina, can be an option for people who need access to cash quickly. Because the loan is secured by the borrower’s vehicle, it may be easier to qualify for a car title loan than other types of loans. With a title loan serviced by LoanMart, qualified applicants can access competitive interest rates and get their funds in as little as 24 hours!1 3
Can I Get a Title Loan in North Carolina With No Car Inspection?
You cannot qualify for a car title loan without a car inspection. The car inspection can take place online instead of in person, however. That can be convenient for people who need access to money quickly and have no time to waste!
When you apply for a car title loan serviced by LoanMart in Cary, North Carolina, you must submit recent photos of your vehicle. These pictures will serve as the virtual vehicle inspection to gauge your car’s overall condition and value.
The inspection will focus on the following factors of your vehicle:
- Make, Model, and Style of the Car
- Car Mileage
- Car Manufacturer Year
- Upgrades and Modifications
- Overall Value and Condition
You must take clear photos of the back, front, and sides of your car. Additionally, you will need to snap a photo of your car’s odometer and VIN (Vehicle Identification Number). The VIN is usually located on the driver’s side door or door jam. LoanMart’s approval process allows you to submit the photos online for your convenience.
What is the Downside to a Title Loan in Cary, North Carolina?
With auto title loans serviced by LoanMart in Cary, North Carolina, qualified applicants can access a hassle-free application process!1 Before applying for any loan, however, you should be aware of the risks involved.
A car title loan is secured through collateral, which is the title to the applicant’s vehicle. This means that if the individual fails to repay the loan, the lender has the right to seize the vehicle and sell it in order to recoup the remainder of the debt. If you struggle to repay a car title loan, you must contact your lender immediately. Make sure that you contact your lender before you default! Additionally, if you default on a loan, that can negatively affect your credit score.
With LoanMart, there are customer representatives available to answer your calls six days a week. Make sure to reach out if you need help! An alternative solution or arrangement could be made if you are struggling financially. Repossession is not an optimal solution for either party, since it can be difficult and expensive to arrange.
The best way to avoid repossession is to pay the money back on time each month! Several repayment options are available if you qualify for a title loan serviced by LoanMart in Cary, North Carolina. You can choose from the following:
- Set Up Automatic Withdrawal From Your Bank Account
- Pay Through the Online Portal
- Pay by Phone
- Send a Check in the Mail
- Pay at a Participating Money Transfer Location in Cary, North Carolina
Where Can I Get a Car Title Loan in Cary, North Carolina, Online?
Did you know that you can apply for a title loan in Cary, North Carolina, without visiting a physical location? Interested applicants can apply for a title loan serviced by LoanMart online using a smartphone, tablet, or computer!
The quick, three-step approval process was designed to help applicants experiencing a tough financial emergency.3
- Decide How You Want to Apply
- Submit the Necessary Paperwork
The documents required for a title loan serviced by LoanMart in Cary, North Carolina, could be simple to find. These documents help verify your information and speed up the application process.3
For an online title loan, you must submit the following documents:
- A Valid Government or State-Issued Photo I.D.
- Proof of Residency in North Carolina
- Proof of a Qualifying Vehicle Title in Your Name
- Proof of Consistent Income
- Recent Photos of Your Vehicle
You can conveniently submit these documents via email or fax!
- Collect Your Money!
Qualified applicants who meet the initial requirements and submit the correct paperwork may receive access to title loan funds within one business day of applying!3 You can choose between:
- Direct Deposit
- Receive a Check in the Mail
- Visit a Participating Money Transfer Location in the Cary, North Carolina Area
Apply for Online Title Loans in North Carolina Today
Applying for the financial help you need through a title loan serviced by LoanMart in Cary, North Carolina, does not need to be a hassle. Start the approval process today by filling out the pre-approval form or calling 833-910-2140 toll-free.1