There are multiple types of cash advances including:
- Credit Cards
- Payday Loans
- Title Loans
Credit cards are a line of credit that you can draw on and pay back as needed. You are required to make a payment on the balance of your card each month. If you carry a balance, you will generally be charged interest. Credit cards are useful to have in an emergency, but only if you already have a credit card. If you find yourself in need of emergency cash without a credit card, the lengthy application process may mean that you can’t get your money in time.
Payday loans are a cash advance where you are given a sum of money that you must pay back, plus interest and fees, usually with your next paycheck, but they are different according to the laws in South Carolina (https://paydayloaninfo.org/state-information/48).
In South Carolina payday loans are capped at $550 per loan, though you can borrow less than that amount if you want. Unlike credit cards, there’s no lengthy application process for a payday loan. However, because it is unsecured, you may not get as good of an interest rate as if you’d gotten a secured loan.
Car Title Loans
Car title loans are a type of cash advance that uses your car title as collateral for the loan. They offer a lot of the same advantages of credit cards and payday loans.
How do Car Title loans differ from Payday and credit cards loans in South Carolina?
Just like payday loans and credit cards, you can use the money from your car title loan for whatever you want, unexpected expenses, emergencies, unforeseen bills, etc. Unlike payday loans, car title loans with LoanMart are secured using the clear-and-free title of a car you own, so you’ll need one to potentially qualify. You can keep your car and use it normally during the length of your loan when you make your monthly payments on time. Unlike credit cards, the application process for a car title loan with LoanMart is generally faster. Because you are using collateral, the lender is more concerned with the value of your car and your ability to pay them back.
What do I need to get a LoanMart Title Loan?
You need a few things to be able to apply for a title loan:
- Title for the vehicle
- Proof of Income
- Proof of Residence (Certain pieces of mail)
- Photos of the front, back, and sides of vehicle
- Government-Issued Photo I.D. (Driver’s License, State I.D., Passport, etc.)
What is considered proof of income?
A paystub is a great way to prove your income for a title loan, but it’s not the only way. There are a number of other methods you can use to demonstrate your ability to repay a loan such as:
- Settlement/Court-Ordered Award
- Worker’s Compensation
- Social Security
How to get a Car Title Loan with LoanMart
Now that you understand a little more about how title loans can help you if you are looking for a loan in South Carolina, you can see they are a quick, efficient way to get funds in an emergency. You won’t need to wait for a lengthy application process. LoanMart uses a streamlined application process which may enable you to receive the money within 24 hours3. Use your car with a free and clear title to potentially be eligible for a title loan of up to $50,0001.
LoanMart’s easy process gives you three ways to apply for a loan that make it convenient for you:
- Visit a participating store
- Call 1-855-422-7412
- Apply online without leaving your home
Once you’ve figured out the best way for you to apply, all you have to do is follow these steps to get the money you need1:
- Complete the application
- Submit the required documents to LoanMart
- Review and sign your LoanMart agreement
- Collect your funds!