If you are searching for a financial alternative to traditional loans, a title loan can be a great way to handle something like an unexpected bill or medical expense, for example. Unlike traditional loans, title loans don’t always have a long application process. It may be possible to get your funds in as little as a single business day3. Because you use your qualifying car title to secure your loan, lenders won’t run your credit until the very end of the application process. They are more interested in your ability to pay the loan back and the value of your car. If a title loan sounds like it might be right for you, keep reading to learn a little more about them. That way, there won’t be any big surprises down the road.
How much can I get for my Title Loan in South Carolina?
A number of factors contribute to how much money you can get for a title loan:
- Loan Terms
- Value of your vehicle
The absolute maximum you’ll be able to borrow is the value of your car. Lenders use common industry appraisal tools, like Kelly Blue Book to determine the value of your car. The amount you’re able to borrow will also be determined by your income. Note though, title loans in South Carolina are normally for at least $1,100.
What do I need to get a Title Loan?
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 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 in South Carolina?
A lot of people use their paystub to show proof of income for a title loan. But it’s not the only thing lenders will accept. There a number of other ways to demonstrate that you’ll be able to pay back your title loan. For example:
- Settlement/Court-Ordered Award
- Workers’ Compensation
- Social Security
How do I get a copy of my vehicle’s title?
You might be able to get a copy of your car title from your local department of motor vehicles (“DMV”). Some DMVs are even capable of providing you with an expedited title. Depending on the circumstances, LoanMart may be able to direct you towards the nearest DMV capable of giving you an expedited car title, or even assist you directly with getting it. If you add LoanMart as a lienholder when you get your title, it may reduce your wait time on the loan.
How much does interest cost for a Title Loan?
While there is no limit to the amount of interest you can be charged on a title loan in South Carolina, lenders must advertise the maximum interest rate they charge in a highly-conspicuous place where borrows will have no trouble seeing it.
Are there any costs other than the interest for a Title Loan?
It’s free to be considered for a title loan. However, there may be additional fees for getting a title loan, more than simple interest. Your lender should disclose those fees and charges to you during the sign up process.
How long do I have to pay my Title Loan back?
Title loans in South Carolina must be at least 30 days, but no more than 120.
What happens if I fail to pay my Title Loan?
If you can’t pay your title loan back in the timeframe of the loan, you can generally renew it up to six times. Each time you renew the loan, you’ll have to make new interest payments. Each renewal must have the same duration as the original loan, and the combined length of the original loan and renewal terms must not exceed 240 days.
If your payment is ten days late, your lender must send you a right to cure notice stating, that you have twenty days to pay the balance of your loan or the lender can initiate repossession of your vehicle.
If, after the sixth renewal, you are still unable to pay off the principle of your loan it stops accumulating interest. The remaining balance is divided into six equal payments that you must make over the next six months, one per month.
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 are a great financial alternative, with no waiting like during the application process of a traditional loan. Your qualifying car title in your name may let you qualify for a title loan of up to $30,0001. And, because of LoanMart’s streamlined registration process, the time between when you submit your information and when the 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:
- Visit a participating store
- Call us at 1-877-787-4923
- 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 need1:
- Fill out the registration form
- Submit your important documents to your LoanMart representative
- Sign your LoanMart agreement
- Collect your funds!
Don’t let an unexpected bill ruin your day in South Carolina. You can sign up for financial alternatives like a title loan with LoanMart in a few easy steps and have the relief you need1. Once you get your money, take care of your unexpected expense and get back on track.