There are a number of different types of loans you can get when you need money. If you need money fast, say to pay an unexpected expense or bill, you can get something like a payday loan or a car title loan.
A car title loan is a special type of loan. Like a payday loan, you may be able to get money quickly and lenders typically don’t look at your credit score. Until the very end of the process; lenders are more concerned with your ability to repay your loan and the value of your car than they are with your credit history. Unlike a payday loan, a car title loan is secured using the title of your car. This means you may be able to borrow more money, at a better interest rate, for a longer period of time than with a payday loan.
Now that you have a general overview of how title loans work, what do you need for one in Myrtle Beach?
How much can I get from LoanMart with a Title Loan in Myrtle Beach?
A number of factors determine how much you can get1:
- Value of your vehicle
- Loan Terms
You can’t borrow more than the value of your car and the actual amount will be determined by how much money you can afford to repay1. The minimum car title loan offered by LoanMart in South Carolina is $1,100.00.
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
- Proof of Income
- Photos of the front, back, and sides of vehicle
- 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 in Myrtle Beach?
A paystub is a common way to show proof of income. But there are a number of easy ways to show you are able to pay your title loan back. For example:
- Settlement/Court-Ordered Award
- Worker’s Compensation
- Social Security
How do I get a Copy of My Vehicle’s Title?
Your local DMV may be able to provide you with a duplicate of your car title. Some DMVs are even capable of expediting them. Depending on the circumstances, 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. If you can 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?
Lenders are required to advertise their maximum interest rates in a highly-visible place where borrowers can see them. However, one thing that borrowers should note is that rates can vary based on a wide range of factors, such as the time of year, the country’s economic state, etc.
Are There Any Costs Other than the Interest for a Title Loan?
Applying for a title loan is free. However, there may be additional fees associated with title loans, beyond simply the interest. Lenders should disclose these to borrowers during the sign up process.
How long do I have to Pay My Title Loan back?
LoanMart title loans in South Carolina have terms ranging from 12-48 months.
What happens if I fail to pay my Title Loan?
In the worst case scenario when a customer cannot make payments, the most effective strategy is to maintain constant communication with your lender. If you continually communicate and the lender knows where you stand, most lenders will work with you. All lenders want to work with their customers to help them pay the loan back by keeping an ongoing dialog. Payment plans and help are usually available. When a customer falls silent is when they run into issues.
The best way to handle your financial situation is to keep in contact with your lender. When you pick a lender that understands your financial situation, you can both work on a plan that will satisfy your lending terms and your current budget.
How to get a Title Loan with LoanMart
Now that you know more about getting a title loan in Myrtle Beach, South Carolina, you can see that LoanMart car title loans may be a great way to get emergency funds in a hurry, without a lengthy application process. You may be able to use your clear-and-free qualifying car title in your name to potentially qualify 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:
- 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 get in touch, all you have to do is follow these steps to get the money you need1:
- Complete the application
- Submit your important documents to your LoanMart representative.
- Review and sign your LoanMart agreement
- Collect your funds!
If you live in or around Myrtle Beach, South Carolina, you shouldn’t let an unexpected financial hardship ruin your day. You can sign up for a title loan with LoanMart and quickly get the funds you need to get back on your feet and get your budget back on track1.