There are two different rates you need to be aware of when considering a title loan in Greenville:
- Interest Rates
- Loan Amounts
How much does interest cost for a Title Loan in Greenville?
There is no maximum amount of interest you can be charged on a title loan in South Carolina. That said, lenders must advertise their maximum interest rates in a highly-conspicuous place where borrowers can see them.
How much can I get for my Title Loan Greenville?
This varies based on a number of factors:
- Loan Terms
- Value of your vehicle
You can’t borrow more than the value of your car, and the actual amount you can borrow is determined by your ability to repay the loan1. Normally title loans in South Carolina must be for at least $1,100.00 dollars.
What are some of the other advantages of a Title Loan?
Title loans are great short-term loan option for a number of reasons:
- There’s no credit check until the end of the application process, lenders are more concerned with the value of your car and ability to pay
- There’s no lengthy application process, meaning you can potentially get your loan in one business day3
- They may offer competitive rates and convenient terms, which means paying back the loan doesn’t have to be stressful
You’ll need a qualifying car title in your name, as well as a few other items to get a title loan.
What other things do I need to get a Title Loan?
There are only a few documents you’ll need to gather before you apply for a title loan:
- Qualifying title for the vehicle, with your name on it
- Proof of Income
- Proof of residency
- Government-Issued I.D. (Driver’s License, State I.D., Passport, etc.)
- Photos of the front, back, and sides of vehicle
What is considered proof of income for a Title Loan in Greenville?
Many people think the only way to show proof of income for a title loan is through a paystub. It’s only one of the more common ways to demonstrate you can pay your title loan back. You can also show proof of income for a title loan with things like:
- Social Security
- Settlement/Court-Ordered Award
- Workers’ Compensation
How do I get a copy of my vehicle’s title?
It may be possible for you to get a duplicate copy of your car title at a local department of motor vehicles (“DMV”). Some DMVs are even capable of providing you with an expedited copy. Depending on the situation, LoanMart may be able to direct you to the nearest DMV that can help you, or even assist you in getting a duplicate title. If you add LoanMart as a lienholder at that time, it may speed up your title loan process.
Are there any costs other than the interest for a Title Loan in Greenville?
Lenders shouldn’t charge you for applying for a loan. However, there may be other costs or fees associated with your title loan. Your lender should outline these costs during the application process.
How long do I have to pay back my Title Loan in Greenville?
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 are unable to pay back your title loan according to the schedule you agreed to, you are usually permitted to renew the terms of the loan up to six times. If you do renew the loan, you’ll need to pay any interest you owe up to that point. You will also be responsible for any new interest that accrues. Each time you renew, the duration of the loan must be the same length as the original loan. And, the combined length of the original loan and any renewals 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 a little more about title loans in general, as well as the various rates associated with them, you can see that they are a good way to get emergency funds to cover an unexpected expense or bill. As long as you have a qualifying car title in your name, you may qualify for a title loan of up to $30,0001. And, thanks to LoanMart’s streamlined application process, you may be able to get your money in 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 decided how 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!
If you live in or around Greenville, South Carolina, don’t let an unexpected bill or expense get your budget off-track. Now that you understand title loan rates, you can get a car title loan from LoanMart that may help get your finances back on track1.