A title loan is an extremely helpful resource when you find yourself in a financial bind and are unsure about how you are going to pay your bills. There are many reasons why a persona may turn to this type of loan for assistance and fortunately there are several ways for you to get title loans in New Jersey. However, every state in the country has their own rules and regulations when it comes to issuing out title loans to customers.
Here are some helpful details on how to get a title loan in the state of New Jersey so that you can get your finances back on track.
What are the Benefits of Getting a Title Loan?
There are several benefits that come along with getting a title loan. These loans do not require you to have a credit check, so even if you have a poor credit score, you can still apply for a loan and get approved.
Many companies provide their customer with the option to apply for title loans online at their own convenience. So even if it is after regular business hours, you can apply for a loan online and get the answers that you need the following business day.
Title loans can be used for anything you need. If you want to catch up on your bills, pay your monthly rent, or purchase school supplies for your kids, you can do that with the money you get from a title loan. These loans are perfect for those unexpected life events such as a broken hot water heater, plumbing issues, or an urgent trip out of town to see your family.
Also known as secured auto equity loans, a car title loan is a fast and hassle-free solution to your financial troubles. If you need fast cash be sure to check with the title loan companies in your local area for more information.
How Do I Apply?
It is easy to apply for a car title loan. Many customers choose to go to their area location and apply in-person, while others like the convenience of applying online. You only need a small amount of information to apply, such as your name and contact details. You will also need the make, model, year, style, and total mileage of your car.
It only takes a few minutes to apply online and usually, you will get an estimate within minutes. Since there is no credit check involved, you don’t have to wait around for an approval. Typically, most customers get the cash that they need within 24 hours of applying. It’s just that simple.
What are the Laws and Regulations for Getting a Title Loan in New Jersey?
Currently, car title loans are not legal in the state of New Jersey. That is because the of the high-interest rates that many companies charged in the past. These charges violate New Jersey’s usury laws. The state has an interest rate cap of 30 percent, and the rates that are offered by car title lenders is usually much more than that.
While you may not be able to go to a location in New Jersey for a title loan, you can apply for a title loan online where the lender is in another state. This allows you to get around the interest rate restrictions and get the money that you need fast.