When bills pile up and you don’t know what to do, you should consider the possibility that a title loan could set things right for you. A title loan is an alternative loan product. With this type of loan, the borrower’s vehicle serves as collateral. Therefore, a title loan is a secured loan.
Title loans Middletown and how the process unfolds
The title loan process is somewhat similar to the process of taking out a traditional loan. However, there are a few distinctions to make note of before one applies.
Our title loans can be applied for online, and this makes this type of loan product highly convenient for many consumers. Our online application asks basic questions about the applicant. We need to know basic contact information for the applicant like his or her address and phone number. It’s also very important that we get some info about the applicant’s vehicle. As part of our application, applicant’s need to provide us with their vehicle’s make, model, and mileage.
After submitting an application, applicants await our response. We get back promptly and send a loan offer where possible. This loan offer will explain all the important details like how much the loan will be for and how much interest will be required.
Then, the prospective borrower can decide to proceed with the loan. Before we send the loan money, we need to receive the vehicle title and hold it as collateral until the loan is paid off. Once the loan has been paid off according to the terms outlined in the loan agreement, we send back the title and the process is complete.
If desired, a borrower could potentially renew or rollover a loan. However, the loan term can’t be longer than 180 days.
The laws in Delaware regarding title loans Middletown
Delaware state law allows title loans and sets few limits on them. A Delaware title loan can be offered for any amount whatsoever. There are no limits on how much this type of loan is offered for.
There are also no limits in Delaware according to state law on how high the interest rate on this type of loan is.
There is one limit to be aware of that is set by Delaware state law in regards to title loans in Wilmington. There is a limit of 180 days on the term of a title loan.
Unique benefits of title loans Middletown
One of the most important things to do is analyze the different types of benefits offered by this special alternative loan. A borrower who takes out a title loan can enjoy all of the following:
- Financing without the need for strong credit- Probably the biggest benefit is that your credit score won’t hold you back from being approved, even if it’s very low.
- Continued use of the collateral vehicle- While the vehicle is held as collateral, the borrower continues to use the vehicle as long as payments are kept up on.
- Financing when unemployed- Unemployed individuals can often easily be approved.
- A convenient application- You can apply from the comfort of your own home with our convenient online application.
- Affordability- Title loans Middletown are often kept lower than traditional loans in order to keep them affordable. A lower loan amount makes the loan quicker to pay back and less fast at accruing interest.