Do you need money to take care of some urgent financial issues? Or do you want some extra cash on hand to pay for expenses as they come up? If so, title loans in Charlotte may be your best bet. If you own a paid off car, you may want to consider an online title loan as the best solution to get cash in North Carolina. These secured loans are an excellent way for someone with bad credit to get cash as the lender cares more about your vehicle’s value versus your credit history.
Consider What’s Required For Auto Title Loans in Charlotte Or Raleigh
Companies that offer title loans in Charlotte or Raleigh will require you to have a clear title to the car, so if a lien holder is holding it, you may not qualify. You must sign over the car’s title to your lender, and they’ll hold the pink slip as collateral until the loan is repaid. Other requirements consist of proof of income, proof of vehicle insurance and proof that you’re a resident of North Carolina.
Do I Need To Meet With A Lender In Person, Or Can The Loan Be Done Online?
A face to face meeting is available to nearly everyone regardless of where they live. Some title lenders may even offer title loans if you don’t reside in Charlotte or Raleigh but are just visiting North Carolina. Remember that you will still need to submit to some vehicle inspection or verification and funding can be delayed if you apply for auto title loans without all the paperwork in order. Any title loan company will make it a part of their contract to visually inspect the car to ensure it’s worth the required amount and check for damage.
What Kind Of Rates And Terms To Expect With A Charlotte, NC Title Loan?
A secured in Charlotte is a short-term loan, and as such, the finance charges and APR will be higher than other options like a bank loan or installment loan. This is not ideal for someone who needs a small sum of money and has good credit. Rates will vary based on your lender and underwriting conditions, but fees and borrowing rates are generally high.
If you need to borrow title loans between $700 and $7,500, the interest rate will be between 80% and can go as high as 300% APR with some title loan companies based in Mecklenburg County. If your funding amount is over $7,500, the interest rate will fall even more due to the increased collateral on larger loans.
Most lenders that fund online title loans without store visits don’t always require credit checks. So auto title loans are suitable for people with bad credit, are bankrupt, or who haven’t established any history with traditional personal loan lenders.
What Else Do I Need To Know About Title Loans in North Carolina
The state regulates the entire title loan industry in North Carolina and companies must follow specific rules set forth by the North Carolina Consumer Finance Act. Most actual title loans are illegal in the state, but you can still look for other secured and unsecured financing options to get cash. These available offers that we don’t recommend include tribal loans and offers from unlicensed offshore companies. Most title loan companies in Charlotte will offer a loan term of 6 months or more. Title lenders may require you to return your car to sign additional paperwork if they need to release the lien on your vehicle for other purposes.