Pennsylvania’s capital city is rebounding after decades of hardship, but many of its residents still suffer from financial emergencies and shortfalls that can cause them a great deal of stress and worry. While it might be tempting to commit to a long-term installment loan to cover sudden expenses, residents of the Keystone state have another option available to them that’s likely even better. Title loans can help cover the short-term expenses that often pop unexpectedly up at the end of the month. From home repairs to medical expenses and many other unforeseen costs, title loans can provide quick peace of mind.
What is a Title Loan and How Does It Work?
Title loans in Pennsylvania are designed to offer a few key benefits that other types of loans just can’t offer. Among these benefits:
- A greater chance at approval by using a vehicle as security.
- Near-instant estimates and approval of the loan application.
- Funds available in as little as one business day.
- A short repayment term that requires no long-term planning
These benefits are ideal for customers who are gainfully employed, own their vehicle outright, and simply need to cover the cost a short-term financial hardship. Most title loans are paid back in as little as a month, with no long-term financial planning or installment burden. Since funds are available very quickly, they’re also an ideal way to cover emergency expenses that could not have been planned for at all.
How to Apply for Title Loans in Harrisburg
Title loan applications are relatively easy to fill out, with only a few key pieces of information needed in order to provide a title loan estimate and get the ball rolling on final approval. Customers should be willing to provide their full name, mailing address, zip code, and phone number, so that loan representatives can contact them to originate the loan. A few details about the borrower’s fully owned vehicle are also required:
- Year
- Mileage
- Make
- Model
Once these details are supplied, the application can be submitted and an instant loan estimate will be generated on-screen. Next, a loan representative will call the provided contact number to verify some more information and advice as to the approval status of the loan. After the loan has been approved, funds will be electronically transferred to the borrower’s bank account and should be available the next business day.
Pennsylvania Financial Regulations for Title Loans
Title loans in Harrisburg are subject to state regulations. These regulations apply to title loans in Philadelphia, Harrisburg, Pittsburgh, and the rest of the state’s more rural areas. First and foremost, title loan companies must be licensed in the state of Pennsylvania. If licensed, the company can charge an interest rate of only 24 percent per month. Finally, due to a quirk in state regulations, title loan lenders must use a middleman in order to arrange, approve, and originate the loan balance.
A Recap: Benefits of Title Loans in Harrisburg, Pennsylvania
Title loans are a unique financial option for borrowers who need immediate financial assistance to pay monthly bills, cover emergency expenses, or for any other reason. Because they are tied to the value of a vehicle, the loans offer a much higher approval rate, are easy to apply for, and have a maximum value that is well within the borrower’s ability to repay.
Another key benefit of title loans is that they’re a short-term solution to what is most often a short-term problem. Rather than saddling borrowers with years of repayments, interest charges, and finance charges, title loans often can be repaid in one month. This makes it easier to regain financial independence and move on from a brief financial problem.