Title Loans in Hazleton, PA

People throughout northeastern Pennsylvania occasionally find that they’re simply a bit short of the money needed to cover monthly bills, loan payments, medical expenses, or other emergency expenses. This can often result in a feeling of helplessness for many, while others might assume that their only option is a large personal loan that requires timely credit checks, in-person consultations, and years of installment payments that may not be very affordable. Title loans offer an alternative to these Pennsylvania residents. These loans are different in practically every way.


Understanding How Title Loans Work in Hazleton

The typical title loan does not require standard credit checks, a high FICO score, in-person consultations, and years of repayments. Instead, title loans are designed with the short-term borrower in mind. Rather than taking years for customers to regain solid financial footing, title loans typically offer repayment periods that last just one or two months. Additionally, the unique structure of the loan typically means approval can be granted without a traditional credit check.

Title loans have their approval based on the customer’s vehicle rather than their credit report. Borrowers must fully own their vehicle, with no outstanding liens, in order to apply. The vehicle’s make, model, mileage, and year of production determine both its value and the loan’s value. Because the vehicle secures the loan, borrowers are granted approval at a much higher rate than typical loans from a big bank can offer.


How to Apply for Title Loans in Hazleton

Title loans probably seem like the ideal product to cover a short-term financial shortfall at the end of the month. Many people may not be aware of how to apply for them, however. Today, most title loans require the submission of an online application. Like any other kind of loan, title loans require that borrowers submit basic contact information. This information includes the borrower’s mailing address, zip code, primary phone number, and full legal name.

Because a title loan is secured by the borrower’s fully owned vehicle, information about that vehicle must also be submitted within the application. Borrowers should be ready to submit an accurate make, model, year of production, and odometer reading as part of the application process. Upon submitting the application, these details will be used to generate an instant title loan estimate of the maximum amount.

After submission, a loan representative will review the application’s details and contact the borrower via phone to confirm some final points about the loan. Once the loan is approved, funds will be electronically transferred to the borrower’s bank account; funds are typically available within one business day.


Title Loans in Hazleton: State Regulations

The Pennsylvania state legislature has passed several laws that concern title loans and other short-term lending products offered to Pennsylvania residents. Title loans in Pennsylvania must require an interest rate no higher than 24 percent as long as the lender is licensed in the state. Unlicensed title loan lenders must cap their interest rates at 6 percent per month. Furthermore, title loan companies must use a middleman that operates between the lender and the borrower after an application has been submitted.


Benefits of Pennsylvania Title Loans

Title loans in Hazleton, as well as title loans in Philadelphia and the rest of the state, offer an ideal solution for borrowers who need quick access to a short-term source of money. With repayment periods that often take just a month or two, high rates of approval, and next-day availability of the loan balance in many cases, borrowers can get back on their feet and move past an often stressful experience.

Apply For Car Title Loan