A county seat and a growing Philadelphia suburb, Norristown has attracted new residents through its surprisingly affordable cost of living in an area defined by high home prices and rents. Even so, that doesn’t mean people in Norristown can’t suffer from a brief financial downturn in their personal lives. Often the source of stress, fighting and fatigue, financial stress can seem nearly impossible to overcome. Products like title loans, however, offer Norristown residents the ability to surpass financial hurdles, get back on their feet, and do so without committing to a long-term installment loan.
Defining Title Loans in Norristown, Pennsylvania
A title loan isn’t just another conventional, installment-style loan with a long-term debt burden for borrowers. Instead, title loans in Norristown were specifically designed to provide a short-term window of repayment. Most borrowers repay the balance of their loan in just 30 or 60 days in Pennsylvania, giving them the ability to move beyond financial headaches as quickly as possible. Better yet, title loans offer high rates of approval.
Unlike many other types of loans, title loans are a secured lending product. That means each title loan is tied to the title of a borrower’s fully owned vehicle. By reducing the risk to the title loan company, this type of security allows many more loans to be granted; many more people regain their financial peace of mind as a result. Because title loans are often needed in a pinch, the application and approval process is also very fasts and efficient.
Applying for Title Loans in Norristown
Title loans in Philadelphia and the greater metro area typically require the same set of details from borrowers when deciding how much to lend and whether to approve the loan. First and foremost, customers need to provide contact information. Loan representatives will often confirm the loan with a customer on the phone, and they’ll need the customer’s full name, current address, primary contact number, and zip code in order to do that.
Borrowers also have to fully own their vehicle with no outstanding liens. Vehicle information is provided in the application as a way to estimate the title loan and approve it. Details required include:
- Make and model
- Current odometer reading
- Year of production
With this information verified and submitted, a loan representative will review the details, call to confirm some final information, and make a determination about approval. The funds will often be available for use the following business day.
How State Laws Affect Title Loans
Title loans in Pennsylvania are tightly regulated by a series of laws passed in the state legislature. While many laws concern interest rates, some also regulate how and where a title loan lender can operate. Customers should be aware that only licensed title loan companies can typically offer loans to Pennsylvania consumers.
Licensed title loan companies can charge interest rates no higher than 24 percent per month. Unlicensed companies can charge a maximum of just 6 percent per month, which discourages them from operating in the state. Title loan companies in Pennsylvania are also required to have a middleman that operates between the borrower and the lender.
Many Benefits for Keystone State Borrowers
Title loans offer short repayment periods, a higher chance of approval, and access to funds typically within a single business day. This makes a title loan the right choice for Norristown borrowers who are suffering from only a momentary financial hardship. With the quick processing times and lack of long-term planning required, title loans provide much-needed peace of mind to the people who need it the most.