One of the biggest changes to Pennsylvania’s economy in recent years has been the shale oil boom in the north-central part of the state. Recently, however, people throughout Williamsport have found themselves making less money as a result of the downturn in oil prices nationwide.
While some people may have budgeted this into their spending pattern, many others find themselves in need of a brief financial boost to cover short-term expenses while they get back on their feet. This is a job for title loans, which provide the perfect, short-term source of extra money for people in exactly this type of situation.
What to Know About Title Loans in Williamsport
Title loans in Pennsylvania are probably know the most widely available source of consumer lending, but they’re easily one of the best options for people who need a short-term solution to financial stress and the high cost of many emergency expenses. Unlike loans from a big bank, title loans are granted to customers with a typical repayment term of just 30 or 60 days. This means that there is no long-term planning required, no need to accommodate years of loan payments, no reason to budget for up to five years of interest charges.
As a secured loan product that uses a borrower’s vehicle title as collateral, title loans have the added benefit of offering much higher final approval rates. The higher likelihood of being approved is the first step toward reestablishing a borrower’s financial peace of mind. It’s an essential “yes” in a world that may seem to be screaming “no” at people in a financial hard place.
Gathering Information and Applying for a Loan
Some key pieces of information are required of borrowers who decide to fill out a formal application for a title loan. In order to be granted title loans in Scranton, Williamsport, or other areas of the state, customers should have the following information available:
- Current vehicle mileage
- Vehicle year
- Vehicle make and model
- Current mailing address
- Zip code
- Full name
- Primary phone number
When this information is submitted, the application will generate an instant title loan estimate. Shortly thereafter, a loan representative will get in touch to confirm any final details, indicate whether the loan was approved, and transmit loan funds to the borrower’s bank account. Typically, the loan balance is available in the borrower’s’ bank account within one business day. This may vary, however, depending on the bank used.
State Oversight: Regulation of Title Loans in Williamsport
Pennsylvania financial regulations exist to protect consumers and guide them toward full repayment of their outstanding financial obligations. To that end, the Keystone State mandates that only licensed title lenders offer their products to consumers in Williamsport and beyond. Title loans in Williamsport must not impose interest rates greater than 24 percent per month; if a title loan company is not licensed in the state, that interest rate decreases to just 6 percent per month.
Title Loan Benefits for Pennsylvania Borrowers
Title loans are a great way to cover a short-term financial hardship, whether borrowers are having their working hours reduced, have suffered from an emergency expense, or simply need a bit of extra money to cover their needs for a few weeks. Title loans offer many benefits to Pennsylvania borrowers, including a reduced repayment term, affordable interest rates, a high rate of approval, and near-instant availability of funds. These benefits make it easier for borrowers to regain their financial footing as quickly as possible.