Rather than using one’s credit score to secure a loan, with a title loan, borrowers use their vehicle title as collateral in exchange for a loan. In addition to a title loan on a car, Always Money also offers loans up to $15,000 on other vehicles without titles including ATVs, motorcycles, boats, RVs, commercial vehicles, construction equipment, landscaping equipment, logging equipment, and more!
Title loans are usually for a 30 day term and borrowers must repay the loan balance in full plus the interest in order to redeem their title. Within the 30 days, the borrower must pay the balance in full or he or she may renew the loan by paying at least the minimum interest due. Borrowers can pay more than the interest due to reduce the principle balance and save money on future interest. If the loan is renewed, the borrower will receive an additional 30 day term and interest will be charged on the remaining principal.
There are many benefits to getting a title loan as opposed to opting for a cash advance loan or an installment loan. You can usually borrow more money and you keep your vehicle. Additionally, title loans are not credit based loans, so it will not impact your credit score.
The loan limit and requirements may vary depending on your state of residence. In Mississippi there is a fixed state regulated maximum amount on title loans, so the loan cannot exceed $2,500. However those same regulations do not apply in Alabama, so Always Money offers up to $15,000 on title loan depending on the collateral and if the borrower meets certain underwriting criteria. Learn more about how title loans work here.
It's easy and simple to get the cash you need at Always Money.