When you’re trying to find title loans Columbia, it only slows you down to see listings for title loan companies that don’t even have an office in Columbia. And a long drive to reach a lender would make the title loan process much less convenient.
At our office, you’ll have your loan money in short order. Here’s what you can expect from the title loan process once you’re here:
This includes having you fill out some paperwork and assessing your financial situation. Per South Carolina state law, we do need to verify that you have steady income and consider how much you make per month to ensure that you’ll be able to pay back your title loan.
Next, we need to determine how much we can lend you. Your income plays a role here, as we need to lend you an amount you’ll be able to realistically pay back. But more than anything, your car is the main factor in your maximum loan amount. We’ll inspect your car and use a value guide to see where it’s at in terms of value.
The final step is having you give us your car title. This is temporary, and we only keep it while you pay back your title loan. After we have the title, we can issue the loan. All things considered, you will probably be out of our office in an hour or less.
And how can you get started on the application process? That’s easy. It’s been our goal to make the title loan application process as simple as can be, and that’s why we set up our online application. Going through the online application is a breeze, and not only does it take just seconds of your time, but you can do here on the Van Horne Title Loan Solutions website by clicking Apply. After your application goes through, we can figure out a vehicle title loan estimate and get you a loan preapproval. We’ll also have one of our loan representatives contact you as soon as they can.
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The title loan borrow age minimum is 18, and that’s due to federal law. Besides that, each state gets to set up the regulations it wants on title loans, meaning title loans Columbia are governed by South Carolina’s regulations.
Due to state law, title loan amounts must be over $600. The state hasn’t put any maximum on how much you can borrow, although we find that the most common range for title loans is over $600 up to $2,500. Borrowers rarely need more than that.
Since title loans are short term, the most common initial term length is 30 days. In South Carolina, the maximum initial term length is 120 days. It’s cheapest if you pay your title loan in full at the end of the term, but it’s also understandable if you can’t do that, and that’s where the flexibly repayment terms of a title loan come into play.
By paying your title loan’s interest, you can extend it into a new term that’s the same length as the initial term. Since the new term has its own interest charge, this results in you spending a bit more on the loan, but it’s still the way to go if you’re short on cash. Failing to make any sort of payment on your title loan would be a default, giving the lender the authority to repossess your car. They would need to wait at least 10 days after you defaulted, notify you about the default, and then give you another 20 days before they could repossess your car, though.
South Carolina has a few important title loan renewal laws. There are two maximum term lengths with extensions – you can extend your title loan up to six times or up to 240 days, whichever comes first.
If you reach that title loan limit, then you must pay off the loan in full. However, South Carolina allows you to pay your loan off over six monthly payments. You’re not charged any more interest on the loan as you make those payments.