Unlocking Financial Help in Petersburg: How Car Title Loans Can Offer Relief
Petersburg is a beautiful independent city in the Commonwealth of Virginia and has grown into a transportation hub. Moreover, with time, it has been continuously evolving as a small city with growth in commercial establishments.
However, with rising inflation and unemployment rate on the rise, many times many residents find themselves in need of financial assistance.
During such times, you can make use of your car’s title as an emergency loan. Since these loans are secured by the vehicle, the credit score does not have any significant impact on the approval process.
Some Crucial Information on Title Loan in Petersburg, Virginia
| Loan Amount | Up to 50% of car’s value |
| Late fee | 5% of due payment |
| Interest Rate | 15-22% per month |
| Repayment Terms | 3-12 months |
Breakdown of Interest Rates
- 22% on an amount of $700.
- 18% on an amount of $700.01-$1400.
- 15% on an amount of $1400.01 or Higher.
Source: Virginia State Corporation Commission
Key Takeaways
- A car title loan is a secured loan that you may get within one day.
- You can secure up to 25% – 50% of your vehicle’s value as a loan.
- Alternative income sources are also accepted to get a title loan.
- You may get approved even with a bad credit score
Now Get a Title Loan in 3 Quick Steps
Applying for an online title loan is easy and straightforward. Just visit our website and follow the three easy steps mentioned below.
1- Apply Online
Start the process by filling out a simple online request form. Fill out some basic details about yourself and the vehicle, and submit the form.
2- Get Approved
The lender will carefully review every piece of information to determine your eligibility. Once approved, a title loan agreement will be presented to you with a clear mention of the loan terms and conditions.
3- Receive Funds
Read the loan agreement carefully before signing. Once you sign it, your bank account will get funds quickly. If you sign the loan agreement before 2 p.m. on a business day, the cash deposit is usually made the same day.
What Documents Are Required for Title Loan?
Unlike traditional bank loans, you only need a few documents to apply for title loans online.
- A Clear Vehicle Title
- Proof of Income
- Proof Of Identity
- Proof of Residence
- Vehicle Insurance/ Registration
Note: Document requirements may vary based on the lender you choose and the state you are applying to.
Are Title Loans Based On Credit?
Since title loans are secured and you use your vehicles as collateral, you don’t have to worry about your credit score. Though a soft credit check may be conducted, you may still get a title loan if you have bad credit. All you need to do is comply with these two main requirements:
- Ability To Repay the Loan
Having a regular income source is crucial for title loan approval. A regular income ensures lenders that you can make the monthly payments without fail.
- Value in your Vehicle
How much cash you can get is usually determined by the appraised value of your vehicle. Therefore, you can secure up to 25% – 50% of your vehicle’s value as a loan.
Do I Need a Regular Job to Get Auto Title Loans?
No, for title loan approval, a regular source of income is required, not a traditional job. Lenders understand that not everyone has a regular 9-5 job. So, even if you have alternative sources of income, you can get a title loan.
Some Alternative Sources of Income Lenders Accept:
- Social Security Benefits
- Rental Income
- Freelancing
- Passive Income
- Severance Pay
- Worker’s Compensation Pay
- Annuity
- Trust Fund Income
- Cash Settlements
- Tax returns
- Disability Insurance
- Monetary Settlement Ordered by Court
Title Loan Benefits You Can Get Today
Though title loans come with high-interest rates and the risk of losing a vehicle, they have various benefits as well.
Bad Credit Accepted
Title loans can be a good option for people in dire need of money, as they are designed for people with a bad credit score. Since title loans are secured using your car title as collateral, lenders usually even approve loans to bad credit borrowers.
No Pre-payment Penalties
Some lenders allow you to pay off your loan early without any penalties. This is helpful if you have the money and want to pay off the loan early. Not having penalties for early payments means you can save money on interest.
Keep Driving Your Car
The flexibility to keep driving your car is a major benefit of title loans. Even though you use your car’s title as collateral, you can still drive it as long as you make the required monthly payments on time.
This can be really helpful for individuals who rely on their vehicles for their daily transportation needs.
Quick and Fast Approval
Unlike traditional loans from banks and credit unions, title loans don’t have a lengthy approval process. Also, since most lenders accept online applications, you can apply from home using your computer or mobile devices.
Important Title Loan Laws in Petersburg, Virginia
| Purchase Products or Services | You can’t repay other loans or buy products from the same lender or its affiliates using the loan amount |
| Certificate of Title | Lenders have 10 days to return the certificate of title after you repay the loan. |
| No Rollover or Extension | Leaders can’t refinance, renew, extend, or rollover the title loans. |
| Prohibition on Obtaining Funds Electronically | Lenders are prohibited from debiting your funds by electronic means |
| Sale of Vehicle | In cases of repossession, lenders must send a written notice at least 15 days prior to selling the vehicle. |
Frequently Asked Questions
Do You Charge Anything to See if I Qualify For the Loan?
No, we don’t charge any fees for assessing your eligibility for a title loan. Our request process is free, and we provide you with the necessary information to make an informed decision about your loan options.
You can check how much amount you will have to pay per month by using our user-friendly loan calculator.
Can I Get a Title Loan While Still Paying on My Car?
While a clear title is required for loan approval, you can get a title loan even if you’re still paying off your car. Therefore, you can get upto 50% value of your car. If you have a few payments left, you can use the title loan funds to pay off the remaining balance on your car loan.
Are You a Licensed Lender?
Yes, Montana Capital is a licensed lender, and we operate under the regulation of the Department of Financial Protection and Innovation. Our lending practices comply with the standards set by the regulatory authority to ensure a fair and transparent lending process.
Apply for Instant Title Loans Today!
Not everyone has the funds to manage their urgent financial needs. But you can use your car title to get the quick cash you need.
Our online request process is straightforward, and we aim to assist you in borrowing money as early as possible.
Submit your requirements on our online request form and experience the convenience with us.