Did you appear in a situation where you urgently need money? Or you are searching for the way to get cash immediately? The solution is closer than you thought.
You are not alone in the financial difficulties, consider, that four in ten American citizens do not have enough finances to cover their costs for a month. Unfortunately, the situation gets even worse due to a pandemic, job losses, and entrepreneurial activities terminations. It happens that more and more families are facing financial troubles.
If you are a resident of Georgia state and you need quick fundings, you may be thinking about available options. Your vehicle can help you to obtain a Car title loan in Georgia. If you never thought of an option like this, you can find all the answers about car title loans below.
How do Car Title Loans work in Georgia?
It is one of the easiest ways to get the amount of money you need. Even if an applicant has a bad credit score it will not stop him from obtaining a car title loan. Lenders in Georgia do not rely only on your credit score. Many other factors decide whether you will be approved or not. Moreover, your car will be used as a collateral, which secures a loan from default and allows lenders to easily approve any kinds of applications.
A car title loan in Georgia is available to owners of any kinds of vehicles, regardless of its year, make, mileage and condition. Your vehicle’s value is the main determinant assigning the amount of cash you can receive. On average, car title loan lenders in Georgia offer sums starting from $200 to as high as $50,000.
Car Title Loan Laws in Georgia
First of all, the Georgia state legislations demand that title loan lenders are licensed. These licenses are important because they are designed to protect the borrower. Pawnbrokers and car title loan lenders are controlled in the same way in Georgia. This legislation guarantees a legal recourse in case your lender acts against the state’s laws.
Each period of 30 days during the first 90 days of your credit, you may collect interest or fees. The correct sum owed along with the loan amount, in full, must amount in at least $10 per 30-day period and do not exceed 25% of the total loan amount. For instance, on a loan of $2,000 during the first 30 days you will be demanded to pay from $10 and $500 in interest and fees.
If the repayment period of your loan is maintained to more than 3 months your lender has the right to charge interest and fees equal to not less than $5 per 30-day period but no more than 12.5% of the loan sum, for more than 90 days period and on top of the loan sum. For instance, between the 90th and 120th day of your loan extension, you will be charged from $5 to $250 in interest and fees on a $2,000 credit.
How much Georgia Title Loans cost?
Every lender is obliged to disclose any type of fees or charges imposed. If these charges are not accordingly exposed or are more in amount that is legally permitted, then a borrower is free to recover them, if he has already paid, or refuse to cover them if he hasn’t. It is possible to recover these fees for two years after you noted, or should have noted, an inaccuracy. In any case, before seeking legal proceeding, you should notify your lender in written form and by certified statutory overnight delivery, return receipt requested, of the charges you are arguing and that you are considering legal action. The lender has 30 days to remedy or make an offer to remedy this case.
In case you don’t manage to refund the loan on time, your lender is permitted to confiscate your automobile, without further notice and without legal intervention. Get ready to be charged subsequent fees for repossession and sale. Even if the lender is allowed to repossess your car, and charge related fees, he is not allowed to more than what they gave out. This means that if your vehicle is confiscated and sold, the money a lender won are intended to cover only your credit, and everything remaining belongs to you.
Imagine that you got a loan amount of $2,000 and agree to refund the loan sum, interest, and fees of $350 during 60 days of the loan date. You do not manage to repay your loan. Your lender then confiscates your car and places it up for sale after keeping it for a week. At the sale, your lender receives $10,000 for your automobile. You now owe your lender $2,435: $2350 + 50 (storage fee) + 35 ($5 storage for 1 week). Your lender got $10,000 for the car, so the rest of the money legally belongs to you.
Georgia Title Loan Alternatives
As title loans require a collateral and not everyone owns a vehicle, you may want to consider alternative sources of small-dollar financing. The most popular ones are:
Choose your city in Georgia to get a Car Title Loan at a store nearby:
- Sandy Springs
- Johns Creek
- Warner Robins
- Peachtree Corners
- East Point
- Peachtree City
- Sugar Hill
- Union City
- Forest Park
- St. Marys
- North Druid Hills
- North Decatur
- Belvedere Park
- Lithia Springs
- Wilmington Island
- Villa Rica
- College Park
- Powder Springs
- Druid Hills
- Mountain Park
- St. Simons
- Richmond Hill
- Holly Springs
Can a car title loan in Georgia hurt my credit history?
Usually, car title loans do not have any impact on your credit history. Applicants, who apply for the first time, should be aware that most title lenders do not proceed a credit check when you apply. However, if a hard credit check took place, it typically takes five points or less away from your credit score.
How many payments I can miss before my car will be confiscated?
If it happened that you missed a payment on your title loan, you have to act fast. Two or three passed over payments may cause a repossession. The repossession, in its turn, will damage your credit score.
What do I need to qualify for a car title loan in Georgia?
Follow these simple requirements to get a title loan in Georgia:
- Car, truck, or motorcycle
- Clear title to the car
- Valid state driver’s license
- Steady source of Income
What are the car title loan disadvantages?
- Because of the fact, that borrowers with bad credit are accepted, the interest rates for title loans in Georgia become extremely high.
- If it happens that you do not manage to repay the loan, you can easily loose your vehicle. The lender confiscates the car to cover expenses and the service.
- Excessive Fees.
How much can I get with a title loan in Georgia?
It is possible to get the amount from $200 to $50,000. The sum depends on the value of your car. Title loans are perfect for anyone with bad credit.