Online Car Title Loans In Alabama
Many short term loans are not allowed in the State of Alabama because of harsh state regulations, making it difficult for people to get money when needed. Regarding online title loans, these secured loans are regulated by the State’s Pawn Shop Act. These restrictions limit the financing options to a few online companies that offer online title loans in Alabama. There’s also a handful of lenders that fund title loans in cities like Birmingham and Mobile. These bad credit lenders will gladly give cash for your car’s title vehicle, but you need to know how the loans work and what’s required.
How Does An Online Title Loan Work In Alabama?
A title loan works as follows in Alabama: A borrower provides their car as collateral and signs over the title of their vehicle to the lender. Your lender keeps the car as collateral for your loan and you’ll get the pink slip back after the loan is repaid.
Secured loan amounts depend on state lending regulations and the value of your car. How much you get depends on your vehicle value and employment history. Any lender in Alabama will want to ensure you can repay the loan with set monthly payments.
What’s Required To Get An Alabama Title Loan
To be eligible for an Alabama title loan, you must have a clear title to your vehicle. Proof of income will vary by individual lenders but usually consists of pay stubs, W2 forms, or tax returns. The only other requirement in most cases is being at least 18 years old, so you are legally considered an adult capable of entering into binding contracts with third parties.
A paid off vehicle that you solely own is the main requirement for any pink slip auto loan. Even though you may have an older car with high mileage, the funding amounts in Alabama are low, and most borrowers in cities like Huntsville and Montgomery will have no trouble getting funded.
How Much Can I Borrow With An Auto Title Loan In Alabama?
The amount you can borrow with a bad credit title loan in Alabama is generally limited to the value of your vehicle in most cases.
Expect a funding amount of $1,000 to $7,000 for any paid off vehicle. While the average loan amount in AL is $3,000, some companies will offer more cash for cars with low mileage.
Average Interest Rates For Online Title Loans In Alabama
In many cases, as long as the borrower has a steady income and verifiable earnings, they can qualify for interest rates that aren’t sky high. The typical finance charges and APR for a title loan range from 20% to 100% in Alabama. These numbers and limits constantly change, and your lender must adhere to State Regulations. Be sure to check the latest interest rate changes and updates reflected in the Alabama Consumer Credit Act.
How Fast Can I Get My Money In Alabama When I Take Out A Title Loan?
Typically, funds land in the borrower’s account around 24-48 hours after they apply and submit the necessary paperwork. We offer secure online funding, and there are no credit checks, so getting money fast with us is as easy as possible. Of course, the amount of time to get cash will vary and is often based on bank funding hours and when you submit the application. This process can be much quicker for those who live in Huntsville or Montgomery near local lending offices. The fastest is probably in Birmingham, as the number of lenders makes it easier to pick up cash in person within a few hours.
With how simple getting an online title loan in Alabama happens to be, why not apply today with Highway Title Loans and get an answer on your approval status within just a few minutes? Complete our online application, or call 877-433-5454 for more info!
