Can I Get A Title Loan In North Carolina
We hear from people quite often who live in North Carolina and are interested in getting a car title loan. Most of these applicants would have no trouble qualifying for a same day loan, except for the fact that title loans are currently not offered in the state of North Carolina.
Carolina title loans are not allowed because the state has some of the strictest lending laws in the country. The state requires all lenders to be licensed by the Commissioner of Banks, and they are subject to regular examinations. In addition, title loans are not secured by real estate, so they are not considered collateral loans and therefore you’re not able to use your vehicle as collateral for a secured loan in North Carolina.
Your Options For Carolina Title Loans
The fact of the matter is that title loans are all banned throughout the state. This includes large cities like Charlotte where you’re not going to be able to apply online or with a local lender. You may be able to get a title loan in South Carolina, Virginia, or other neighboring states. But you will still need to show some form of residency to qualify for Carolina title loans and that’s likely difficult if you live in Charlotte. In terms of what types of secured title loans are banned in NC, it depends on the state regulations but generally, you’re not going to see secured loans offer for boats and motorcycles as you won’t be able to refinance a car title loan anywhere within the state.
Alternatives To A Title Loan In North Carolina
For people who live in North Carolina and need cash fast, there are still other options available. There are many companies that offer payday loans and installment loans online. These types of loans can be a good option for people who need cash quickly and have bad credit or no credit history. Of course, these loans come with high interest rates and like title loans in Carolina, they may be banned as well. But you might have success applying online or with a local finance lender in Charlotte or Raleigh.
There’s also the option for more traditional loan offers in North Carolina. You can consider personal loans or even a cash advance from your credit card company. Contact your local bank or credit union to see if they offer any type of loan product you may be interested in. Most personal loan offers will have far lower rates than a short term loan, and unlike a vehicle title loan, you don’t need to use your car as collateral for the money borrowed.
Summary Of Title Loans In NC
In the end, title loans are not available in North Carolina but there are still other lending options available. The state laws and regulations may change in the future but for now, you are best served by looking at alternative lending resources. You can check out online title loans in other states, or look into personal loans, payday loan offers, and more. Be sure to compare rates, fees, and terms before signing any loan agreement. And always remember to borrow only what you can afford to repay on time.
For someone in Charlotte that’s looking for an online title loan, the fact is that you will not be able to tap into the equity in your car. Search for local personal loan companies in Charlotte and see if they offer installment loans or other types of bad credit loan offers that don’t involve your car title.
Even though Highway Title Loans can not help you with a secured loan in North Carolina, we will still gladly discuss your lending options and walk you through any questions that may come up. Don’t hesitate to reach out to our staff during normal business hours about any title lending questions.