Auto Title Loans In North Carolina
We often hear from customers looking for title loans in North Carolina. Many of these applicants struggle to find direct lenders as most title loan companies have stopped business within the state.
Title loans are generally not allowed in NC as the state has some of the strictest lending laws in the country. All lenders must be licensed by the Commissioner of Banks and subject to inspections and other regulatory checks. Because of these restrictions, you cannot use your vehicle as collateral for a secured loan in NC.
Your Options For Carolina Title Loans
Most title loan offers are banned within North Carolina. This includes large cities like Charlotte or Raleigh, where you can no longer apply with local lenders.
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 isn’t easy if you live in Charlotte. The bottom line is that most secured loans are banned within the state, including those on cars and semi trucks. Generally, you won’t see secured loans offered for boats and motorcycles, and you can’t refinance a car title loan anywhere within the state.
Title Loan Alternatives In North Carolina
Alternative lending options are available for people who live in North Carolina. Some companies offer payday and installment loans online, which can be viable if you borrow a few hundred dollars. These loans can be helpful for people who need money quickly but have poor credit. Of course, these loans come with high interest rates, and like secured title loans, it’s hard to find a direct lender within the state.
Summary Of Title Loans In NC
Title loans are unavailable in North Carolina, but other lending options remain if you need a short term loan. State laws and regulations may change, but you are best served by looking at alternative lending resources. Check out online title loans in other states or look into personal loans and payday advances. Always remember to borrow only what you can afford to repay on time.
For someone in Charlotte or Greensboro who’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 to see if they offer installment loans 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. We can even point you in the right direction for a pink slip loan or a secured loan with reduced collateral requirements! Don’t hesitate to contact our staff during regular business hours about title lending questions.