Online Title Loans In Pennsylvania
Not long ago, dozens of companies in Pennsylvania offered car title loans completely online. At this same time, many large national lenders provided same day funding online and over the phone.
As of 2023, however, short term lending options are limited in PA because of recent regulations. There are still a few ways to use your vehicle as collateral for a title loan, but the requirements are significant, and you won’t be able to borrow as much as you could just a few years ago.
Pennsylvania Title Loans – Are They Allowed?
Title loan lenders in Pennsylvania took a hit in 2019 when the state passed a law capping interest rates at 26%. These new restrictions led to lenders leaving the state as providing car title loans in PA was no longer profitable.
The other major change that title loan companies had to deal with was the requirement to be registered with the PA Department of Banking and Securities. Many smaller, fly-by-night title lenders were forced to shut their doors. We still hear from borrowers regarding pawn shops and small lenders in Philadelphia and Pittsburg that offer title pawn services for local residents.
Is It Possible To Get Pennsylvania Title Loans With Bad Credit
From their inception, title loans have been designed for those with low credit scores or other issues that make it impossible to get approved for traditional bank loans. However, the recent caps on interest rates and other financing terms have made it much more difficult to get approved for online title loans in Pennsylvania. Whereas just a few years ago a secured lender in Philadelphia could charge an applicant a rate of 36%, that APR is now limited, and it’s harder to underwrite and approve a loan.
Do I Need A Job For Guaranteed Approval Title Loans In Pennsylvania
Historically, one of the requirements to get approved for title loans was proof of employment. However, we’re now seeing more lenders that are willing to work with applicants who don’t have a job. Now, title loan companies will give you money even if you’re on unemployment or disability. Of course, the loan amounts for these vehicle title loans are lower than the average, and you still need to show some income source, but it’s become much easier to get approved in Pennsylvania if you can show enough money coming in each month.
Can I Apply With A Direct Title Lender in PA
There are a few ways to get an initial quote; after that, it’s up to you how to apply. You can always start with the online application here on Highway Title Loans. We need some generic details about your vehicle and your contact info. Once you submit those details, our title loan underwriters will determine how much you can borrow. And if everything looks good, we’ll connect you with a title loan agent in the Philadelphia area who can help you.
But you’re never obligated to take the loan because you got our quote. We always encourage our applicants to shop around and compare rates before deciding. We think you’ll find that Highway Title Loans offers some of the best title loan terms in Pennsylvania, but ultimately, it’s up to you when deciding who you want to work with.