Title loans are helpful when money is tight, but they can be hard to understand. When you apply for one of our loans, we can help guide you through the process. Here are some frequently asked questions you may ask about these types of loans:
What Is a Title Loan?
A title loan is a short-term loan that allows you to borrow money using your vehicle’s title as collateral. With this type of loan, you temporarily transfer ownership of your vehicle to the lender in exchange for a loan. Once you repay the loan, the lender returns your title to you.
How Do I Qualify for a Loan?
To qualify for one of these loans with our loan company, you need to meet the following requirements:
- You must be at least 18 years old.
- You must own a vehicle with a clear title (be sure to have no existing liens or outstanding loans).
- You must provide proof of income.
- You must have a valid ID and proof of residency.
The amount you can borrow is typically determined by your vehicle’s value and ability to repay the loan.
What Happens if I Can’t Repay the Loan on Time?
If you can’t repay the loan on time, you must communicate with your lender. At Georgia Title Loans, we work with our customers to find a solution that works for both parties. Failure to repay the loan may result in the lender repossessing your vehicle. We can work together to help you make timely payments.
How Long Does the Application Process Take?
At Georgia Title Loans, our application process is quick and convenient. You can usually complete the application online or at one of our locations within 30 minutes. We’ll typically provide a decision on your loan application within the same day.
How Long Is the Loan Term for this Loan?
Title loan terms can vary, but they are typically short-term loans with a duration of around 30 days. Some lenders offer the option to renew or extend the loan, giving you more time to repay if needed. Ask our team about our loan terms, and we can provide information on our options.
What Is the Interest Rate on This Type of Loan?
Interest rates on these loans can vary depending on the lender and your location. We offer competitive rates and disclose the terms and interest rates before you sign any agreement.
Is My Personal Information Secure?
We take the security of your personal information seriously at our loaning office. Our team has measures in place to safeguard your data and make sure it remains confidential throughout the application and loan process.
Contact Our Team
If you’re considering this type of loan, call us at Georgia Title Loans. We can answer other frequently asked questions or questions on your specific loan. These loans can be helpful in several situations, and we want to make sure you thoroughly understand our process before you begin. Contact us today to learn more about our loan process.