Title loans can be very intimidating if you’ve never applied for one before. After all, you’re signing a financial contract and hearing all sorts of unfamiliar terminology. It’s only natural to have many questions and be concerned about how title loans work.

Carolina Title Loans, Inc. values transparency and customer satisfaction. We want you to feel comfortable about the loan and confident about your decision. We’ve put together this simple guide to help you understand what title loans are, how they work, what the process is to get one, and other elements involved in getting a South Carolina title loan.

What Are Title Loans?

Title loans are quick cash loans that allow borrowers to use their car title as collateral to receive emergency cash. Think of it as a pledge to repay the loan backed up using the vehicle title as a guarantee. There’s a common misconception about how car title loans work where people assume the loan lender will take the vehicle as collateral.

That is not the case, as the process involves placing a lien or legal claim on the car title. The borrower will keep their car and have the lien lifted once the loan is repaid. This lien is only in place if the borrower fails to make their payments or defaults on their loan.

Who Can Get Fast-Cash Loans For Car Titles?

The next important element in understanding title loans is realizing who can get a car title loan. Just because you have a car title does not necessarily mean you can get emergency money using your title as collateral. You must meet certain requirements to get approved for a South Carolina car title loan.

Here are the requirements for being able to get an auto title loan in South Carolina:

• The car title is registered under your name. If it is under someone else’s name, go to your local Department of Motor Vehicles (DMV) license plate agency to transfer it to you. Note that documents have to be signed by both you and the owner and notarized. You can find all the steps on the DMV website.
• The car is fully owned. You can’t use a title if you’re still paying off your car loan because the bank has a lien on the title. The vehicle must be paid in full to own it outright.
• The title is lien-free. You are not currently using the property as collateral for another loan. A loan lender must be able to place a lien on your car title, which they cannot do if it still has outstanding liens or judgments.

What Are The Requirements For A South Carolina Car Title Loan?

Getting approved for a car title loan requires more than just a lien-free car title loan. Potential borrowers must make sure they have a paid-off car and clean vehicle title, but there are other requirements they must meet.

A loan representative will check these three required items to determine if someone can get approved for a South Carolina car title loan:

• A driver’s license or state-issued ID card that shows you are above 18
• A lien-free car title in your name
• Your vehicle for an inspection

South Carolina Title Loan Process Explained

Now that you understand what title loans are, it’s important to learn about the process for getting one. If you have an urgent expense you cannot afford, you can follow the process below to receive emergency funds from Carolina Title Loans, Inc.

Here are the steps in the SC car title loan process:

1. Fill Out The Online Inquiry Form

On the homepage of the Carolina Title Loans, Inc. website, you will find an online form that you can fill out to start the process. This will require you to provide basic information, such as your name, contact information, zip code, and vehicle information.

If you are not internet savvy, you can provide this information over the phone or by coming to one of our South Carolina store locations. The online application is the easiest way to send us your information, allowing a loan representative to review it and call you to guide you through the next steps.

2. Speak To A Loan Representative On The Phone

After submitting your information through the online form, a loan representative at a store location near you will review it. They will give you a call to verify your basic information and discuss the next steps. During this phone call, you can ask any questions you have about SC car title loans.

After a short discussion, you can set up an in-person meeting with your representative. At Carolina Title Loans, Inc., we do not require a store visit for you to get approved for an auto title loan. We will meet you at a convenient location you can make it to during your day, such as your home or office.

3. Bring The Required Items To The In-Person Meeting

Collect your required items and head to the in-person meeting. A loan representative will meet you there and verify your required items. You should have no problem getting approved as long as you have them.

During the in-person meeting, the loan representative will inspect the vehicle to determine its value. They will base the loan amount on the vehicle’s make, year, model, and condition.

4. Sign Your Loan Documents And Receive Your Emergency Cash

The loan representative will tell you the value of your car title loan based on the vehicle's inspection and present loan documents for you to sign. You can ask any questions you have about your title loan, why the value is what it is, and how repayment works. After signing the loan documents, you can receive your emergency cash that same day or the next business day.

Frequently Asked Questions About Car Title Loans

Even after learning about the process, there is more to understanding title loans. This frequently asked questions section can answer your questions about car title loans before reaching out to secure emergency money.

The following are some frequently asked questions about South Carolina title loans:

Can I Get A Car Title Loan Even If I Have Bad Credit?

Yes! You can be approved even if you have a low credit score or have not yet established enough credit history. You will not have to show any other financial documents or employment records—the only paper you must present is your vehicle title.

How Much Can I Borrow With A Title Loan?

The value of a car title loan can range from $601 to $15,000, based on your vehicle model and condition. During the vehicle inspection, a loan representative will check the car’s age, mileage, working parts, and the appearance of its interiors and exteriors.

This will allow a fair and objective evaluation of its market value based on industry standards. The title loan limit is 25% to 50% of the market value.

How Long Does It Take To Receive A Car Title Loan?

After getting approved for a car title loan, you can receive your money the same day you start the process or the next business day. This short time between approval and receiving your money allows you to quickly handle your financial emergency and focus on repayment.

Can You Get A South Carolina Car Title Loan Without A Job?

Yes, you can get a South Carolina car title loan while unemployed. Many people who get laid off may need emergency money to get them through their rough financial period. We do not require proof of income for a vehicle title loan, so even those without a job can get approved for emergency cash.

Is A Checking Account A Requirement For A Vehicle Title Loan?

A checking account is not required for an SC car title loan. Although we do use direct deposit to get borrowers their money, you can choose another option to receive your fast cash. If you mention your lack of a checking account early on, we can work with you to get your money through cash or a prepaid debit card.

Can You Still Drive Your Car After Getting A Title Loan?

Vehicle title loans allow you to continue to drive your car while making repayments. We use your vehicle title as collateral, not your car. You can keep driving and continue with your life as normal while you make repayments.

Contact Carolina Title Loans, Inc. To Get A South Carolina Car Title Loan

Car title loans allow you to use your vehicle’s title as collateral for a loan that can help you pay for urgent expenses. Carolina Title Loans, Inc. can help you receive emergency money today. Fill out our online inquiry form and wait to receive a phone call from one of our friendly loan associates.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.