How does a title loan work in Georgia?

Title Loan Benefits

Your title loan is based on the value of your car and ability to pay the loan back. Bad credit or no credit is not an issue! … When you get your title loan, you keep your car. We will hold onto the car title until the loan is paid in full.

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One may also ask, are title loans legal in Georgia?

Title loans in Georgia are governed by the Pawnbroker Law under code §§ 44-12-130 et seq. If you own a vehicle outright, you may be able to use its title to get a loan. There are no minimum or maximum loan amount, which means this will be decided entirely by you and the lender.

Also to know is, can a title pawn issue a warrant in Georgia? The state attorney general’s office says First American Title Lending of Georgia agreed to pay back more than $196,000 to customers and return titles. … That includes threatening customers with arrest warrants, according to the attorney general’s office. The company has no authority to issue warrants, the state says.

People also ask, can I do a title loan online?

Online title loans can be convenient if you want to start the process online or you want to set up an account electronically to check your balance and make payments. Terms for online title loans are usually about a month long, although they may last more than a year depending on the state.

Can you go to jail for not paying a title loan?

You cannot be sent to jail for defaulting on your loan. … A creditor can follow the same court process whether they have a secured loan (where a car or a house is listed as security in your loan documents), or an unsecured loan (there are no assets listed in your loan documents to secure payment of the loan).

How do you get approved for a title loan?

Documents You’ll Need

  1. Original vehicle title showing sole ownership.
  2. Government-issued identification matching the name on the title.
  3. Utility bill or other proof of residency matching the name on the title.
  4. Current vehicle registration.
  5. Proof of vehicle insurance.
  6. Recent pay stubs or other proof of ability to repay the loan.

How does title pawn work in Georgia?

Pawn Transactions

Georgia law treats a title pawn as a pawn of the car itself for a sum of money. However, unlike other property, the pawnbroker doesn’t need to have possession of the car itself. He only needs the title. Like other pawn transactions, the pawnbroker uses the car as security to give his customer cash.

How much can you get from a title loan in Georgia?

You can borrow from $3,010 up to $15,000 against the value of your vehicle with an Georgia Car Title Loans. All credit types are accepted with proof of income. With a title loan from 1(800) Car-Title®, you can get the cash you need quickly and keep your car.

How much does a title loan cost?

Title loans usually have an average monthly finance fee of 25%, which translates to an APR of about 300%. Title lenders often add other charges to the loan amount, like processing, document, and loan origination fees.

How much is my car worth for a title loan?

How much can you borrow with a title loan? You can usually borrow 25% to 50% of the value of the car. According to the FTC, the average loan amount is $100 to $5,500, but some lenders allow you to borrow up to $10,000, and even more. Once you’re approved for a loan, you’ll give the lender the title to your car.

What do I need for a title loan in GA?

The only car title loan requirements are that you’re at least 18 years old, have a valid state driver’s license, and a clear title to your vehicle. Most loans are approved in 30 minutes or less, meaning you’ll walk out the door with the cash you need in hand.

What happens if a title loan is not paid?

If You Miss Your Payment Date

Because the lender has your title, it effectively owns your car until you pay the loan off and take the title back. … If you don’t pay on the loan’s due date, you’ll turn your key in the ignition and nothing will happen — you’re not going anywhere until the lender gets its money.

What happens when you pawn your car title?

When you pawn your vehicle, the loan company also adds interest to the amount. If you still want to be able to use your vehicle even if the title has been pawned you might have to carry extra insurance for it. Consider it as another expense to pay for on top of the title loan itself.

Why do people pawn titles?

Pawning car titles is for those who need money at a moment’s notice. … Millions have used PawnGuru to get the cash they need by pawning their equity and commodities for some-day cash. Not only can you get the money you need but you can ensure you’re getting the most money for the best interest rate.

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