Does Indiana have title loans? Yes!
Hoosiers often uses this type of lending when their credit scores hold them back borrowing money in traditional ways, from getting a credit card, or when they need money right away with no hassle.
Since the 90s title lenders have been allowing consumers to use their car titles as collateral to secure short term loans. This alternative style of lending grew rapidly as the economy took a down turn and people's poor credit combined with banks tightening who they gave money to make it impossible to borrow.
The title lending industry in Indiana like everywhere is new and the regulations are still being sorted out by the lenders, consumer advocacy groups, and the state governments. While some say it feels like a Wild West frontier, the truth of the matter is with so many title loan companies vying for the opportunity to lend money, the consumer needs to research and compare. Not all lenders are the same.
A title loan is a solution to a specific problem. When all other lending options have been explored, a consumer has limited choices. One is to sell his or her car which could create other problems with getting to work and taking care of their families. The other is to get a collateral loan, using the value of their vehicles to secure a short term loan.
The key here is a title loan is a short term loan. It isn't a financial instrument designed to finance long term debt. A title loan provides money quickly with little paper work. Credit scores are rarely used to determine approval, making a title loan the only viable option for people with truly awful credit.
The pure nature of our current economy is we have an entire class of citizens who aren't being served by traditional lenders. Even community lending which helped during the Great Depression hasn't been able to assist since government spending has been cut to the bone.
People interested in taking out a title loan in Indiana can use the application form on this site to apply for the title loan, get a free pre-approval quote, and connect with a lender near them.
Title loans are short term loans, meant to assist a consumer with a temporary infusion of cash. The customer service representatives helping with the details of the loan will do their best to guide the consumer to the best possible terms for the consumer, but ultimately it is up to the person taking out the loan to determine what is best for him or her.
If you have any questions regarding Indiana title loans or applying for a title loan online, please contact us. We will happily answer any of your questions and inform you of your lending options.
When you need money for an emergency or to cover an unexpected expense, it is good to know what all your options are.
We are now offering installment loans.
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PremiumLoans may act as the broker for the loan, and may not be the direct lender.
All loan applications are subject to meeting our credit criteria, which includes providing acceptable property as collateral. Consumers need to demonstrate ability to repay the loan.
Loans made or arranged pursuant to a California Finance Lenders Law License.
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