Pennsylvania Car Title Loans Will Get You The Cash You Need And Help You Build Your Credit
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Do you need emergency money but not sure where to turn? Pennsylvania Car title loans are a fast and easy way to get the cash without bad credit getting in your way.
Velocity Car Title Loans is the preferred Loan Agency of the Tri-County Chamber of Commerce, one of the largest Chambers in the United States
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Pennsylvania Car Title Loans
Tips When Shopping for Pennsylvania Car Title Loans
Most of the title pawns come with a high-interest rate that serves as an option for people who have a bad credit in case they are not qualified to apply for a bank loan. This type of loan is specifically designed to prevent you from incurring a series of financial debt that has a tendency to increase when you pay your interest. In order to find the most desirable type of car title loans, we created a short but comprehensive list that will serve as your guide in finding the right Pennsylvania car title loans Company.
Things to be Aware of When Applying for Pennsylvania Car Title Loans
Be aware about the interest rate- most average
Pennsylvania car title loans has around 25% interest per month. While some of you may think initially that the monthly interest rate is quite similar with your credit card interest that has around 21%, remember that the credit card is an annual interest. The total APR (Annual Percentage Rate) of a car title loan would be a shocking 300%. When a company hand you an interest rate, you should verify if that is a monthly interest rate or an APR. The federal law requires these lending companies to give the annual rate, but some of them only abide to this law.
Arbitration clause
We won’t lie to you, there are a lot of lending companies that engaged in an unscrupulous business. You need to examine the contract carefully. In the event that you noticed a forced arbitration paragraph, you need to know that you are taking your right away to file a legal complaint. In case you saw a Pennsylvania car title loans Company that has this clause, do not sign it. There are better companies out there waiting for you.
Amount of Fees Charged
You may think that the high-interest rate is the end of it, but there are other Pennsylvania car title loans that will charged you with additional fee apart from the interest rate. There are even companies that will require you to purchase additional coverage, roadside assistance and life insurance that can increase the whole expenses. In case the company will also charge you with a repossession fee, be aware that this type of fee is illegal.
Penalty
Apart from the interest rate and the other expenses, the Pennsylvania car title loans Company may charge you with penalty in the event that you conducted an early-repayment. Remember that the Auto loan title company will take profit based on the interest rate and early-repayment will not be okay with them. Ask them about the possible penalties.
When you are in dire need of immediate cash, Pennsylvania car title loans may be your solution to receive a financial assistance. But keep in mind that you need to study the things we mentioned above in order to prevent yourself from incurring a higher amount of debt.