Online Title Loans In Pennsylvania
Not long ago, dozens of companies in Pennsylvania offered car title loans entirely online. At this same time, many large national lenders provided same day funding online and over the phone. These loans are great for customers who have equity in their vehicle, as some companies offer upwards of $20,000 with a title loan.
As of 2024, however, short term lending options are limited in PA because of recent regulations. There are still a few ways to use your vehicle as collateral for a title loan, but the requirements are significant, and you won't be able to borrow as much as you could just a few years ago.
Pennsylvania Title Loans - Are They Allowed?
Title loan lenders in Pennsylvania took a hit in 2019 when the state passed a law capping interest rates at 26%. These new restrictions led to lenders leaving the state as providing car title loans in PA was no longer profitable, and companies offering title loans over 26% may have been seen as violating those restrictions.
The other significant change that title loan companies had to deal with was the requirement to be registered with the PA Department of Banking and Securities. Many smaller, fly-by-night title lenders were forced to shut their doors, and others didn't want to deal with the increased regulations. Some title loans may still be offered in the state through online companies and local lenders. We still hear from borrowers regarding pawn shops and small lenders in Philadelphia and Pittsburg that offer title pawn services for residents. But whichever company you work with, you should ensure they're licensed and following all state restrictions.
Is It Possible To Get A Title Loan IN Pennsylvania With Bad Credit
From their inception, title loans have been designed for those with low credit scores or other issues that make it impossible to get approved for traditional bank loans. However, the recent caps on interest rates and other financing terms have made it much more challenging to get approved for online title loans in Pennsylvania. Whereas a secured lender in Philadelphia could offer a title loan with interest rates above 30% just a few years ago, those high interest loans are now restricted, and it's harder to underwrite and approve a loan.
Do I Need A Job For Guaranteed Approval Title Loans In Pennsylvania
Historically, one of the requirements to get approved for title loans was proof of employment. However, we're now seeing more lenders that are willing to work with applicants who don't have a job. Now, title loan companies will give you money even if you're unemployed or disabled but can still prove income from disability or social security. Of course, the loan amounts for these vehicle title loans are lower than the average, and you still need to show some income source, but it's become much easier to get approved in Pennsylvania if you can show enough money coming in each month.
Refinance An Auto Title Loan In Pennsylvania
One byproduct of the recent short term lending restrictions in Pennsylvania is that you may be able to lower the interest rate on your existing title loan. Whereas a few years ago, most title loan providers in cities such as Harrisburg or Scranton offered title loans with interest rates over 50%, those loans are no longer offered. Now, the few direct lenders left within the state have strict regulations on the rates they can charge, and some may be able to refinance your current loan with a rate of 25% or less! That interest rate reduction can be significant if you reduce the APR by half, and some companies can even get back on track with payments and reduce the chances of repossession.
Highway Title Loans may not be able to help you with a title loan in PA as of 2024, but there's a chance we can lower the rate on your current title loan, so contact us today at 877-433-5454 to see how much we can save you!
Can I Apply With A Direct Title Lender in PA
There are a few ways to get a title loan quote, and you can always start with the online application here on Highway Title Loans. We need some generic details about your vehicle and your contact info. We'll also need proof that you have a paid-off vehicle and can verify income, and in some situations, you'll need to have the vehicle inspected at a lending location in Pennsylvania or perhaps outside of the state. Once you submit those details, our title loan underwriters will determine how much you can borrow and the repayment terms. And if everything looks good, we'll connect you with a title loan agent in the Philadelphia area who can help you. As mentioned above, there's a chance you won't get matched with a local lender in Pennsylvania, but it doesn't take long to apply and see what your options are.
