Same Day Title Loans
in Georgia

Georgia Title Loans - How They Work & What's Required

Car title loans have become increasingly popular in Georgia over the past few years as more people are turned down for personal loans because of their low FICO scores. Title loans provide many benefits to people who want to borrow money quickly. You can use a car or truck as collateral for these loans, and customers can get qualified and funded in less than 24 hours. On top of that, you can borrow up to 65% of your vehicle's current resale value. So, a car appraised at $10,000 would mean a loan amount of $6,000 or more from a title loan provider in GA.

Auto title loans won't require good credit, and many of our applicants get approved with FICO scores under 550! Just apply online with Southeast Title Loans or call 1-800-308-1905 for a quick lending estimate, and we'll put together a quote showing your repayment terms and loan amount.

 

Qualify For Car Title Loans in GA

In Georgia, title loans have been legal and regulated by pawn brokerage laws instead of the typical equity lending laws. The logic is that title loan transactions are similar to pawn brokering. The borrower uses their lien free car or truck as collateral, allowing them to take on a loan of $2,000 or more. It's easy to qualify with Southeast Title Loans with just your paid off vehicle and proof of income.  As of 2024, the Department of Banking and Finance no longer has regulatory control of car title loan providers.  The Georgia Industrial Loan Act now regulates companies that offer auto title loans in GA.

 

 

Online Title Loan Lending Laws in Georgia

State laws in Georgia regulate all aspects of car title loans online, such as lender licensing, loan amounts, interest rates, and fees. These are a few of the requirements:

• The borrower must show proof of income
• The borrower must have evidence of their residence and income
• The borrower must be the legal vehicle owner and provide a pink slip showing no other cosigners. This means you cannot enable a title loan on leased, rented, financed, and those vehicles bought on loan by the bank.
• The borrower must have up to date vehicle registration. You also need proof of comprehensive auto insurance for any vehicle that's used as collatearl.

The title loan company must be a licensed loan lender in the state and follow all application requirements. This means they have met the criteria to be a valid lender and certified – thus, their practices are monitored and regulated by the state of GA. This way, it protects the borrowers from predatory lenders. The laws that regulate licensed short term loan providers in Georgia also cover firms that offer title pawning options. Any company that provides vehicle equity loans needs to be in good standing with the state.

The Georgia state code also makes it mandatory that a grace period of 30 days is the period for repayment in case the borrower cannot repay the loan. The interest rate and lien fee are also regulated by state law. Another factor to consider involves Senate Bill 462, which adds extra layers and processing requirements to most installment loans in GA that fall under the 3k threshold.

In any case, you should avoid title loans in most situations as the finance charges are high, and there are other low cost options that you may qualify for. If you have to borrow money, you should study all the laws and regulations and then consider title loans in Atlanta if you live in the area and feel you can qualify for funding. Apply now with Southeast Title Loans online or call us at 800-308-1905!

 

Interest Rates, Fees, And How To Apply In Georgia

Your interest rate with a Georgia title loan will likely be similar to what you would get from an unsecured payday lender. That means interest rates of 40 to 125%, with some companies charging higher amounts! Yes, those finance charges are sky high and make repaying the loan difficult. Because of that, you want to limit your loan amount to only what you need for a financial emergency and pay double or triple the required monthly payments to settle the debt quickly. Other fees, such as application fees, late charges, and credit reporting fees, are standard with these secured loans, but again, the bulk of the extra costs are associated with your APR.

Apply now with Southeast Title Loans if you're comfortable with these title loan drawbacks. Equity loans aren't for everyone, but they can be a lifesaver when you cannot borrow cash. We can take your application online, or you can contact us at 1-800-308-1905 to do your underwriting over the phone. Our agents will work to get your loan processed and matched with a direct lender in Georgia within less than an hour!