Like many other cities in Alabama, people in Bessemer also view title loan as a more important source of finance compared to other conventional sources. The short-term lending facility stands by you firmly during your hard time. The title lenders have gained strong customer base in Bessemer because they are extremely reliable and offer very transparent financial services. They follow all rules and regulations set forth by both the state and the federal government.
Description of Title Loan
A car title loan is an easy and simple way to receive cash during a financial emergency. The title lenders are so lenient that they do not bother to look into consumer’s’ credit history. The loan is provided on the basis of applicant’s’ vehicle valuation, whose title would remain with the concerned lender as collateral.
The financial emergency can arise all of a sudden anytime, not giving enough time to an individual for the arrangement of money. In such a situation, a prospective borrower can turn toward the title lenders without a second thought because they can provide you with the required cash within just 20 to 30 minutes.
Documents Requirement to Get a Bessemer Title Loan
Just a few documents are required to apply for a title loan, including:
- Government ID with photo
- Lien free title of a vehicle
- Monthly income proof
- Age proof certificate
How Does Title Loan Companies Work in Bessemer?
The title loans in Birmingham work in a very organized way. They provide online service as well as store service. For an online title loan, customers have to submit an online form with all the necessary details, such as age, name, address, contact numbers, email ID and the amount required. The lenders are very prompt in offering their service. They even understand how painful it is if you do not have money in your hand when you are financially challenged. Therefore, once they receive a loan application and a car title loan quote is given, they call back to the applicant and starts the processing.
The loan amount is fixed right after the inspection of to-be-mortgaged-car. An agreement is inked between both the parties after the verification of required documents and the cash is handed over to the borrower.
Legal Norms Related to Title Loan in Bessemer, Alabama
- Borrowers should be given 30 days to rectify their default so that they can protect their vehicle from repossessing.
- The title loan companies in Alabama must adhere to Chapter-19A of Alabama Pawnshop Act.
- Alabama permits title loan at triple-digit annual percentage rates.
- Maximum loan cost is set at 25% per month.
- Sale or leaseback is prohibited in Alabama.
- Period of title lending is one month.
Consumer Protection Law in Alabama
Alabama Office of the Attorney General is responsible for protecting borrowers’ interest. He acts as mediator, conducts investigations, takes required legal actions against the offenders and regulate the professional service providers as per the title loans laws applicable in Bessemer, Alabama. Following are the numbers to contact when cheated or defrauded by any lender:
Toll-Free Number– 1-800-392-5658
Phone Number– 334-242-7335
You can also file a complaint and contact police station in Bessemer, Alabama, in case of any deceptive act.
Police Chief at Bessemer police station is Nathaniel Rutledge Jr.
23 North 15th Street Bessemer, Alabama 35020
Phone: (205) 481-4351
Fax: (205) 481-4371
So, make your life in Bessemer more pleasant and tension-free by making use of the facility of title loan when challenged by any financial crisis. The tile lenders in the city are highly trustworthy and you will never regret if you choose this short-term secured loan.