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Alabama Title Loans: How Do They Work?

Before you apply for a title loan in Alabama, it is important to be familiar with the laws and regulations of your state. The laws in each state are different and can make a huge difference in how much you have to repay in the end. If you default on your loan, it could make a difference in having the vehicle.

Alabama is a state that has been known for its strict laws and no-nonsense policies. Alabama’s laws regarding title loans are no exception. The Pawn Shop Act covers Alabama title loans. In 1993, the Alabama Supreme Court considered title loan lenders pawnbrokers. In-store proof of licensing is required by the state for title loan lenders.

What is a Title Loan?

A title loan allows you to use your vehicle as collateral for money. The lender will own your vehicle until the principal and interest are paid off. The lender will be presented with your car’s title, and they will become lienholders for the term of the loan.  Throughout the loan term, you will still be able to drive your vehicle while paying your monthly installments.

What Do I Need to Apply for a Green Day Online Title loan?

To get a title loan, you must be able to prove your identity. These documents will be required:

  • Photo ID valid for government
  • Title of car-free from liens
  • Income proof
  • Documentation proving residence
  • Photos of your vehicle

What is The Maximum Term of a Title Loan in Alabama?

Alabama’s maximum term for a title loan is approximately one month. This is a different rule than in other states that offer title loans. Usually, one month is the minimum.

What is the Maximum I Can Get From a Title Loan in Alabama?

Your title loan amount will depend on:

  • Current market value
  • Verified income
  • Requested loan amount

What is Repossession in Alabama?

Contact a Green Day Online representative immediately if you are having trouble paying your owed amount on time. They will do everything they can to keep you in your car. As a company, our goal is never to repossess.

Why Should You Get a Title Loan In Alabama Through Green Day Online?

Green Day Online has assisted over 150,000 people2Customers can start their financial freedom journey by getting title loans approved. Our representatives are highly professional and well-informed. They will be happy to help you throughout the loan term. To ensure you get the best deal, we offer competitive rates. We may also be able to help you create a loan repayment program that suits your needs and finances. 

 

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