Maine Collateral Loan
When a borrower gets a collateral loan in Maine, the borrower essentially "secures" the loan by giving the lender an ownership interest in the product being purchased. Is your car paid for? Do you have a clear title on it? If not, you will not be able to use your car for any kind of collateral. Most collateral loans in Maine are used to finance vehicles, homes or other big-ticket items that can be easily located and taken over by the lender if the borrower should fail to repay. In these cases, the financier takes ownership interest upon initiating the loan, and loans only the exact amount needed to purchase that property. A car title loan in Maine will allow you to drive away with cash today and still keep your vehicle! Because the loan is secured by auto equity, Title Loan Shop can afford to lend to customers who are considered high risk. In most cases, all an applicant in Maine needs is a car title, also known as a pink slip, to get immediate approval. In some cases, however, the bank may take ownership interest in an item--ranging from a vehicle to electronics to high-end jewelry or watches--already owned by the borrower in exchange for a cash loan. Title Loan Shop is a registered partner of Wilshire Consumer Credit℠. Licensed and certified to operate in Arizona, California, South Carolina and New Mexico, this lender only requires borrowers to have a clear pink slip, in most cases, for approval in minutes.