Title Loans in Massachusetts: Full Application Guide 
Imagine this. You're living in the moment. Suddenly, you receive a text: there's been a situation! Your business-owned assets aren't enough, and you need emergency funding!
What do you do?
If you're in a pinch and need financial help quickly, we have the most hassle-free way to receive cash and all the steps you need to get it.
Let's run through everything you need to know when applying for car title loans in Massachusetts!
We'll look at its benefits, requirements, and even precautions to take.
What Is a Title Loan?
A title loan in Massachusetts is a secured loan that obliges you to make your vehicle's title collateral.
There are five types of title loans: car title loans, truck title loans, sport utility vehicle title loans, motorcycle title loans, and recreational vehicle title loans.
For this article, we will know more about the most common title loan out of the five: the car title loan.
Lenders from reputable companies will ask for customers' vehicle titles in a title loan while assessing their possible loan amount.
These lenders will then let you borrow a minimum of 25% and a maximum of 50% of your vehicle's equity.
The good thing about title loans is that your credit score may not be as essential compared to your vehicle's equity. The latter will determine your application and approval. That said, a credit check may still be needed.
Auto loan repayment plans can be made through a single payment or installment plans.
Nevertheless, you need to pay regularly so that lenders or their companies will not repossess your vehicle.
What Is the Purpose of a Title Loan in Massachusetts?
A car's title loan acts as your emergency funding. In times of financial need, you can easily apply and get approved for a funding account in Massachusetts.
All you really need to have is your car and the title under your name.
It will be collateral, and you are giving the grantor the right to claim your property if you fail to follow the loan process and agreement.
If your income does not suffice for you to have emergency funds available, title loans are definitely useful. They can provide you with additional support and ease your financial needs for a short period.
You can get a pre-approval and finish the application process for this loan within 15 to 45 minutes. It's lightyears ahead of similar transaction types.
Also, you can get approved within 24 hours after your basic documents, including your vehicle's title and your income, have been thoroughly assessed.
Why Should I Get Car Title Loans in Massachusetts?
You should get this title loan in Massachusetts if you match one or all of the conditions on this list:
- You need cash INSTANTLY for emergency purposes
- You want to skip long lines of bank or credit union transactions
- You do not have the patience to wait hours for the traditional application process
- You have a car with your name on the title (sole ownership)
- You are of legal age (18 years old and above) and a resident of Massachusetts
- You have a poorer credit score that banks have deemed too low to accept for loans
- You have a source of income that is enough for the repayment of loans
If you can relate to one or most of these descriptions, we believe you are ready to apply for title loans in Massachusetts.
It's time to get your essential documents and fill out an application form.
Just make sure you know what you are applying for and that you can pay the principal amount with the interest rates every month.
What Are the Requirements When Applying for Title Loans in Massachusetts?
When applying for a car title loan in Massachusetts, you need to comply with these basic documents for pre-approval, application, and funding:
- The vehicle title states you are the sole owner
- Your vehicle's valid insurance and registration
- Government-issued identification cards or Massachusetts IDs
- Proof of residence in Massachusetts (must be a Massachusetts resident)
- Photos of your car for assessment of value
- Your car in-person for proper assessment
There may also be additional requirements. However, this will depend upon the requests of your lender's company:
- Proof of income within or outside Massachusetts (some grantors may not require you to be employed or have a stable income)
- Bank account information for the loan money and repayment transactions in Massachusetts
Failure to provide one or more of the required documents may significantly affect your chances of being granted loans. There is a higher possibility that you can get turned down.
REMINDER: To save you the hassle of gathering all the required documents without the assurance of getting approved, you can always opt to call your grantors and ask for pre-approval.
How to Apply Online for Title Loans in Massachusetts?
Yes, you can apply for a title loan in Massachusetts without leaving the comfort of your home.
You can even get an assurance to get a title loan for your vehicle through a pre-approval. A pre-approved vehicle loan can make your process in Massachusetts more uncomplicated.
Read through these easy steps:
Step 1: Fill Out the Online Application Form
Visit your lender's official website or page, ask for their online application form, and fill it in. You can also call them through their phone number or send them a text message.
Most of these online application forms can be answered in 30 minutes. It is reasonably easy if you have all the primary documents for reference.
Before submitting your form and documents, provide a signature for a letter to express written consent. This proves that you are willing to transact with the lending agency.
It also certifies all documents are authentic and you qualify for all the basic requirements in age, property, income, and Massachusetts residency (US resident).
After submission, you can expect approval within the day or the following business day.
Step 2: Prepare the Physical Documents in Massachusetts
After getting the official approval from your lender's company, prepare your documents. Also, make sure to bring complete and original copies of your documents.
Submit it personally to your lender's office. This also allows your lender's company to inspect your car, assess your car's equity and give you a fair loan amount.
Step 3: Get Your Money
When the verification period of your lender's organization in Massachusetts is done, you will receive a text message, a phone call, or an automatic dialer on your registered phone number.
Then, your loan money will be directly deposited into your account.
If you opt to pick it up via a money transfer service, your lender's organization will automatically send it through that channel.
Expect your loaned money within a few business days.
How to Apply Personally for Title Loans in Massachusetts?
If you are the more traditional type of borrower, you can visit your lender's office and apply directly.
However, you can give them a primary call for a pre-approval of your account.
This can be done to save you the hassle of going into their Massachusetts office and leaving it without the needed amount.
With a few basic documents, you can follow these steps to apply:
Step 1: Fill Out an Application Form and Bring the Documents
Since you will be applying in person, you can submit your documents, provide your application form, and bring your vehicle.
Before visiting on-site, you can send a text message to their phone number or call them. It is essential to give them a heads up so that your transaction will sail smoothly.
It will also be beneficial for you to contact them beforehand to get pre-approved for a fund and to get your account quicker.
Then, your lender's organization in Massachusetts will check your submitted papers in real time (depending on the lender).
Upon submission of your documents in Massachusetts, you will be asked to provide a signature for a letter to express written consent.
This will certify the credibility of the document
and your qualifications for the basic requirements in age, property, income, and Massachusetts residency (US resident).
Step 2: Assessment of Car Equity in Massachusetts
After verifying your documents, your lender's organization in Massachusetts will ask for your car. They will inspect it and assess how much your vehicle is worth.
In turn, they will give you 25% to 50% of that value while also relying upon other submitted documents.
Step 3: Get Your Loan Amount
If approved, you can get a text message with your verified phone number and expect the money on the same working day.
However, if it would take another day, you can choose for the lender to send it through a money transfer or deposit it in your bank account the following working day.
Make sure to ask the lender to communicate with you through your email, phone number, or automatic dialer when they have already sent the cash.
How Much Can I Get With Car Title Loans?
In auto title loans, your loaned money will depend on the value your lender's organization in Massachusetts perceives from your vehicle.
Your ability to reimburse your debt will also be considered based on your credit score and employment status.
However, you can usually get 25% to 50% of your vehicle's equity.
How Can I Assure Legal Transactions for My Title Loans in Massachusetts?
You can ensure legal transactions for your auto title loans in Massachusetts by transacting with a credible lender's organization.
Aside from getting in touch with us, you can also commit these tips to memory:
- Check Reviews and Feedback From Their Customers - Nothing beats knowing what previous and current borrowers think of your prospect lender in Massachusetts. This will help you evaluate if you will have more benefits or if the lender will cause you more harm than good. It will also be reassuring for you to hear positive feedback since this transaction involves financial matters and your automobile title.
- Know Your Rights and Review Laws That Protect Borrowers - The Criminal Usury law (Chapter 271, Section 49) in the Commonwealth of Massachusetts covers the minimum and maximum title loan interest rates different companies can impose on their borrowers. Interest rates exceeding those required by law may lead to charges against the Criminal Usury law in Massachusetts.
Are Interest Rates High in Title Loans in Massachusetts?
Title loans inherently have high-interest rates.
However, in Massachusetts, laws regulate the maximum title loan interest rates stipulated in title loans, payday loans, and even a traditional bank loan.
Grantors in Massachusetts imposing interest rates beyond 20% will be charged with criminal usury.
This can result in ten years of imprisonment, a ten thousand dollar fine, or both.
Why Is a Car Title Loan Better Than Other Loans in Massachusetts?
If you have financial problems that need instant solutions, getting a title loan in Massachusetts may be better for you and your car than other loans.
Get Cash With an Easy Application Process in Massachusetts -
An auto title loan in Massachusetts is a better option for those who need a faster application, approval, and cash deposit time.
The process in title loans is way easier and quicker than in other loans.
Depending on your chosen grantor, there may be additional information required. Nevertheless, convenient terms and competitive rates are ensured.
Apply With a Bad Credit in Massachusetts
Even though some lending companies have credit checks for your account, most of them are not strict with that process.
You are still allowed to apply and can still get approved despite having bad credit.
However, these lenders will ensure that the loaned amount is within your capability of repaying.
Get Approved, Use Your Car in Massachusetts
Yes, you read that right.
After getting approved, you can still use your car daily.
Yet, you must ensure you regularly pay your account so it will not be repossessed.
Before getting your loaned amount, your lenders will sometimes duplicate your keys and install a Global Positioning System (GPS) on your vehicle.
Some will also require you to purchase a roadside plan. These are necessary measures in case you cannot repay your loans.
What Should I Be Mindful of When Applying for Title Loans in Massachusetts?
When applying for title loans, you must remember a few things to help you realize what you are venturing into and to set your expectations when opening your new funding account.
Title loans are known for their high annual percentage rate (APR) of at most 25% monthly.
However, title loans in Massachusetts are an exception since they have laws penalizing lenders going beyond 20% interest rates.
Yet, 15% to 20% interest rates are still high for some, so you can still expect a relatively significant APR.
Also, your grantors will assess your source of income. Although there are some in Massachusetts who will not go through this process, there are few who will.
By doing this, they can evaluate your income and the value of your vehicle to produce an account with fair interest rates and loaned cash.
Moreover, there can be additional fees added to your monthly payment account. For this, the importance of reading and understanding the contract comes into play.
Read your contract word for word.
This is a crucial move to make to really see the complete picture of your agreement.
In your contract, there may be penalty fees or charges that your lender forgot to mention explicitly.
There may also be statements saying that your signature certifies a purchase from their services.
However, Chapter 167E, Section 4 of the General Laws of the 192nd General Court of the Commonwealth of Massachusetts states that lending companies should create contracts directly addressing the following:
- Maximum loans to value, amount, maturities, and debt to income requirements
- Collateral and appraisal requirements
- Application and loans approval requirements
- Loan administration procedures
Despite the law, some may still try to lure you if you do not read the contract properly.
There can also be inconsistencies when the company retrieves your car, title, and key, which you can only raise if you read the contract before signing.
An inevitable part of not repaying on time is vehicle repossession, as you give the grantor the right to own your car in exchange for the loan money.
A repossession will work if you do not follow specific terms and agreements. Grantors will get your car through their duplicate keys.
Also, some grantors have already installed GPS in your vehicles. They can still know where you are and can get your vehicle anytime, even if you're far from Massachusetts.
To save yourself from this scenario, you should also clarify how this will work for you and the organization.
You may even need to worry about lenders getting your car in spite of you paying every month.
How Do I Avoid Repossession?
That is why knowing your title loan agreement in Massachusetts regarding repossession is crucial.
Clarify if the grantor needs your full payments monthly or if they will accept it partially and would still allow you to use your car.
If ever you violate one or more of the loan terms, the grantor has the privilege of getting and selling your car to compensate for your loan that is not paid.
How Can I Apply for Title Loans in Massachusetts With a Bad Credit?
Even with bad credits, you can still apply for a title loan in Massachusetts. Perfect credit is not necessary, yet some will still check your credit score for verification.
Moreover, your income will also be assessed by some grantors in Massachusetts. It can also determine how much the deal would cost.
To apply, you can follow the mentioned procedures above. For your convenience, this is a summarized process:
Step 1: Fill Out Application Form Online or In-Person
You can apply online on your lender's website or in person in their office in Massachusetts. You just need to fill in the essential information in their application form.
Note that you can get pre-approved before submitting the actual documents.
Step 2: Prepare and Submit the Physical Documents in Massachusetts
If you get pre-approved for a loan, prepare your complete documents. Submit it to their office in Massachusetts.
Make sure that you will also bring your car. Through this, a physical evaluation, with your presence, can be done by grantors.
This can guarantee a justified assessment of the value of your vehicle.
After that, you can wait for the day for your loaned money.
Step 3: Get Your Cash
You can get your cash within that period if it is on a working day.
However, you can opt for a bank deposit or money transfer on the following working day if it is beyond the cut-off time.
To ensure that you know when the grantor will deposit money, you can ask them to communicate with you through your provided details:
- Telephone number
- Mobile phone number
- E-mail address
Frequently Asked Questions
A question a day keeps your worries away!
Here are some vital title loans questions and answers to get you going in Massachusetts.
What Is the Lowest I Can Get for a Car Title Loan?
Grantors in Massachusetts can give you loan money for about 25% to 50% of your car's value. It can be as low as $100.
However, it will really depend on your loan contract, considering the length of the loan and your capacity to repay on time.
What Is the Most Common Type of Title Loans?
The most common type of title loan is a car or auto title loan.
In this loan, you need a vehicle, the title that states your name as the sole owner, valid car registration, additional information, and other basic requirements.
The application and approval processes of the loan deals are relatively more straightforward and not time-consuming as compared to any traditional bank loan.
Nevertheless, there are other options similar to this one: truck title loans, sport utility title loans, motorcycle title loans, and recreational auto title loans.
Do Title Loans Help My Credit?
If your contract states that your lender's organization will report your account activities (a paid or unpaid fund) to the credit bureau in Massachusetts, that is when a title loan can affect your score.
A consistent repayment will give you a higher chance of a little bump on your bad credit score in the duration of the funding process in Massachusetts.
However, if your lender's organization has difficulty getting your repayment money, repossession is not your only problem.
It will also negatively impact your credit scores.
Is a Title Loan Legal in Massachusetts?
NO, even if there are laws regulating loan policies in Massachusetts, title loans are not legal.
However, loans, in general, are regulated in Massachusetts, so you can still apply for a loan and expect laws that will help the legalities of your title loans.
If you hesitate, you can contact us so we can link you with proven grantors.
These grantors have legal processes that guarantee safety, confidentiality, and policies in sync with the current laws.
What Are the Benefits if I Get a Car Title Loan?
The personal benefits you can get from getting an auto title loan are the following:
- Faster money rollout for your emergency funding
- The easy application process to fast-track your approval
- You can still drive your car after getting the loan approved
- You can still apply even with a bad credit
- Applying with a bankrupt business owned is accepted
- Competitive rates of 25% to 50% of your car's value
- Flexible repayment plan
These are just some of the benefits you can access.
However, there are also cons you need to consider, like high-interest rates and repossession risks.
How Can I Pay My Title Loans in Massachusetts?
Since title loans in Massachusetts have flexible repayment plans, you can choose the most suitable one.
You can opt to repay through a bank deposit, money transfer, or directly to your lender's office.
This can be a short-term loan through a process of single-payment method like payday loans in Massachusetts with 300% APR after 30 days.
You can also choose a long-term process with installment loan deals like personal installment loans in Massachusetts with a 259% APR for a minimum of three months.
To be sure, you can also contact your grantor for clarifications on your loan account, repayment fund, and other terms.
Is My Personal Information Safe in Applying for Title Loans in Massachusetts?
Your personal information and account details are safe and secured with grantors in Massachusetts.
To ensure their terms, conditions, and process, as customers who will borrow cash, you must read privacy policies carefully along with your dealer's contract.
Most of these privacy policies uphold confidentiality, among others. These also abide by the laws imposed in Massachusetts.
If you are searching for a source of emergency funding or any other fund, you can get an auto title loan in Massachusetts and expect the following perks:
- Easy application with a few basic documents
- Get cash on the same day
- You may or may not need a source of income
- A long-term or short-term loan
- Convenient terms
- Use your vehicle even while it's used as collateral
- Flexible mode of payments to your account
We can help you jumpstart your responsible lending journey and get the best deal, with the best customer service, by applying for a title loan in Massachusetts.