Sorry, but you will not be able to obtain a title loan outside of the state where you reside.
Title loans, like most loans, are usually regulated by specific state laws. And, as part of the application process, lenders ask borrowers to prove their residency in the state where they applied.
This policy helps to prevent the two big C's: confusion😕 and corruption😈. If you are in a state that prohibits loans against car titles, then you will not be able to obtain a title loan from your state, or any other state.
Currently, about half of the United States allows title loan lending. And those that do can differ greatly in terms of regulations.
Regulations-smegulations, you say? Well, not so fast. Lenders want to stay in business so they have to abide by these laws.
Lending companies, and just about any other company, must abide by multiple state laws if they conduct business. However, lending companies are regulated more so than general businesses (like a donut shop or a barber shop), because of the amount of risk involved.
It's also prudent from a legal sense to make sure borrowers:
- Are who they say they are
- Are eligible for a loan
- Are not running a scam
Title loans can be risky and heavily restricted. If you want to seek out an alternative way of getting some quick cash, you may want to check out other personal loans for bad credit.