APR Explained: What 35.99% Means in South Carolina

APR expresses the yearly cost of credit. A 35.99% APR equals about a 2.999% monthly periodic rate on the outstanding balance. On a declining-balance installment loan, the actual dollars of interest you pay are far less than 35.99% of the original amount, because the balance shrinks with each payment.

APR Explained: What 35.99% Means with Platinum VIP pricing

Every Platinum VIP loan — whatever the APR — carries a maximum APR of 35.99%. That cap applies to every loan we make to South Carolina residents. Always quick, confidential and easy!

Sample cost

$3,000 over 24 months at 35.99% APR: payment $177.12/month, finance charge $1,250.88, total $4,250.88.

Is this right for you?

A title loan is secured by your vehicle, so it should be used for real needs and only when the payment fits your budget. Ask yourself whether the monthly payment above is affordable alongside rent, insurance and groceries. If not, consider borrowing less or one of the alternatives on our responsible lending page.

Next steps

Check the requirements, review rates & terms, then apply. We work to make the process hassle free, so you can get back to your day.

Popular in: Sumter Aiken Greenwood Orangeburg. Related: Boat Title Loans · Can You Junk a Car With a Title Loan? · South Carolina Title Loan Laws

More from the Platinum VIP team

Vehicle Resale: Lenders also have the legal right to then sell the vehicle to cover the loan’s remaining balance. If there is a surplus, the lender must give the borrower the extra amount. If the sale of the car does not cover the amount owed, then the borrower is responsible for the remaining balance.

Having your car repossessed may sound like a scary prospect. But, it’s important to know about the benefits of title loans and be aware of the potential risks. If you can’t repay your loan due to some unforeseen financial hardship, you should reach out to your lender ASAP. Many will be willing to work with you to find another solution! Make sure to reach out to them before you miss a payment, not after.

Bad Credit May Not Hold You Back: People from all different kinds of financial backgrounds can apply for a title loan!

In order to understand the purpose of a lien, it is crucial first to know what a title loan is. A car title loan is a secured personal loan. This type of loan uses the value of the borrower’s vehicle as collateral for the loan.

The car’s equity is claimed as collateral for the sum that you borrow through the placement of a lien on your car’s title. The lender places the lien on your car. Then, they become the lienholder, which means they have the right to the equity in your car.

Even though this temporarily gives the lienholder use of your car as collateral, the lien does not replace your name on your car’s title. The lien can be removed at the end of the loan, and your title is returned to you.

Getting a lien placed on your title is incredibly easy. We can walk you through what happens each step of the way.

APR disclosure: The Platinum VIP Title Loan carries a maximum Annual Percentage Rate (APR) of 35.99%, which includes the $15 South Carolina lien fee. Your actual APR, finance charge, payment amount and term are disclosed in your written loan agreement before you sign. A title loan is secured by your vehicle; if you do not repay as agreed, your vehicle may be repossessed. Borrow only what you can afford to repay. Loans are made by 1st Capital Finance of South Carolina Inc, the lender, 3420 Hwy 21 Ste B, Fort Mill, SC 29715. 1st Capital Finance of South Carolina Inc is licensed by the South Carolina State Board of Financial Institutions, Consumer Finance Division, as a Supervised Lender (License No. SL-1966027) under S.C. Code § 37-3-503. Loans are available only to South Carolina residents and are originated online. Submitting information on this website does not guarantee loan approval.