Key Takeaways

• You generally cannot have two Alabama title pawns at the same time because a title pawn requires a lien-free vehicle title, and your existing loan places a lien on your title.
• Paying off your current title pawn is the safest path before applying for another loan, and strategies like paying extra toward the principal, cutting expenses, and earning extra income can help you repay it faster.
• If you face another financial emergency, consider alternatives such as borrowing from family or exploring a payday loan for smaller expenses instead of taking on multiple secured loans.
• Title pawns and payday loans serve different borrowing needs, with payday loans typically offering smaller loan amounts for short-term emergency expenses.
• Applying for a title pawn or payday loan is straightforward when you meet the eligibility requirements, with same-day approval and funding available for qualified applicants.

Sometimes, two financial emergencies can come up around the same time. For example, you may have suffered a broken arm from a fall that required you to pay expensive medical bills, and just a few weeks later, your air conditioning stops working. You may turn to an Alabama title pawn for help with the medical bills, but can you get a second title pawn in Alabama?

In this guide from Alabama Title Loans, Inc., we will explain why you cannot get two title pawns at the same time. We will review some options to help finance a second financial emergency and provide tips to pay off your first title pawn faster to allow you to get another.

Why You Can't Get A Second Title Pawn In Alabama

Generally speaking, you cannot get a second title pawn while you're repaying your existing title pawn. Why? Because you must supply a lien-free title with your application, you won't have one if you've already taken out a title pawn, as we place a lien on your title to secure it. 

It’s also an extreme risk to take out two high-value loans at the same time. Remember, you have to repay the loan with interest. Let’s say you have a second car title you could use for a separate title loan. That means repaying potentially thousands on two separate loans while experiencing financial hardship.

While some direct lenders may be willing to let you use a second vehicle title as collateral for an Alabama title pawn, we would advise against this due to the high risk of this decision. If you need a second title pawn in Alabama, you should pay off the first one before borrowing again.

Tips For Repaying A Title Pawn In Alabama

If you do face a second financial emergency, you should seek alternatives to title pawns to help afford the unexpected costs. We will go over some of those options below, but you may wish to get another title pawn.

Before you can do so, you must pay off your initial loan first. That means fully paying back, with interest, what you borrowed for your first financial emergency.

Below, we will go over some tips for paying back an auto title pawn in Alabama:

• Pay extra on the principal – Those looking to pay back their title pawn quickly should put as much money into paying off the principal as they can. Some direct lenders may require monthly payments for title pawns, so pay more than the minimum payment to repay the loan faster.
• Cut costs to use for repayment – One way to afford spending more money on repayment is to cut unnecessary expenses. Rather than going out to eat, buying luxury items, or spending on a vacation, use your leftover money every month on title pawn repayment. Prioritize your expenses and repaying your title pawn to clear the debt faster.
• Work a side hustle – If you need other ways to make extra cash to afford repayment, you can try working side hustles. You can drive for Uber or Lyft, complete freelance writing tasks, work construction, do remote assistant work, or sell art to make money to afford title loan repayment.

Title Pawn Alternatives: How A Payday Loan In Alabama Can Help

Those who need extra cash urgently can try title pawn alternatives if they cannot get approved for a second one. You can ask friends and family for a loan to pay your second financial emergency. However, this can put a strain on the relationship if you fail to pay the money back, so make sure you agree on a repayment plan.

You can also try a payday loan, also known as a cash advance. With Alabama Title Loans, Inc., you will still need to have repaid your title pawn to get approved for any other loan, including Alabama payday loans. However, those who only need a small amount to afford their second emergency may consider a cash advance in Alabama.

Like title pawns, payday loans are short-term loans designed with bad credit borrowers in mind. You won't be able to borrow as much as you can with title pawns, as our payday lending limits run between $100 and $500, but they can be helpful for minor emergencies. 

You will need the following required items to get a payday loan:

• State-issued photo ID that displays your full name and date of birth, such as your passport, military service member ID, student ID card, or driver's license
• Your most recent pay stub to verify your income
• Social Security card
• Most recent 30-day bank statement from a checking account that's open and active in your name

How To Get A Title Pawn Or Payday Loan

Whether you seek a title pawn or a payday loan, the process is similar at Alabama Title Loans, Inc. You can get same-day approval for each of these loans, so long as you meet the requirements. You can even get approved in person in under 30 minutes,

Follow these steps below to get a loan from us at Alabama Title Loans, Inc.:

1. Complete the online form found on this website. We only ask for basic information, so it shouldn't take too long. However, it's important to double-check your answers. Any mistakes or typos at this stage delay access to a loan. Make sure you select the right form for the loan you seek.
2. Once we receive your information, we will give you a call to confirm you have the required documents, ensure you understand the process, and answer any questions. We will also set up a meeting date and time at our nearest Alabama store location.
3. Head to your nearest Alabama Title Loans, Inc. store with your required items. Our loan representative will verify your items and ensure your information is consistent across your documents. If you seek a title pawn, we will inspect your car, truck, or van to determine its value.
4. If you are approved, we will explain how much you can get approved for. We will help you sign the loan document to finish the process. You will receive your emergency cash in Alabama later that day or by the next business day.

Get A Title Pawn Or Payday Loan In Alabama – Borrow Fast Emergency Cash Today!

While you cannot get a second title pawn while you are still paying off the first, you can get additional fast financial relief after paying off the loan. At Alabama Title Loans, Inc., our title pawns and payday loans can both help when unexpected expenses threaten to ruin your finances. Both are available for bad credit borrowers.

Ready to get started? Fill out our online title pawn form, and we will help you get approved in person in under 30 minutes!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.