Preferred Pawn Loans / Preferred Title Loans Disclosure

To be eligible for our preferred pawn loan / preferred title loan program, there’re certain conditions that must be met.  If you have any questions about this disclosure, feel free to contact us and we can help you evaluate your options and help you qualify for this program.

Preferred Pawn Loan Requirements

Our preferred pawn loans carry an amortized Annual Percentage Rate of 35.9% with a minimum repayment period of 90 days and a maximum repayment period of 90 days, but can be rolled over.

  • 50% Loan-to-Value (LTV) of the item put up for collateral
    • LTV is defined as the amount of money borrowed in proportion to the value of the collateral.  For example, an item with a worth of $2000 would only be eligible for a $1000 loan to qualify for a preferred pawn loan.
    • Value is defined as expected resale value on eBay.
  • A minimum amount borrowed of $1000
    • Pawn loans under $1000 are not eligible for the Preferred Pawn Loan program.

Preferred Title Loan Requirements

Our preferred title loans carry similar terms as our Preferred Pawn Loans, offering an amortized Annual Percentage Rate of 35.9% with a minimum repayment period of 90 days and a maximum repayment period of 60 months.

  • 25% Loan-to-Value (LTV) of the vehicle put up as collateral
    • LTV is defined as the amount of money borrowed in proportion to the value of the collateral.  For example, a vehicle valued at $10000 would only be eligible for an auto title loan of $2500 to meet this requirement.
    • Value is defined as Kelley Blue Book Private Party Value.
  • A credit score above 700
    • While the majority of our auto title loans don’t require any sort of credit requirement, to be eligible for our Preferred Title Loan program you must have a 700+ credit score.
  • Free and clear title
    • This applies to all of our auto title loans, and simply implies that the vehicle has no preexisting liens, or is not carrying a salvage status.
  • Proof of residency
    • This is also a requirement for our regular auto title loans and can be verified with simple proof such as a utility bill with current address.
  • Current Employment
    • Proof of current, active employment is required and can be verified with paystubs from the previous 6 months.
  • Active insurance policy
    • Borrower provides evidence that the vehicle is actively ensured, and will remain ensured throughout the loan term.

Why Get A Title Loan Through Alma School Pawn?

Throughout the valley, our customers know us for giving them the most cash, at the lowest rates. We pride ourselves on the fact that we accept almost any type of vehicle: car, truck or van. Recreation Vehicles? Whether you have a boat, an ATV, sports car, muscle car, or collectible car… Bring it to us and we will get you a title loan for it in minutes.

So if you own a clear title in your name, have great credit, and are looking for a low interest rate loan, then Alma School Pawn is right for you. There are several options to choose from if you’re looking to get approved for a preferred title loan. The quickest way to get started would be to complete an application. Second, you can speak with one of our representatives over the phone and they will assist you in gathering the necessary information needed for approval.

What happens when I’m here at the store?

Great, you’ve made it to our store with your title in hand and are ready to get your title loan. While at the store, our staff will appraise your vehicle, have you fill out a bit of necessary paperwork and within minutes you will be driving away with the cash you need.

Any other perks to Alma School Pawn that makes you stand out?

Absolutely! Typically, our competitors will offer 30 days no interest on their loans. While this may sound like a great deal, Alma School Pawn will give you 60 days with no payment… Now, that’s a GREAT deal! If you haven’t yet, contact us so we can assist you as best we can and as soon as possible!