Title Loans: What They Can Do For You

Title Loans: What They Can Do For You

Title Loans: What They Can Do For You

Title loans are loans that use the title of your car as an asset that lenders will take from you if you cannot pay the loan. The value of the vehicle therefore needs to be the same as the loan amount, but lenders typically won't lend out more than about half of what the car can sell for. Therefore, the more valuable the vehicle, the larger the amount you will be able to get the title loan for. To get a title loan, you also have to own the car outright, meaning that you have paid for your car in full, and you therefore do not need to make anymore payments on the car.

Title loans tend to be short-term since lenders generally do not check your credit. However, since credit is not typically checked, you will be paying a higher interest rate (usually between 36% to around 65%). Although, you will generally be able to get the loan pretty fast, so title loans are a great solution for needing a loan fast! It generally only takes no more than 15 minutes to get the loan! You can also get loan amounts for as little as 100 dollars! With no credit or bad credit, it would be hard to get a loan for under 1,000 dollars by trying to get a loan other ways because many times in other situations, lenders do not see it being worth their time.

When getting a title loan, even though your credit score is not generally checked, lenders like to know that you are at least employed, or have income coming in from elsewhere so that they can rest assured that you will be able to pay the loan. The payment plans can vary, but you would need to at least pay the interest each time it is due. If you are unable to pay off the loan when the deadline approaches, you can take out another title loan, but there are often limits on how often you can keep taking out title loans to pay your unpaid balances.

Get title loans today!

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