subject: Title-Loans: Great For A Little Extra Cash! [print this page] Title-Loans: Great For A Little Extra Cash!
If you need a little extra cash, and especially if you need it in a hurry, a title loan may be perfect for you! You can usually get a title loan in 15 minutes or less! The process is fast because lenders simply take the title of your car as collateral, so credit is generally not checked, or your credit report, which isn't even looked at. It's therefore a great option if you have bad credit as well, or you have bankruptcy on your record. However, you will most likely, pay a higher interest rate, even if your credit is good, since your credit is not even checked, but you will get your money fast! You will also be able to get a much smaller loan than you otherwise would be able to get from most other places since credit is not checked and your car is the collateral instead of credit.
With the title of your car being collateral (the lender will sell your car if you are not able to pay back the loan), the limit of your loan amount will therefore be whatever amount your car is worth. The way lenders look at the value of your car will be around half of what they could sell your car for currently since cars depreciate in value. Therefore, if your car is worth a lot of money, you will be able to get more for your loan. However, you do not need the loan to be the full value of your car. You can take out a loan for as little as 100 dollars if that is all you need. You would not be able to take out a loan for so little from most other places because the amount of work required of them (doing credit checks, etc) to enable you to even get the loan would not be worth it to them. That is why most places do around a 1,000 minimum. Therefore, title loans are great for smaller amounts of money.
See about your options for getting title-loans today!
