Title Loans: How They Work

Getting the money you need isn't always easy. For some people, the money always runs out before the expenses. Even working overtime and having a savings account doesn't guarantee you'll always have what you need. An unexpected event could occur and throw you for a loop. Title loans exist for when you need quick cash with no hassle. Below you will find some pros and cons associated with these loans.

Pros
1. The loans are easy to get. All you need is a checking account, car title and job. The lender isn't overly concerned with your credit history, and probably won't check your credit report. This means you can qualify for a loan even if your credit score is very low. If you tried to get a loan from a bank, they'd probably turn you down. People with bad credit have a difficult time getting loans from banks.

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2. You get your money quickly. Once you're approved, the lender gives you the money. Instead of waiting weeks for a decision, the lender decides on the spot if you get a loan. This is good if you're in a jam and need the money as fast as possible.

Cons
1. You risk losing your car. If you cannot repay the loan, the lender gets your car. When you use your car title to get a loan, it means the lender legally owns your car if you default. You have no legal leg to stand on because you agreed to basically pawn your title. The only way to get your car returned is to pay what you owe.

2. The interest is high. The interest on title loans is generally higher than on bank loans or credit cards. The lender is taking a big risk by lending you money. To make it worth their time, the lender charges high interest. This means you have to repay what you borrowed plus interest.

The things mentioned above are only a few things to consider. If you need a loan, think carefully before using your car title as a bargaining chip.

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