Title loans are loans in which you use the title of your car to obtain a loan based on the value of your car. The downside is that you can lose the car if you default on the loan. The bottom line is there is no upside. Do you really want to take a chance that you’ll lose your car? We think not.
What Are the Terms of a Title Loan?
Because they are short term loans, a title loan usually has to be repaid within 30 days after you receive the loan. Moreover, the interest rates on title loans are very high. Again, is this a risk you want to take?
If you need money now, for whatever reason, there is another alternative to title loans and that is a payday loan. If you have a steady income, a bank account, and are at least 18 years of age or older; you qualify for a payday loan. We have several payday loan companies that are among the most popular online today, offering a safe, secure, and expeditious handling of loan applications.