Great question! Title loans are illegal in many states because of their short terms, lump-sum repayments, and the excessively high APR that lead to steep consequences for the borrower. However, in Washington State, title loans are perfectly legal. To qualify, you will need to:
Be a resident of Washington State.
Have a regular monthly income.
Be 18 years of age or older.
While getting a title loan can be a fast and easy way to get money quick, it often comes with harsh consequences such as:
Having to pay back two to three times the amount you borrowed.
Short terms, which make it incredibly hard to pay back the money on time.
Failure to pay back the loan on time will result in vehicle repossession.
If you need a loan or fast cash, consider looking to your bank or credit union. Many offer short-term loans that are similar to title loans but less predatory.
Another way to save money in the future is with Jerry
app. Drivers who use Jerry save an average of $879 a year on car insurance without having to do much beyond signing up. The Jerry app gathers quotes from more than 50 top insurance companies, like Nationwide, Allstate, Safeco, Progressive, and Travelers, in seconds! They even help cancel your old policy once you’ve made your pick. MORE: How to refinance a car