Title loans
are complicated, but it’s basically trading the title of your car for quick cash. Keep in mind, title loans are illegal in many states as they have a high annual percentage rate, which can lead to high levels of debt and repossession of your car.
You will have to be 18 years of age or older for any loan. The term for a title loan is fairly short, generally between 15 to 30 days. You can usually only get a title loan on a car of which you have 100% ownership. Title loans usually don’t require proof of income or credit scores, but you’ll need:
Information about the car you want to get a title loan on
Because these types of loans can be dangerous and are considered predatory, if you’re thinking about a title loan, try something else first, like:
Asking for an extension or some short-term help from lenders or credit card companies
Ask friends and family for help
Check local community resources like churches or libraries for financial advice programs/assistance
A personal loan from your bank or credit union
If you’re considering a title loan because you want to save money, consider looking for cheaper car insurance
instead. Jerry
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