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About Title Loans
Title loan is a type of loan where the borrower provides their car as a collateral payment in order to get a loan. It is also known as a 'Car Title Loan.' Unlike other loans, a title loan is a short-term type of loan which carries a very high interest rate because the lender does not check the borrower's credit history. The vehicle's value and condition is the deciding factor as to why the title loan can be approved by the lender. A title loan can be approved in 15 minutes or even less and the loan amounts can start as little as $100 dollars. The borrower must be employed or has some other source of income in order to be qualified for they will know that they can be guaranteed to be paid back. The amount of the loan to be borrowed is decided by the collateral. In most cases, the lenders can offer up to 50% of the vehicle's resale value but some will go higher. Also, the borrower has to make sure that he/she has the clear title of the vehicle. In other words, the vehicle must be paid in full. Often time, lenders require the borrower to have complete insurance on the vehicle in case of any accidents.
More on Title Loans
The interest rate of a title loan ranges from 36% to 651% APR (Annual Percentage Rate) depending on where the lender is located by state. The borrower has to pay the interest on each due date but often times, payment schedules vary depending on the negotiated deal. During which, the full outstanding amount must be paid at the end of the term. If the borrower is unable to pay the outstanding loan, he/she has the option to roll over the outstanding balance and get a new title loan. The government already set the limit on the number of times a borrower can roll the loan balance so that he/she can avoid getting into more debt. In this economic hardship, consumers try to find a way to earn extra income without the consequences of getting into debt. Getting a title loan can be easy but always make sure that you have enough income to pay off the loan to avoid the repossession of your vehicle. Because there is not credit check involved in this process, pretty much the credit check that the lenders have on their list is your vehicle. Aside from the interest rate on the title loan, there are number of fees associated to this loan. These are processing fees, late fees, lien fess, and origination fees. Get the facts first about getting a title loan and research about the lender and its services. Educate yourself before entering into this type of loan for the main source of your transportation can be at risk.