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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.