Title loans or title pawns are types of loans where an asset is kept as a mortgage or security. It is popular due to two important reasons. First, title loans do not take into account borrowers credit rating when determining qualifications, and second, title loans are fast and can be approved or cleared very quickly for loan amounts of as little as $100.
What Kinds of Title Loans Are There?
The most common type of a title loan is a car title loan. A car title loan is a short-term loan where your car title is used as collateral. You must be the lien holder. Loans usually range from 30 to 180 days. If you do not repay the loan, the lender can repossess the car and sell it to recover the loan amount.
Tips for Paying off Your Title Loan Fast
- Make one lump sum payment
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