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A title loan lets you borrow against your vehicle so you can get the $1,000 quickly. Just as a mortgage uses your home as collateral, a title loan uses your vehicle as collateral.
For example, car title loans, where drivers borrow money using their car as collateral, can charge as much as a 300% annual percentage rate (APR), according to the Federal Trade Commission.
A title loan (also known as a car title loan) is a type of secured loan where borrowers can use their vehicle title as collateral. [1] Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount. [2]
TitleMax offers title loan and title pawn products which allow customers to meet their liquidity needs by borrowing against the value of their vehicles while retaining use of their vehicle during the term of the loan. [3]
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults, the creditor takes possession of the asset used as collateral and may ...
Also called a “pink slip loan,” this option allows you to borrow against 25 to 50 percent of the current market value of your vehicle. These loans are short-term options that have repayment ...
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