Friday, July 10, 2015

Car Title Loans (

“Get Cash for a Car Title Loan Today!”

“Keep Your Vehicle – No Credit Checks – Easy Online Form – Get Cash in 15 Minutes!”

“No Proof of Employment or Income Required!”

You’ve probably seen or heard ads like these. If you need cash quickly, and you’ve had problems getting a loan from a traditional lender like a bank, you may think a car title loan is the answer. The Federal Trade Commission (FTC), the nation’s consumer protection agency, advises you to put on the brakes and understand the costs of a car title loan. You may want to consider other options. A car title loan will put your car at risk: you may lose one of your most valuable possessions and your transportation.
A car title loan — also known as a pink-slip loan, title pledge or title pawn — is a small, short-term, high-rate loan that uses the clear title on your vehicle as collateral. It is a very expensive form of credit. Some lenders offer car title loans if you have equity in the vehicle, even without clear title. These loans typically are for 15 or 30 days and have a triple-digit annual percentage rate (APR) — a much higher interest rate than most forms of credit. Car title loans often are for an amount that is 25 percent to 50 percent of the value of the car. On average, these loans are for $100 to $5,500. But they can be for $10,000 or more from some lenders.

Car Title Loans: Good Option For Fast Cash?

By Reyna Gobel

You need money fast, but what if a bad credit score keeps you from accessing traditional short-term loans or lines of credit? Taking out a car title loan is one way to get your hands on some fast cash with no credit check and minimal income verification. This may sound pretty straightforward, but this kind of loan can lead borrowers deeper into debt and, in extreme cases, without a car.