Auto Title Loans

Are you looking for some extra cash but are unable to qualify for a bank loan? If so, why not consider taking out a vehicle title loan? In this type of loan, you will be offering your car or truck's title as a form of collateral. For many people, this is a great way to get the money they need. However, before you decide to go this route, you need to know the pros and cons of taking out these kinds of loans.

There are many pros to taking out a vehicle title loan, and some of the best ones are as follows:

1 .Easy Qualifying Process - One of the best benefits of title loans is that they are much easier to get than bank loans. Since you are offering your vehicle's title as collateral, you can qualify for a loan even if you have less than desirable credit. So long as you have a job and a decent car or truck, your title loan request will typically be approved.

2. Fast Approvals - Another great benefit you can enjoy if you choose to apply for a vehicle title loan is that approvals are amazingly fast. In most cases, you will simply need to sign some paperwork, agree to the loan's terms, and you can receive your money within just a few hours or less.

3. No Need to Give Up Your Car - Finally, if you are approved for a title loan, there is no need for you to give up your vehicle. You can keep your car or truck and continue to drive it wherever you need to go. You may need to purchase additional insurance for the vehicle; however, the costs for the coverage will most likely be included in your loan.

Now that you know the pros of vehicle title loans, you should know the cons as well. The most common disadvantages associated with these loans are as follows:

1. Ridiculously High Interest Rates - One of the worst features of vehicle title loans is that they often carry ridiculously high interest rates. In fact, in some cases, they have been known to have rates higher than 100 percent. Furthermore, if you are so much as one day late with your payments, late fees will be added to your balance. This can make it difficult to impossible to pay the loan off.

2. You Run the Risk of Losing Your Vehicle - The absolute worst disadvantage of title loans is that if you become default in your loan, your car or truck can be seized by the loan company. To make matters worse, if the sale of your vehicle does not cover the balance of your loan, the loan company can sue you for the difference.

If you are in need of money, you may want to consider applying for a vehicle title loan. However, before you apply for one of these loans, you will want to examine the pros and cons described above. If you feel sure that you can pay your loan off in a timely manner, this may be the loan for you.

Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.

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APR Representative
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with, and has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.

Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.

Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals,may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.