If you need extra money, whether it’s for an emergency or whether it’s for a purchase of some sort and you don’t have the money on hand, there are ways that virtually anyone can get a loan for the money that they’re looking for. However, if you’re one of those people that either have no credit or your credit is significantly damaged, traditional bank loans are going to be very hard to come by. In addition, these loans may not offer you sort of turnaround you’re looking for, especially if you need the money immediately. In these cases, you may want to consider a title loan.
Now if you’re asking yourself What are Title Loan? you’re not alone. These loans are very simple and they’re very easy for someone to get, regardless of their credit. Title loans are a collateral based loan not a credit based loan. For example, if you own your own car, you can use your car as collateral for a particular loan. The reason why these loans are called title loans is because you will offer your title to a lending institution and the lending institution will hold the title of your vehicle until you pay back the loan in full.
While some title loan providers limit the amount of money they’ll loan you, regardless of the value of the vehicle, some title loan providers will lend you money pursuant to the value of the vehicle. It’s also important to understand these are short-term loans. These loans typically don’t last any more than a few months at most.
Another good thing about these types of loans is how easy they are to get. As long as you can provide a title for your motorcycle, boat or auto mobile, you can typically receive a loan. You’ll need to be at least 18 years of age and have a bank account, as well as a viable title for the vehicle you are looking to offer up as collateral.
The truth is, if you’re asking What are Title Loan? the answer is quite simple. Simply put, if you have a title to your vehicle and you need money for an emergency or you need to make a once in a lifetime purchase, you can use ownership of your vehicle as collateral for a loan.
Join us here.
