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Title loans are a popular type of short-term loan that afford borrowers a small amount of money for only a small amount of time. With a title loan, lenders place a lien on a car owner’s car title in exchange for a loan; they also collect the hard copy of the vehicle’s title. The lien is then removed when the loan is paid off. When car or vehicle owners find themselves in a tough financial situation, title loans allow them to get a small amount of money quickly in order to better their economic position.
Top 10 of the Most Reviewed Payday & Title Loan Companies
What features matter most?
Maximum loan amount
Length of loan
What are different types of title
Traditional title loans
Traditional title loans are loans that allow a car owner to get a loan in exchange for having a lien placed on their car by a lender. With a typical title loan, borrowers pay off the entire loan, interest and any fees within a specified amount of time, which is usually 30 days.
Interest-only payment title loans
Who's it for?
Car owners in an unexpected financial emergency
Sometimes financial emergencies just cannot be predicted. People who do not have significant savings and suddenly find themselves in a situation where they need a large amount of cash fast can benefit from taking out a title loan. Title loans are a good short-term solution when money must be borrowed quickly and unexpectedly.
People who live paycheck-to-paycheckSource: www.consumeraffairs.com
Category: Payday loans