What is a title loan?
It is a common belief that a title loan is a synonym of car loan. And though a car loan is a title loan, there are title loans that are not car loans. The title for any property that requires registration is suitable to be used as security for a loan as long as the property is worthy enough. This kind of loan has many benefits and there are many loan options available with a wide range of alternatives. A title (when referred to this kind of loan) is an official document used to prove ownership over a certain asset. In order for the title to be valid, it has to meet certain requirements (mostly going through a series of administrative stages) Moreover, in order to be useful for getting finance, it has not only to be valid but also be free from restrictions (either judicial or administrative) The title represents the actual asset which remains property of the borrower but is used to secure a loan.
Title loans are a quick and convenient way for people who own their car without any liens (i.e., a lien-free title) to get cash using the car as collateral. It allows consumers to use an asset they own (their vehicle) to solve short-term cash flow problems. Without title lending, many consumers would be forced to sell their vehicle in a time of need, probably at a discount.
A title loan is a short-term (30 days) cash loan secured by your vehicle. While your title is held by our company, you still have the freedom and flexibility to use it during the duration of your loan. The title is returned to you once the loan is paid off but if you need more time, the loan can be extended in 30-day increments.
