There is a very risky way to get some extra cash and that is through a car title loan. Many people see this as an easy way to get some dough in their pocket for a short amount of time, but there are some things that you should know before you would ever take action in this way. While it may sound like a great, quick solution you will very soon see that it will probably be a huge error unless you are desperately in need of some quick cash in your hands.
We also do not offer people car title loans here if you are looking for that, but we will offer auto loans online if that is something that would be of help to you. With many years in this business though we have learned a lot and have seen only frustration and pain coming from car title or payday loans.
Basically here is a quick rundown of how the process will go through; you will go in and take out a loan by putting up your paid off car as collateral. These loans will vary within a price range of about $150-$2,500, so not huge but enough to get you going if you are in a rough spot and in desperate need. They will run on about a 30 day time span sometimes you can rollover, but not always it will depend on the lender that you are dealing with. The max interest rate will vary depending on the specific state laws, but be wary because they are not regulated as strict as will be car loans.
Keep this fact in mind that sometimes they can get as high as 30% interest which is simply outrageous and an origination fee can be tacked on as well. Also partial payments are typically not accepted so it is all or nothing and if you are dealing with a lender that will not let you roll over then that can quickly put you in a sticky situation and in danger of having your vehicle repossessed.
We also do not offer people car title loans here if you are looking for that, but we will offer auto loans online if that is something that would be of help to you. With many years in this business though we have learned a lot and have seen only frustration and pain coming from car title or payday loans.
How Payday Loans will Work
Basically here is a quick rundown of how the process will go through; you will go in and take out a loan by putting up your paid off car as collateral. These loans will vary within a price range of about $150-$2,500, so not huge but enough to get you going if you are in a rough spot and in desperate need. They will run on about a 30 day time span sometimes you can rollover, but not always it will depend on the lender that you are dealing with. The max interest rate will vary depending on the specific state laws, but be wary because they are not regulated as strict as will be car loans.
Keep this fact in mind that sometimes they can get as high as 30% interest which is simply outrageous and an origination fee can be tacked on as well. Also partial payments are typically not accepted so it is all or nothing and if you are dealing with a lender that will not let you roll over then that can quickly put you in a sticky situation and in danger of having your vehicle repossessed.