Title loan- A brief summary

Title loan

Title loan is also called car title loan. Title loan is a secured loan. Title loan is a type of loan in which the car title is kept as collateral.

In the title loan the borrower keeps his cars title’s physical copies with the lender to get the loan amount. When the borrower pays back the loan amount to the Lender then the lean is removed and the cars title is returned back to the borrower. If the borrower defaults on the payments of the loan amount then his car title is sold and the loan amount is recovered.

These type of loans are of short duration type and these loans usually carry a very high rate of interest than the other type of loans. These type of loans can be obtained in very less time but the lender checks for the source of income or his employment status.

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