Car Title Loans: Comfort and Convenience
Are you looking for an easy and simple way to get cash? You want to trouble, no hassle? Apply now for car title loans. Car title loans are what name suggests. The borrower uses the title of his car to secure the loan. The borrower surrenders the hard copy of the title to the lender.
Things you must know about Title loan
- These are short term loans: Car title loans as compared to regular loans are short terms loans. By short term we mean the loan length can be between 30 days to 24 months. You can know the exact loan length by getting in contact with your lender.
- The interest rate is high: As compared to regular loans, these loans are available at a higher interest rate. Usually, lenders charge 25% monthly.
- Minimum credit checks are done: Certainly, the interest rate of title loan is high, but unlike regular loans, here minimum credit checks are done. This means even people with bad credit or even bankruptcy can not only apply for these loans but also get the approval and the cash.
- Simple paper work: In case of regular loans the paper work is tedious and lengthy. But, in case of car title loans the paper is minimalistic and simple. The borrower has to have documents like proof of income, proof of residence, title of car and in some cases even a set of car keys are required.
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