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Title loans positive or negative experience
#1
In most cases I think things all depend on your situation. I believe the option of a title loan is a wonderful thing with people who have a regular income, but no credit. The long term job is great although if your credit is not you my not be eligible for a regular payday loan or personal loan. As long as you stick to your agreement to make payments it would be a beneficial loan for some. I do personally know some people who choose to get a title loan but ended up loosing their car and it was not a big payment, but their loan reason put therm in the hole already. I would use the title loan if I knew I could budget a monthly or weekly payment to meet the requirements so I may get my title back into my possession. Do you think that the title loans are a good option? Would you use it is ever needed and that was your loan option? 
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#2
I think it's a great option if you are planing to use the money to start a business. What make it advantageous is you can use it to loan huge amount of money. It's not bad to borrow money if you use the money on a right way and you must be sure that you pay what you owe so that you don't get caught up on a depth crisis
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#3
I doubt you can get a huge amount of money from a title loan unless you own a hummer or some other very expensive type of vehicle. I just think a title loan is kind of a limited option really. The best thing is that is probably can help you out of an immediate cash crunch. Of course, the bad thing is that you would be putting your vehicle potentially at risk.
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#4
(01-07-2018, 06:08 PM)kgord Wrote: I doubt you can get a huge amount of money from a title loan unless you own a hummer or some other very expensive type of vehicle. I just think a title loan is kind of a limited option really. The best thing is that is probably can help you out of an immediate cash crunch. 

I agree. Typical auto title loans are worth half as much than what the car actually costs.  

As far as the loan itself, I think there are advantages to it. You don't need a good credit history to qualify for it, all you need is a car, so basically anyone who owns a vehicle is eligible. 

It's also quick cash. The application process  and approval are very fast.

And most importantly, you keep your car while paying off the loan.
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#5
Title loans may be either a good or bad option depending on the capacity of the debtor. Before going into a title loan, one must ensure he could be able to repay it because there is a collateral. Personally, I think title loans are a good option, especially if you are really in need of cash. It can provide you with the money faster than the other types of loan agreements. On the other hand, if you can't repay it, your car or land would be at risk. That is why it can be either a good or a bad option for me.
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#6
It is positive for me because it makes us responsible and have a good experience in handling money it will help us in the future problems like debt accounts some reasons it takes time to expired and its good to have a savings or a life saver in the future
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#7
Whether it is a title loan, personal loan or collateral loan, the very important thing borrowing money is that you will pay. As far as I know, title loan is not a very good idea since the title of your property will be the collateral for your loan. You should know the value and for sure there will be a large interest specifically if you borrow from bank. I suggest if you just need small amount of money, just avail on the personal loan since the interest is smaller than title loan. And also please be sure that you will put the money in good use because paying a debt is not easy. Borrowing money is a good source of income but you need to pay what you borrow.
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#8
I personally love the idea of title loans for a couple reasons. This method makes it easier to get a loan even with stinky credit. Plus, I think it puts the loan in perspective honestly. It seems like some people have a disconnect when they get a loan where they think "Oh free money!" Knowing that your personal property is tied to the loan and that you only received a pittance of what the value of the item is motivates people to take the loan more seriously. Plus it seems like the rates on title loans are less than payday loans which is always a better choice.

If you're stuck between a payday loan or a title loan, I'd definitely go with a title loan.
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#9
All comments are great and I completely agree that you would not get a large loan amount from your car title unless you just paid off a brand new 2018 vehicle, and need a loan. I really doubt that someone would go that direction to obtain a loan who had paid off a brand new vehicle. I do feel that the payday loans are a great option for those who need it or can not obtain a loan from a bank or creditor. I think if you are going to choose to get a loan no matter where you obtain it just be prepared to make sure it is paid or you can pay it off properly. Budget, analyze, and be responsible so that you may improve and grow in your life.
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#10
(01-07-2018, 07:33 AM)kaisantos2229 Wrote: I think it's a great option if you are planing to use the money to start a business. What make it advantageous is you can use it to loan huge amount of money. It's not bad to borrow money if you use the money on a right way and you must be sure that you pay what you owe so that you don't get caught up on a depth crisis

There are better ways for getting the money to start a business. Title loans are just terrible with very high interest rates and should not be considered by anyone who has any other option. And it's a no-brainer that you must pay back what you owe, otherwise your vehicle is getting confiscated.
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