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Title Loans Good or Bad?
I see how you can conclude that this type of loan is bad. I however think it is safer than an unsecured loan. I know the rates are high, but that' s because the lender is taking a huge risk on you, so they must be compensated accordingly. I prefer this type of loan because in case you can't make your repayments, the lender has your title and can sell your car or whatever assets he has. I prefer this to being hounded by debt collectors to pay money I may not have.
Well there's one advice I can give you, if you are risking something you need for what you want, it's a bad loan. If you are sure to repay the debt, it can't be bad. People in India are famous surrending their lands for not being able to repay, and loosing a land in India is a big trouble. Before you take that lone, you must be sure in your mind about what your plan is as an unprepared mind will make s real mess . If you are unsure about the repayment the loan, it's advisable to sell the car actually as it would fetch you more money than the loan amount.

Another thing with title loan is their high interest rate, though that may vary, and is good to do a thorough research before hand. And lastly, never blindly trust someone, read all the clauses carefully and do a background check of the lender; some people ended up being tricked and had to pay more than what they been told.
For me its a good experience because of the title loans we own a new multicab and use it to business and our bisiness grow bigger and have a good and new things in our life new car new service for our business and we owe a good experience in that title loans.
(01-09-2018, 01:26 AM)thepixelboy Wrote: Hi guys, I once had a Bad Experience when it comes to title loan, not exactly me but my father years ago with his car, he ended up with troubles and bills that he doesn't owe, if you're strapped for cash and you own your car free and clear without any flaws, an auto title loan might seem like a good way to get some fast cash when you need it, But auto title loans are among the most expensive kinds of credit you can get, along with payday loans and pawn shops, all these loans fall into the category predatory lending, they target consumers who are desperate for cash and therefore willing to pay ridiculously high prices to get it, if you're planning for an auto title loan, please take caution, don't let your belonging go to waste and end up in trouble, this is my own opinion right now, I still want to hear suggestions from others.

I wonder who backs the title loan lenders. Often, lenders are lending based upon debt themselves, and they always have the collateral to fall back upon.
You are right, title loan and other personal loans are bad and not advisable to get into. Almost everybody knows that this types of loans are used to take advantage of the borrowers.
I suggest you don't ever try to get a title loan no matter how desperate you are for some cash. Nevertheless if you are try to do a lot of research on how reliable it is and its penalties. Its best to know who you're trusting because your belongings can be at stake here.
Title loan could be positive or negative, depending on how are you going to use the money. If you lend money to invest something and could generate income higher than its interest, then that's a good one, but if you're going to loan to pay off debts and expenses and you know you won't be able to cope its higher interest, then you are in trouble. Yes it's true that this kind of loan belongs to predatory lending so one must think carefully before availing as most of the time it could lead you to worst situation. If this loan will lead you to trouble, then it's bad for you. But if it leads you to a more productive life and earning, then it's good for you. Remember that the collateral you gave to the company is a hard earn title and can be taken from you any moment you failed to pay.
Your dad wenr through that because he didn't take cautionary actions e.g
Getting more information about title loans.
The company he his supposedly acquiring it from.
Having a trustee and seeking help of financial experts.
Title loans are some how not fair, if you really want to seek a loan without lossing possessions if you couldn't meet up with the deadline, then don't seek title loan. I don't like the rules and regulations, it isn't healthy for a family man mostly because you will have everything to loose.
Will it's still your choice, but read this first,
Car title loans offer you quick cash — often between $100 and $10,000 — in exchange for your vehicle’s title as collateral. They’re a type of secured loan, one backed by property the lender can take if you don’t pay.

Half the states in the U.S. allow some form of auto title loan. But their fee-heavy structure and annual percentage rates of 260% or more make them unaffordable for most borrowers. In fact, many end up renewing their loans several times and setting off a cycle of debt.

Laws and practices vary among states, but generally car title lenders:

Don’t check credit.
Don’t have to require proof of income.
Require that the car be owned outright.
Provide loans worth 40% or less of the car’s value.
Can require that borrowers leave a key or install a GPS tracker or a remote immobilizer — all of which make cars easier to repossess.
Can repossess and sell the car, then charge the borrower fees for the repossession and storage. If the car sells for more than what’s owed, some states don’t require the lender to refund the borrower the difference.
An individual usually applies for a loan to pay for a vacation, or to pay for house remodeling. Whatever the reason, personal loans don’t come cheap, and they may have high interest rates. If you’re interested in applying for a personal loan, it’s best to look for several options.

Here is a quick guide on where you can go to for a personal loan.

1. Banks – Traditionally, individuals apply for a loan through banks. You will need to fill out and submit a loan acquisition form along with other requirements. Interest rates in banks are conservatively low, but the process for applying could be sometimes long and tedious.

2. Credit Union – these are financial coops that provide financial services to its members. You have to be a member to apply for the loan.

3. Peer-to-Peer Lending – also known as “Social Lending,” P2P lending allows people to borrow or lend money without a financial institution as middleman.

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