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Best and Worst options to borrow money - Title loans 2nd from the bottom
#11
Out of these options, the car title loan method seems a risky move for someone like me that is risk averse and not ready to take such risk. I'm just imagining a situation where the car used to borrow such loans will be involved in an accident or develop a serious fault that will need huge amount of money to repair. What if the owner decides not to repair it at that moment and intentionally stop repaying such loans, what's going to happen?
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#12
(01-03-2018, 06:56 PM)Michael Puttman Wrote: I recently formed this same opinion. You should only borrow money to buy something that will generate income. For example: get a loan for a car and then drive for Uber to make money to pay for the car.

Correct. That's what my family did several times. We availed for a loan to fund some vehicles and turn it into public utility vehicles in the City. It generates income plus from it we can also pay for the loan effortless. Another was when we were expanding our business in the province, we have to buy a two forward truck for our newly built rice mill, we run out for the budget so what we did was a portion of our farm was used to be a collateral. We had to take the risk since we are confident enough that it will generate income anyway and we can still use the farm as well.
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#13
I would be hesitant to get a car title loan for the same reason I might not want a home equity loan. You are putting your vehicle at risk shoul something happen and you not be able to pay the loan back you could lose your vehicle.
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#14
I would say never borrow money unless it is really an emergency situation. Don't make it a habit to borrow money for leisure. Accumulated debt are not a good idea.I guess the worst option for me is borrowing money from a loan shark. Their interest most of the time are so high. which makes it difficult to pay off the debt.

I would say never borrow money unless it is really an emergency situation. Don't make it a habit to borrow money for leisure. Accumulated debt are not a good idea.I guess the worst option for me is borrowing money from a loan shark. Their interest most of the time are so high. which makes it difficult to pay off the debt.
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#15
If one is really in need of cash, I think the fastest way is to borrow from credit cards. I think it is the most convenient and offers no collateral. However, one thing that I don't like in credit cards is their high interest rate that is burdensome. That is why I prefer personal loans. It is because I am a bit scared if there is a collateral and escalating interest on my loan. I think I would only have title loans if I would use that money for a business. I don't want to risk my property for the money that I used for some purposes other than generating profit.
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#16
I agree to what you said. You should not use the Tiltle loan to pay debt or bills, since title loan is a big money but have a collateral. You should think a thousand of times before you make title loan. You have a lot of options before making a title loan. You should consider other options before making a title loan. If you don't need a lot of cash just go with the personal loan.
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#17
Only a desperate person would take a title loan. I knew that a lender would take your car if you don't repay, but I didn't know that the interest rates were so high. I think title loans should be on the bottom of the list, personally.
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#18
What needs to be considered is your personal monthly deficient. If you find yourself in the red and you need to borrow to make ends meet, then you're already in a dangerous place. By borrowing from any source you put yourself deeper in the red for the next month, and now you need to borrow again. I understand that debt often is beneficial, but I think short-term loans are overrated. Try to minimize your expenses before turning to high-interest loans.
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#19
You should just borrow money to purchase something that will create pay. What's more, I would state never get cash unless it is extremely important. Try not to make it a propensity to acquire cash for recreation. Gathered obligation are not a decent idea.I figure the most exceedingly bad alternative for me is getting cash from a credit shark. Their advantage more often than not are so high. which makes it hard to pay off the obligation.
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#20
I already try cash advanced if I have no choice or if I have an emergency and I have no money, cash advanced is the best for me.
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