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What are the benefits of title loan?
#1
I do not have enough knowledge yet about title loans. Can anyone share opinions and suggestions about the benefits of title loan. It may be useful for me someday. Thank you, guys!
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#2
If you own cars you can use it as collateral to get a loan. The lenders will get your car title loan once you get your money. You can still use your car even if you surrender your car title to the lenders. You can claim back your title loan if you're able to pay your balances but if not your car will be taken away from you. The lenders will repossess your car because you failed to pay. So it's kind of risky but the good side about it you can have a loan right away with low interest, fewer requirements and you can still use your car even it serves as a collateral. The downside, if you failed to pay, be ready to say goodbye to your car because there are going to take it. Make sure you have a stable income so you would be able to settle your debt.
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#3
Personally, it would worry me to take out this kind of loan. I would be concerned if I could not pay one month that my home or car would be taken as payment. I would much rather enter into a different kind of loan that didn't involve the roof over my head or affect my mobility.
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#4
Well, title loans should only resort if you are sure you can pay it on time. Otherwise, better sell the item if you are unsure because if not, it will be taken from you on a very less value it should have been.
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#5
For me the benefits of title loan is that it could be your last resort when the time comes that you don't have money anymore, some uses this as an advantage for them to get rid of their belongings even thought they can't find a buyer of their property, they set up their title loan then when the time comes that they have to pay it, they'll run or don't pay for the title loan they set up.
this might be an illegal method but here in our place cases like this aren't rare.
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#6
(01-11-2018, 12:35 AM)aecel Wrote: If you own cars you can use it as collateral to get a loan. The lenders will get your car title loan once you get your money. You can still use your car even if you surrender your car title to the lenders. You can claim back your title loan if you're able to pay your balances but if not your car will be taken away from you. The lenders will repossess your car because you failed to pay. So it's kind of risky but the good side about it you can have a loan right away with low interest, fewer requirements and you can still use your car even it serves as a collateral. The downside, if you failed to pay, be ready to say goodbye to your car because there are going to take it. Make sure you have a stable income so you would be able to settle your debt.

Like I will always say, this is one of the most risky way to get loan from a credit company in the sense that anything can happen to the car tomorrow and that's the end of everything. I would have to take up other loan options instead of going with a title loan since my car will be involved. 

However, someone that has got fret of cars can easily get this loan with one of the cars and still feel comfortable as well since losing one car won't matter as much to the person.
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#7
I have never really understood what a title loan was, but the comments have explained it well. I believe that the risk of something happening to the car is too great. A person who owns multiple cars and has a stable income, though, would probably find title loans as a great option.
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#8
(01-12-2018, 05:20 PM)PickleMeat Wrote: I have never really understood what a title loan was, but the comments have explained it well. I believe that the risk of something happening to the car is too great. A person who owns multiple cars and has a stable income, though, would probably find title loans as a great option.

That is true, if you have multiple cars or any titled property that is at the moment idle and not generating income, then why not apply a title loan for it so you can get money as capital for another business. Instead of it being useless and sometimes spending for it in maintenance, why not get a business running out of it.
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#9
For me the benefits of title loan is it can last longer longer and longer you can save it in your house and have an emergency loan title that you save in your house its cool that you have a money when it you need it. its good in maintenance or when you a children in college that needs tuition fee , meaning to say its good to have a loan for emergency cases its a good benefits specially to a family.
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#10
The number one benefit of a tittle loan is the ease of getting a loan. Tittle loans are known as no credit check loan, they are based off of collateral (your tittle) so it makes it much easier to secure one even if you don’t have good credit.
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