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How easy is it to get a title loan?

 
But_Mommie

Asked by But_Mommie at 12:30 PM on Jul. 7, 2010 in Money & Work

Level 44 (181,635 Credits)
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Answers (7)
  • its really easy but if its your first time you'll only get 75 to 100 dollars not alot second time like 300 to 400 and it has a high cost to pay back
    jennette0704

    Answer by jennette0704 at 12:33 PM on Jul. 7, 2010

  • These are VERY dangerous! I would NOT recommend them. You can end up losing your vehicle.. and you won't get a lot of money upfront and will end of having to pay back the money at a VERY high interest rate.. normally 60 percent or above!
    xxlilmomma09

    Answer by xxlilmomma09 at 12:35 PM on Jul. 7, 2010

  • I live in GA like you and I've used a title loan. It's okay if you need money quick but like previous posters have said, you will pay way more back. I got $700 and was told i could pay a little over $100 a month for 12 months to pay it off. I was like hell no, that's 1200 so I paid it as fast as I could which was like $950 in 4 months. The sooner you pay, the less you pay. It starts at like 12% interest for 3 months and increases the longer you take to pay it off. I suggest paying it in less than 3 months.
    keisha613

    Answer by keisha613 at 12:57 PM on Jul. 7, 2010

  • My mom works for a predatory lending company (IE-title loan company) and it is pretty easy to get one. I DO NOT RECOMMEND you get one though. I just bought a 2006 Nissan Titan from her company..it was a repo...someone got a $2500 title loan,defaulted on her payments, and they repo'ed it. They gave her 14days (that is being generous, by law they only have to give 3) to come and pay the $2500(loan)+$2500(interest)+$650(tow fee) that equals$5650 to get her truck back...she couldnt do it, and I got the truck for what she owed!! I paid 1/3 of its value.... lol...it worked out for me, but she got screwed!
    Auntiemom410

    Answer by Auntiemom410 at 1:01 PM on Jul. 7, 2010

  • yeah, 12.9 was what I was told and no credit check so I am going to check it out. Well, DH is It's in his name.
    But_Mommie

    Comment by But_Mommie (original poster) at 1:31 PM on Jul. 7, 2010

  • To answer your original question, yes you can easily get a title loan.

    The problem with payday loans, and title loans, is that the borrower often needs an additional $500, not $500 a few days earlier than usual. That's where the cycle starts. You pay it off then you need another one, since you're still $500 sorts (or whatever the amount is).

    Plus the interest is super high. If you need cash fast there are other things you can try- selling plasma, having a garage sale, mowing a lawn, babysitting for a friend, cleaning a home or office.

    I’m sorry that you guys are going through this. I hope things get better soon. *Hugs*.
    Erica_Smerica

    Answer by Erica_Smerica at 4:01 PM on Jul. 7, 2010

  • We got our title loan they offered us 1000 but we only took 400. I plan on doing a garage sale in a couple of weeks plus I just started my own Mary Kay business and it's really starting to take off! DH found an under the table tree hauling job yesterday to for weekends. Things are coming together.
    But_Mommie

    Comment by But_Mommie (original poster) at 9:38 AM on Jul. 8, 2010

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