Sometimes we need money quickly, when that happens it’s tempting to take anything that’s out there, especially if our credit is less than perfect. Bad credit can happen for a lot of reasons … unexpected medical bills, job loss, spending more than you have. When it happens what do you do? What are the alternatives? Get a loan to tide you over?
Did you know that some types of loans can actually make a bad situation worse? A title pawn loan is just that type of loan … it can make a bad situation worse!
What is a title loan?
A title pawn loan is a very expensive loan that you can get simply by putting up your car or truck as the collateral. If you have a free and clear title, meaning you own the car and there are no loans on it, and it’s still worth something, you can keep driving it and put it up as collateral to get fast cash. Your credit score and income level usually don’t make any difference because the value of YOUR car is what matters.
Should you shop around for a loan?
The most important thing to remember is that title loans are very expensive. And they are risky! To start with, you’ll have to pay a loan processing fee which is a actually an additional finance charge on top of the high interest you’ll pay. The interest rates themselves are ridiculously high, sometimes as high as 150% to 300%. Here’s the “kicker”, if you use your car for going to and from work, family travels, and grocery shopping, you can magnify your troubles if you default on your loan. It will become fair game for repossession.
Are there other options? What if you are already in a title loan?
There is an answer…
1800NewRate is a consumer loan company that could help you get out of a title pawn trap, or help you even before you get into a ridiculous title pawn loan. It’s key to make the call to 1-800-New Rate or visit their web site at 1800NewRate.com and get all of your options.
1-800-New Rate has served thousands of customers in Georgia, Alabama, and South Carolina and helped people get free of title loans, get their bills paid, and begin to improve their credit score. Call Today!
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