Your Questions About Title Loans

James asks…

Need cash urgently want to use car as collateral or car title loans in toronto ?

barry0912 answers:

With proof of income and a good credit rating you should be able to walk into any bank and get started on the paperwork right away.

With a poor credit rating and proof of income, you may be able to get one from any “Pay day loan” places although the fees and interest are absolutely atrocious.

With no income, regardless of your credit score your options are to either find someone to cosign for you who has a good credit score and income, or borrow money from friends/family

Steven asks…

How would an online title loan company know if my car is broke?

Has anyone ever used TURBO TITLE LOANS? It says they need a car title and a key. If it is online How do they get my car title and key? Also would they no if my car was broken? How?

barry0912 answers:

Title loan places are to be avoided at all costs. They will want to see the car.

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Your Questions About Title Loans

Laura asks…

Car title loans.What is the average interest rate & what risks are involved?

Is this another form of preditory lending?

barry0912 answers:

Title loan lenders are able to charge triple digit annual percentage rates (APRs).
Your car can be repossessed. Very bad deal. Yes, it is a form of predatory lending.Read this:
http://www.cnn.com/2007/LIVING/wayoflife…

Http://www.answers.com/topic/predatory-l…
Cp

Michael asks…

how is it that loan sharking has become legal through loan car title loans?

not too long ago it was illegal for a businessman to loan a person money and want large percentage back for that loan, IT WAS ILEGAL! It was LOANSHARKING so why is it legal now what happen to United Stated morals

barry0912 answers:

Payday, cash advance, car title loans. All are the same crap.
And I don’t know either how they are getting away with it. They all need to be shut down.

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Your Questions About Title Loans

Ken asks…

will a quick title place like missouri title loans be able to get it for me?

i bought my cousins pick-up and they can’t find the title both are disabled one by psiatica and one mentally becausse she too lazy to get up off her 300lb fat *ss and walk.
correction to question : will a quick title place like missouri title loans be able to get the title for me?

barry0912 answers:

Get what for you?

Chris asks…

what do you thik of car title loans if kept SMALL?

I know a lot of ppl warn against them and interest if very high. However I can probably get 2 grand for my car and I do have a good paying SECURE job . So what if they offer me a loan for 2 grand , I say “i just want $500 so I can pay it off RIGHT AWAY”…is that pretty safe?? I just have some extra legal expenses this month.

barry0912 answers:

There is nothing good about getting a car title loan. If, as you say, your job is secure and good paying, just pay the bill from your next paycheck.

It’s never a good idea to borrow to pay debt. It becomes a vicious cycle that gets worse every time you do it.

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Your Questions About Title Loans


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Lizzie asks…

Anyone know City Loan Long Beach car title loans company?

I’m in desparate for money. I searched around and found this company which offers car title loans. They have pretty good reviews, but I want to know if anybody has dealt with them before?

Thanks!!!

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barry0912 answers:

City Loan Long Beach a legit business and seems to have a good customer service since they are rated A+ by the Better Business Bureau. In their BBB profile, it says that they have only 11 complaints for the last 3 years, which is a very low rate for car title loans industry (their main competitor has 147 complaints!).

I hope this help!

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Michael asks…

Are title loans illegal in wisconsin?

Hi my wife took out a title loan at the end of march and has recently lost her job I was looking into the wisconsin title loan thing because there threatning to take her car. But isnt it illegal in wisconsin as of the first of the year to give out title loans ? What can I do ?

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barry0912 answers:

Actually it was illegal as of December 1.

Http://minnesota.publicradio.org/display/web/2010/05/20/wisconsin-car-title-loans/

I’d suggest that you call the Department of Financial Institutions at (608) 261-9555. They regulate payday loans and probably used to regulate title loans before they were banned.

If that’s not successful, you might try calling your state senator or representative. If you don’t know who they are, you can call your public library and ask a reference librarian.

Another possible source of help would be your police or sheriff’s department consumer fraud division.

If nothing else works, someone at your bank or credit union (preferably) might be able to help you.

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Your Questions About Title Loans

Donna asks…

Is it possible to get multiple car title loans?

I know this isn’t the best way to go about this. I have been analyzing my situation for a long time now and if this isn’t too risky this is what I would like to do. I want to get a car title loan, but because of the spot I’m in, I was wondering if it is possible to get a second title loan as well from another lender? I know that a person can have multiple payday loan lenders so it is the same for title loans?

barry0912 answers:

Well, normally you would have to surrender your clear title to the lender and they hold it until you pay them back, as collateral. So trying to get another loan would be impossible.

Linda asks…

Why are car title loans illegal in Florida?

I just tried to get a car title loan and I was told that they were illegal in Florida. Does anyone know why this is?

barry0912 answers:

Must be an oversight. There are darn few consumer protection laws in Florida. Maybe this one got passed by accident.

Do you realize what a title loan means? If you bought the car with your typical high-interest car loan, you have paid very, very dearly for that title. Like two to three times the sticker price of the car.

And most title loans will not give you any more than 30% of the car’s value. Plus the interest rate they charge is unbeleivable, like up to 300% a year!

So you’ve already paid two or three times the sticker price for the car, gotten back maybe 10% what you’ve paid, and you continue to pay the sticker price of the car every year, plus risk losing it all.

This is about the very worst kind of deal I can imagine that does not lose you some fingers or other valued appendages.

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