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

David asks…

How do title loans work? What is the usual time frame for repayment?

barry0912 answers:

A car title loan is a glorified pay day loan with outrageous interest and little benefit to the borrower. The lender will hold your car title with a document that automatically forfeits your vehicle to the lender in case of default on the loan without the usually unpleasantries involved in collecting a debt.

You have to keep the vehicle insured and sometimes you have to leave it with the lender in their safekeeping.

You will pay a tremendous amount of interest, sometimes disguised as a processing fee or storage fee, and the turn around time for repayment is usually 30 days or less. Often from pay period to pay period. The kicker is the loan can be renewed and in so doing you are charged everything all over again.

Some of these loans have APRs of over 435%. So beware and if you need a small loan desperately, try every alternative you can before resorting to the payday/title sharks.

Daniel asks…

In order to get a loan with loanmax title loans, do i need to have my car already paid?

I am still paying my car so I don’t know if I can still get a loan with them.

barry0912 answers:


Most of them charge between 600% and 800% interest. This industry is a complete rip off and you will lose your butt if you do business with them.


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Your Questions About Title Max

Michael asks…

ADVICE NEEDED: Family member stole title and pawned to Title Max?

My uncle stole one of my parents’ car titles and took it to Title Max; we knew nothing about this until Title Max called my parents and asking them for payment for the loan. If he had a spare key to the house, is that still considered breaking and entering (he does not live with us)?

What legal actions can my parents take? Any advice would be much appreciated.

barry0912 answers:

Breaking and entering is using force to enter private property without permission. What your uncle did was perhaps illegal entry unless he was given the keys and told he had free access to the home. At any rate, your legal recourse for the theft of the car title is to report it to the police and let them arrest him for grand theft or larceny of the car and fraud for falsely transferring the title. This is the only way you should be able to regain recovery of your parents’ vehicle.

Laura asks…

Will title max write my car off and stop looking for it?

I lost my job and not able to make the payments anymore. They came by several times and blew my phone up including my references. Its been about 2 wks now since we have heard from them. Just wondering if they have given up? Someone told me that they will use it as a write off. Please only answer if you know. Thank you!
I’m in South Carolina and title max is considered a pawn shop here. They don’t have the same pull as a loan company will have.

barry0912 answers:

They probably have someone outside your home right now watching you in binoculars to follow any of your friends to your car. – saw this on tv once
They know eventually, you will want to use that car of yours
They know you don’t have any money.
They won’t write it off, they will send it to collections and the agency will sue you
Go after your assets or garnish your wages

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