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:

DO NOT DO BUSINESS WITH ANY TITLE LOAN COMPANY. THEY WILL RIP YOU OFF.

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.

UNDER NO CIRCUMSTANCES SHOULD YOU DO BUSINESS WITH A TITLE LOAN COMPANY.

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