What is a title loan?
Title loans have been around since the early 1990s in the USA.
They have grown increasing popular with people with poor credit and those who cannot get a loan from a bank or other financial institution.
Car title loans are also called “cash for cars” loans, an auto title loan, vehicle title loan, pink slip loan, or simply title loan.
They are short-term loans.
It is a secured loan where you (the borrower) can use your personal vehicle title as collateral. We (the lender) do not check your credit history because we only consider the value and condition of your vehicle that you want to use to secure your loan. If you still owe money on the vehicle and your pink slip (title) has a lien-holder, such as a car dealership, we can payoff the loan and get you some extra cash.
You (the borrower) must allow us (the lender) to place a lien on your car title, and you temporarily give us your pink slip (vehicle title), in exchange for a loan amount.
You get to keep your car and can continue to drive it while you are repaying your loan.
When the loan is repaid in full, the lien is removed and the pink slip (car title) is returned to you.
If you default on your payments then we can repossess the vehicle and sell it to repay your outstanding debt.