Are you in need of fast cash? Many people nowadays find that title loans are the easiest way get the money that they need. Aside from the fact that it is quite easy to be approved of such types of loans, the credit rating of the borrower is not considered to be approved of a title loan.
Title loans are basically loans where people use their assets as collateral. An example of this is the car title loan where the collateral is the title to a car which is owned by the borrower (without any liens). A line of credit is provided to the borrower after an assessment made by the lender as to value of the car. In case of loan default, the lender has the legal right to repossess the car and auction it off.
Have you experience or have considered getting a title loan? Care to share your thoughts or experiences about it?