You May Want to “Steer” Clear of… Car Title Loans
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Basic Car Title Loan Information
The car title loan shares the fundamentals of a payday loan, only instead of waiting for your paycheck to come in, your car title is provided as collateral for the loan. Car title loans typically run a one month cycle, with extensions bringing in penalty fees and jumps in interest. Just like a payday loan, the interest rates are extremely high and a borrower can very quickly get in over their head. In the case of a car title loan, they risk losing their vehicle which can be the very source of income for making the payments!
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