TITLE LOANS

An auto title lending (also referred to as a pink slip loan, title pledge, or title pawn) is a cash advance guaranteed by your vehicle’s title. People in urgent need of funds or who are having money troubles usually take out this type of loan. You can take out a loan of up to $50,000 and repay it in a month. The cost of a title loan is determined by the APR plus a fee while the yearly interest rate is 300 per cent on average. The popularity of title loans can be attributed to two factors, for instance, when determining loan eligibility, an applicant’s credit score is ignored. Second, a title loan can be approved quickly for amounts as low as $100.

Applicants with a variety of financial histories and backgrounds can apply for these loans. A title loan uses the equity in your vehicle instead of your creditworthiness to provide you with the funds you require.

Title advances are secured credits that allow you to use the title of your automobile as collateral in exchange for money.

 

A TABLE SHOWING THE DIFFERENCES BETWEEN A TITLE LOAN AND A PAYDAY LOAN

 

TYPE OF LOAN CASH ADVANCES CREDIT CARD REQUIREMENT LOAN TERM COLLATERAL OR GUARANTOR
Title Loan $100-$50,000 Available for Bad Credit 10-31 Days Needed (Your Car)
Payday Loan $100-$1,000 Available for Bad Credit 14-31 Days None

 

A TABLE SHOWING THE LEGALITY AND THE LOAN CONDITION OF SOME STATES

 

STATE LAW STATUS CONDITION
Alabama Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Alaska Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Arizona Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

California Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Colorado Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Delaware Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Florida Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Georgia Not Allowed NA
Hawaii Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Idaho Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Illinois Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Iowa Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Kansas Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Kentucky Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Louisiana Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Maine Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Maryland Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of Residency

Massachusetts Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Michigan Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Mississippi Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Missouri Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Nebraska Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Nevada Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

New Jersey Not Allowed NA
New Mexico Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

North Carolina Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

North Dakota Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Ohio Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Oklahoma Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Oregon Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Pennsylvania Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Rhode Island Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

South Carolina Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Tennessee Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Texas Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Utah Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Virginia Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Washington Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Wisconsin legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

Wyoming Legal Borrowers must be over the age of 18.

Provide evidence of income and proper identity.

Display proof of residency.

 

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