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What is a title pawn loan?

It is type of loan in which the title of a vehicle is used as collateral for cash. A need for cash can arise at any time and you may not be in a position to pay it. A title pawn loan is useful in such situations. The process of getting it does not have too many red-tape formalities. There is no credit check and no credit reporting. You also need not undergo a lengthy application process. It is a short-term cash loan designed to help you when you ride a rough patch. The best part of a title pawn loan is that you can continue to drive your car even though you have used it in a title loan. Only you have to pay the due amount on time so that you can redeem the title otherwise your vehicle will be repossessed by the lender.

People take title pawn loans for various reasons. You may want to go for an exotic family vacation but do not have enough money for it. So you go for a title pawn loan to fund the vacation. This will put almost no stress on your budget. However title loans are usually taken for graver reasons than this by people who have been turned down by other credit institutions due to their low credit ranking. People who are in urgent need of lump sum cash sell their vehicle. Such quick decisions often deprive them to get the best deal about selling a car. By taking a pawn loan they can both tap the equity in their car to get some cash and also get some time to make a well planned decision about how to sell their vehicle.

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These loans are considered predatory which expose the borrower to triple-digit annual interest rates and balloon payments that are payable within a month. To top it all, the borrower can lose possession of his car. According to Ginny Green, spokeswoman for the center for Responsible Lending in Durham, N.C. – these extremely high-cost loans are harmful to consumers. The significant amount of cash that that could be used in meeting expenses like housing, food, medical care and other necessities goes in paying the interest of the loan. These loans also do not consider the borrower's ability to repay the loan.

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