Title Loan

No I have never done it but please don't do it.

Payday and title loans are complete ripoffs. Might as well go to a back alley and meet with a loan shark because the only person who gains anything with this type of loan is the one who loans the money.

Find another way. Sell things you don't use anymore, etc.

Don't do it!!! Yes, any loan, especially a title loan is going to be a HUGE intrest! Easy money always comes a high cost.

it's a desperation move. great to have if you're backed against the wall and have no options, but yes, it'll cost you an arm, a leg and a buncha fingers. only do in an emergency situation.
khairete
S.

If you look at the fine print of these loans they are usually 100+% interest. A credit card at its worst is only 30% and you can get credit cards that charge less than 12%.

AND they will take your car in the blink of an eye.

BTW, 100% interest means if you borrow $1000, you pay back the $1000 PLUS $1000 in interest.

Good luck to you and yours.

J.

I was stupid ONCE....I did it when I had had money stolen from my account and it was going to be weeks before I could get it back....

OH MY GOD!! DO NOT DO IT!!! You borrow say $5,000. You end up paying back $9,000. Are you in that much peril? Can you risk waking up and not having your car there because you missed a payment?

Let's say you are in the situation I was in...as soon as you get the money back? ALL of it is gone. You are paying upwards of 125% interest on the loan so you will ALWAYS be paying the interest.

Find another option. I would rather eat rice and water for two weeks than to do a payday or title loan. EVER. AGAIN.

GOOD LUCK!

I think the effective interest rate pushes into triple digits! You are better off finding a loan shark, at least they charge reasonable interest rates.

Those loans are targeted to those that cannot get loans and screw you accordingly.

No I have never had one. Regardless of how desperate I have ever been I have never been stupid and desperate.

Oh before you even consider this have you considered going to your bank and refinancing your car loan? Banks will loan you the value of a car you already own but they do it without the tacky commercials and the high interest rates. :)

Okay looked at your other questions, you are a stay at home with older kids? You can't be this desperate for money. Get a part time job first. Might I suggest Panera if there is one by you. They will work around your kids schedule so you get money and are still there for the good stuff. :)

DO NOT DO IT! My ex did it and the interest was 148%. And if you get behind one payment, its hard to get caught up! AND they hold the title so they can TAKE YOUR CAR!!! It isn't worth it. Good luck!

You basically drive your car to the place, give them the title, they enter it in their system and it spits out a "presumptive value", of which they agree to loan you a percentage of that value. The value will be way less than you think because, if by chance you default on the loan, they have to cover fees to repossess your car, etc. We got one a few years back because my husband got laid off right after our son was born, and we decided to pay back in installments. In the end, our $300 loan cost us almost $700 to pay back. I would seriously consider other options to borrow money before doing a title loan.

I have never used one but know they do cost a HUGE amount of interest to pay back. They take advantage of desperate people who have no other choice and generally send them further into debt.

It depends where you go but the percentages are generally the same. You don't have to take the amount they offer, you can take less. What really affects the total amount you pay back is how long you keep the loan out.

For example, my sister took $600, and it was $150 each month. So, the first month she could either pay $750 and get her title back, or $150 and continue the loan for another month. You can pay the interest each month (which is calculated based on how much you borrow) but you would still owe the total plus interest when you pay off the loan. So far as I have seen you cannot pay it down in installments...it is basically pawning your car but just the title not the actual vehicle.

With all you have going on, please think long and hard about this...they don't play and you will lose your car if you miss one payment. Could you sell your car on craigslist and buy a cheaper one that would leave with money left over? Do you have anything else of value you could part with first? Jewelry, tv, camera, game system, etc.?

Like Suz said, its a desperation move and you will have zero transportation if you lose your car. Also, check the laws in your state. In Florida you can't get title loans anymore. But Florida is a** backwards with what they do and don't choose to regulate, so your state may be different.

A total ripoff! Don't do it!

How it works... if you own a vehicle that has a value of over $2,000 and are employed it's very easy to get a loan, even if you have bad credit. You give them the title to your vehicle and they give you money. You can still use your vehicle, but if you don't make payments, the vehicle is theirs.

Cost and arm & a leg? NO. It costs a lot more than that, you'll need to throw in a least a kidney.

Done it? NO. Hopefully none of the other mamas have ever thought about it.

Honestly, I don't much about them and there's a good reason why, I would NEVER NEVER NEVER even think about using them. I couldn't imagine anyone being that desperate. What could possibly be that important that you would be willing to pay a minimum of 100% interest?

Try a credit union. They are very good about serving the community which includes title loans. If you are in Dallas call Dallas Credit Union, ask for Sissy Littlefield, ###-###-####

Yes and YES ..... for example: on a $400 loan, you pay back about $1,200

DON'T DO IT!

You'd be better off going to a pawn shop with something you don't need/use or jewelry.....