Car Title Loans

As the 1990s began, a new type of short-term secured loan became popular during financial emergencies among American borrowers- especially, those with car titles. Also known as auto little loans, or sometimes as title loans, these short-term debts are very convenient to avail- just a visit to a store with the valid car title, or even applying for a loan online is enough. Since car title loans are secured loans, and the borrower’s car works as a collateral, credit scores hardly matter. However, lenders definitely scrutinize the income status of the borrower, and the vehicle’s condition in order to decide the maximum limit of money that can be lent. On defaulting the loan, the borrower might lose the car- which the lender sells off to recover the money.