Title loans are a form of funding in which you use your vehicle title as collateral in exchange for the loan funding. It’s typically used by borrowers who need financing but have bad credit and don’t qualify for other types of personal loans.

In business, title financing is typically used to borrow funds for purchasing equipment. Because title loans are secured, there’s a large amount of risk involved for the borrower, who could lose the vehicle if they default. payday loans Elyria If you’re considering this kind of loan, it’s important to understand how they work and what other alternatives you might consider before you apply.

How Do Title Loans Work?

Typically, a title loan is a short-term loan that needs to be paid back within a small window of time, often around a month. (more…)