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Can Title Loans Get You Out of a Financial Bind?

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Unexpected expenses and emergencies can happen to anybody, and sometimes there are rough times where we might not have enough money to pay for every responsibility in our lives. It’s hard to find permanent solutions that can keep us afloat, but there are some ways to get some much-needed money quickly and safely.

Getting title loans in Idaho and other states where it’s permitted can be a good option when you have exhausted other avenues and you may be looking for a loan that doesn’t require too many hoops for you to qualify. It doesn’t require good credit standing or having a checking account. Plus, it often allows for more money to be loaned than other traditional loaning methods.

You may be thinking about getting this type of loan, but you are unsure if it’s your best bet. Here are some things to consider when thinking about getting one.

Your vehicle

First, you should consider the value of your vehicle. Because this can be used as collateral for the loan, it will determine the amount you can get. A car with good value can allow you to get anywhere from three to ten grand.

It’s also important to note that you will need your vehicle’s papers to be legit and complete, at least the title, to get your loan. The loaner will keep the title to your car until you have completed your repayment. If you are unable to complete repaying, they will have ownership of the title.

Your state

Not all states allow title loans, and even among the ones that do, various regulations differ depending on the location. Reaching out to respective loaners should put you up to speed about the different restrictions and caveats. Still, you can also look up your state regulations online to get some bearing before starting talks about taking a title loan.

For instance, Florida has a capped 30% annual percentage rate, and Illinois has a limit on the amount you can loan. Other states like Idaho don’t have limitations, and the likes of California can only do these loans through a loophole.


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It should be noted that this is a short-term loan, meaning the repayment period is not that long. You will get your money when you need it, but the repayment period is commonly 30 days, though certain loaners and money centers have longer periods that you can agree upon.

Before taking on this loan, you should ensure that you can hit the minimum payment by the set date so that you don’t default and lose your vehicle completely. While certain lenders offer lower interest rates, it is wise to note that this is still a bit pricier to pay back than other loan options.

The advantage of title loans lies in their accessibility for those who need cash fast and don’t have the means to qualify for other loan options. As long as you have weighed the different factors that go into this loan, it’s a very viable option in times when you come up short.

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