BEFORE YOU THINK ABOUT GETTING A TITLE PAWN LOAN OR IF YOU ARE TRAPPED IN ONE:
More and more we receive phone calls from people trapped in a title loan with rates so high they can never pay them back. These are just some of the reasons you should try us first:
- Rates: Most title pawns advertise MONTHLY rates instead of annual rates. This means that their true rates are well above 100% APR. For example, a customer came to us with a title pawn from a major national title pawn. According to the receipts he provided us, for a loan with a principle balance of $1109.75, he would have to pay $138.72 per month JUST TO PAY THE INTEREST AND FEES AND THE LOAN WILL NEVER BE PAID OFF. For a loan with us would that would yield the same amount of cash, if he paid $135 per month his loan would be paid out in just 10 months.
- Term: Our loans are for a fixed term designed to be paid out completely.
- Credit: We report to the credit bureau so a good payment history will help your credit score.
- Equity: If worst come to worst and your car gets repossessed, title pawns can take all of your equity while we will pay you back the difference between the loan amount and your car’s sale.