Editor's choice: Max Cash Title Loans
- No bank account required
- No prepayment penalty
- Bad credit OK
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If you own a car, a title pawn loan can get you cash fast when you don’t have great credit. And you might not even need to have a bank account to qualify. But with APRs in the triple digits and the risk of losing your car if you default, it’s best left as a last resort.
Title pawn loans allow you to borrow cash fast by using your vehicle’s title as collateral. This means you can continue driving your car while you’re repaying the loan. Most lenders treat them like title loans, though title pawn loans may have fewer eligibility requirements.
Despite the name, you don’t need to go to a pawn shop to get this type of financing. Instead, you can apply online or in person with a title loan provider and get your funds in as little as 30 minutes.
You can typically borrow up to $10,000, though it depends on your state, lender and the value of your car. In some states, you might not be able to borrow more than $2,500.
Usually, borrowers have 30 days to pay back the loan in one lump sum. Some lenders also offer title pawn installment loans, which spread the repayments out over several months.
Title pawn loans are an expensive type of financing and commonly come with APRs between 100% and 300%. However, it often varies depending on your state — many set limits on how much your lender can charge in interest or fees.
While title pawn loans can be helpful when you need cash fast, they’re not without risk.
It depends on your state, but usually you can roll over a title pawn loan. Also commonly known as an extension or renewal, rolling over your title loan involves adding more time to your loan term. Typically, you can extend your term by 30 days at a time. Some states might have limits to how often you can roll over your title pawn loan.
Rolling over your loan should be a last resort. Extending it just once doubles the cost of your loan — at the very least. The same rates and fees from your original loan often apply, and some lenders might charge a rollover fee.
You could lose your car if you don’t repay your title pawn loan on time. However, that might not happen right away. Miss a payment by a few days and you might only have to pay a late fee. If you miss your repayment by longer, your lender might offer to extend your term to collect repayment.
Otherwise, it will take the steps to repossess and sell your car to cover the cost of your loan. Your lender could also take funds to cover the costs associated with repossessing and selling your car. After your lender collects the funds, it’s typically required to give you any remaining profits from the sale.
Title pawn loans and auto pawn loans might sound similar, but there’s a slight difference between the two. With a title pawn loan, you can keep driving your vehicle while you’re paying it back. With an auto pawn loan, your lender keeps your vehicle while you pay it back.
Auto pawn loans also tend to have fewer requirements and could be a better option if you’re unemployed or don’t have a bank account. But you might want to avoid it if you don’t have other transportation options.
Title loans aren’t legal in every state. And even where they are legal, the state often has regulations on how much you can borrow, interest rates, fees and terms. Many states also have rules that regulate when and how your lender can repossess your vehicle if you fail to pay back your loan.
Since states typically treat title pawn loans and title loans as the same thing, check out our title loans guide to find out if they’re available where you live.
Most title pawn lenders allow you to apply online or in person at a storefront. But even if you get approved online, you’ll likely need to visit a store to have your car inspected and finalize the application.
While it’s possible to get a title pawn loan entirely online, it’s rare. It’s also not as fast. You might have to submit additional documents, and you’ll often have to wait 24 hours for a wire transfer.
Though it varies by lender, you typically need to meet the following criteria:
Looking to begin the application process online? Follow these steps:
Though it varies by lender, you’ll likely be asked to bring the following:
Concerned about how expensive title pawn loans are? Consider one of these alternatives:
Lenders often use the terms title pawn loan and title loan to mean the same thing. They’re one of the quickest types of financing out there, though with such high rates and the risk of losing your car, it’s best left to absolute emergencies.
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