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Title loans are short-term loans where the borrower secures a desired amount  ,Monster Beats Studio HeadphonesBeats By Dre With Diamonds by keeping an owned automobile as collateral. These loans have an easy application process and do not involve credit checks. Moreover, the borrower can access the amount secured within 24 hours of application. The borrower maintains possession of the car during the loan period. A spare set of keys is submitted to the lender, however, so that the lender can take possession of the car in case of a default.
A title loan may appear to be the easiest way to overcome a financial crisis but it is shrouded with myths that can confuse the consumer. Some of these are mentioned below:
Myths vs. Facts
Myth 1: A title loans cause unnecessary debt and bad credit issues.
Fact: Like any loan,Cheap Beats Pro, if the borrower does not make repay it in time, his credit will suffer. Therefore,Free Beats By Dr Dre, title loans should not be singled out for bad credit ratings. Since your car is a prized possession, title loans should be availed only when necessary and if you are sure of paying off the loan within the payment period.
Myth 2: You can avail of a title loan from any lender that you come across.
Fact: All lenders may not work on the same conditions so it is sensible to explore the market and gather information before  Beats By Dre Sports coming to a decision. Unscrupulous lenders may induce you to borrow without actually being precise about the repercussions of defaulting on your loan, which could spell disaster for you.
Myth 3: A  Cheap Limited Edition Beats By Dre title loans has a low interest rate.
Fact: The rate  Cheap Dr Dre Beats Studio of interest charged on title loans offered by companies varies depending on their location,Real Beats By Dre. Consumers should decide to avail of such loans only after calculating the yearly rate,Dre By Beats. Most lenders quote monthly rates that appear low and therefore  Cheap Dr Dre Beats Solo attractive. The annual percentage rate (APR) on interest may range from 36 to as high as 600. Lenders may also charge additional fees.
The most important fact before you opt for a title loan is to consider the risks involved before diving for it. Auto title loans come with high interest rates,Monster Beats, which may further escalate in case of rollover payments. You may have to pay an even heavier penalty in the form of your car if you fail to pay.
Alisha Delphi holds a degree in Economics and Commerce from USC. She started out as a financial advisor with a bank and  Beats By Dre Solo Hds has moved on to become a loan consultant with more than ten years of experience. Apply for pink slip loans application now.
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