Yes, this type of financing is different from payday loans.  With most payday loans you’re only going to borrow a few hundred dollars.  An online pink slip loan will allow you to borrow well over $10,000.  It all depends on the current equity in your vehicle.  Also the amount you can borrow and the payoff time will be different. Payday loans are generally structured to get you through a short-term financial burden.  Title loans, are set to be a lasting financial solution.  Lastly most title loan companies and credit services organization firms are are regulated by the state they do business in.  If you apply with an unaffiliated third party, be sure your actual lender or credit access business has a valid operating license.

Of course you can!  Having bad credit may disqualify you from traditional bank loans, but that shouldn’t be the case here.  With a car title loan, you’re using your car title to secure the loan. That means this type of loan is secured with collateral.  Whereas a bank will rely much more on your credit score as that type of loan is unsecured.  Consumers with bad credit get approved for online title loans all the time!  Lenders will often require an active checking account with proof of income in place of a good credit history.  The interest rate with this type of financing is high, so only borrow what you need.  Make sure you don’t have an active bankruptcy.

Most of the time, you will need a car title that’s free and clear of any pending payments or liens.  This means the original car title needs to be in your name.  You will also need to have made all final payments on the car before you apply.  There are sometimes exceptions to this rule, so it’s best to check with your customer service rep if you have any questions.  You can also refinance your current auto title loan.  We’ve seen applicants submit many loan applications trying to find the best rates!  This will give you a more favorable interest rate and lower monthly payment if you qualify.

This is a common question we get from consumers that are looking at applying for loans online.  We want to make sure they can pay off their loan with no pre-payment penalty.  The answer to this question is, Yes!  There is no early payment penalty associated with your title pawn loan.  Once a borrower is approved for a title loan they can pay it off as quickly as possible.  You have the option of sending more money each month to pay down the principle.  Or you have the option pay it off all at once if you’d like.  This is something we recommend as well!