Title loans are short term, high interest emergency loans that are easy to qualify for because of their loose loan application requirements. All you need is a government issued ID and a title for a paid off vehicle. That’s it. Your credit score doesn’t matter, your income doesn’t matter, even your debt-to-income ratio is utterly irrelevant to title loan providers. Their business model is, quite literally, designed to squeeze desperate borrowers for as much money as they possible can and if they can’t cover the loan, they take their vehicle.
We can’t say why title loans are legal to begin with, […] Read more