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Common Misconceptions About Online Title Loans That You Should Know 

If you are wondering whether car equity loans are beneficial or not then they have been of great help to people. But there are some misconceptions about online title loans.

They are different than traditional loans and allow you to sort out your financial issues within a short duration. Plus, you can get them the same day depending on your document submission. 

Moreover, applying for title loans means you don’t have to bother about your credit score or credit history. They are the best financial product that can help you experience financial literacy to the best. 

misconceptions about title loans
Misconceptions about car title loans

Misconceptions about online title loans 

Here are some of the misconceptions about online title loans that you should know to avoid any confusion: 

  • You need to submit your car when getting a title loan – This is not true. It is an old practice of pawn shops where you need you to need to submit the car keys to get the loan. But with modern title loans, the lenders offer you money and allow you to drive your car with no issues. Also, you can repay the borrowed money without offering them your vehicle. 
  • You will face issues paying a heavy amount of interest – It is slightly true that title loans have high APRs but if you are an educated person then you won’t be surprised by it. Everything is mentioned in the agreement including interest rate as well as repayment details that you need to acknowledge. Ultimately, you will only face high-interest rates for car equity loans when you are not paying the loan on time. 
  • You cannot get title loans with poor credit history – This is another misconception related to title loans. If you have a car that has more equity, you can easily get a title loan. In case you don’t repay it on time then the lender will find out a way to recoup that initial investment. Overall, you can easily get title loans with a bad credit history or low credit scores. 
  • You need to pay fees for paying off your loan early – This is another persistent myth. You can always have an open conversation with your lender about this and have flexible terms of payment. Depending on the lender there is no such thing as paying fees for the prepayment of the title loan. 
  • Missing a single payment means losing your car – This is a highly dramatic myth that easily scares the borrowers. The lenders don’t have this super-aggressive repossession. Also, you can always get some flexibility about payment dates or go for a refinancing title loan. 

Conclusion About Misconceptions About Online Title Loans

Getting title loans is simple and sorted. However, you need to keep in mind that communication with your lender is highly essential. Plus, try to ignore all these misconceptions. TFC Title Loans doesn’t have any prepayment fees or consider credit history while offering title loans. They always work to your benefit and allow you to be in a safe spot. 

We have the largest network of lenders, so when you need an emergency loan, we are here to help you. we will make sure that the loan that you get will have the lowest interest rate, and that you will get the most money on the equity of your vehicle.

Disclosures

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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