What exactly is a title loan?
A title loan is a quick and convenient way for people who own their car (a lien-free title) to get cash using the car as collateral. It allows consumers to use an asset they own (their car) to solve short-term cash flow problems. Without title lending, many consumers would be forced to sell their vehicle in a time of need, probably at a discount.
Is there a penalty if I pay my loan off early?
You can pay your loan off at anytime with no additional cost or fees. Your credit will not be affected by applying for a title transaction or after obtaining one.
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