Musings

The Truth Behind Car Title Loans

August 29, 2011

Supposedly, taking on a loan isn’t easy. Back in the days, you had to have enough properties, sometimes even “show money”, just so you can secure a loan. That is really odd considering you are applying for the loan because you need the money.

Nowadays, though, there are many different types of loans which you can secure, each one requiring different collateral. One such type of loan is car title loan. As the name suggests, it’s a loan wherein you provide the title to your car, and in most cases duplicates of your car keys, as collateral. Just try to search for car title loans California and you’ll see a comprehensive list of sites offering such.

Come to think of it, though, car title loans are marketed as small emergency loans but in reality they are designed to trap borrowers in a cycle of debt. That’s because they put at high risk something that is very important in the lives of working families: their cars. So before you decide to take on a car title loan, think deeply.

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