TITLE LOANS
An auto title lending (also referred to as a pink slip loan, title pledge, or title pawn) is a cash advance guaranteed by your vehicle’s title. People in urgent need of funds or who are having money troubles usually take out this type of loan. You can take out a loan of up to $50,000 and repay it in a month. The cost of a title loan is determined by the APR plus a fee while the yearly interest rate is 300 per cent on average. The popularity of title loans can be attributed to two factors, for instance, when determining loan eligibility, an applicant’s credit score is ignored. Second, a title loan can be approved quickly for amounts as low as $100.
Applicants with a variety of financial histories and backgrounds can apply for these loans. A title loan uses the equity in your vehicle instead of your creditworthiness to provide you with the funds you require.
Title advances are secured credits that allow you to use the title of your automobile as collateral in exchange for money.
A TABLE SHOWING THE DIFFERENCES BETWEEN A TITLE LOAN AND A PAYDAY LOAN
| TYPE OF LOAN | CASH ADVANCES | CREDIT CARD REQUIREMENT | LOAN TERM | COLLATERAL OR GUARANTOR |
| Title Loan | $100-$50,000 | Available for Bad Credit | 10-31 Days | Needed (Your Car) |
| Payday Loan | $100-$1,000 | Available for Bad Credit | 14-31 Days | None |
A TABLE SHOWING THE LEGALITY AND THE LOAN CONDITION OF SOME STATES
| STATE | LAW STATUS | CONDITION |
| Alabama | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Alaska | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Arizona | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| California | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Colorado | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Delaware | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Florida | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Georgia | Not Allowed | NA |
| Hawaii | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Idaho | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Illinois | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Iowa | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Kansas | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Kentucky | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Louisiana | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Maine | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Maryland | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of Residency |
| Massachusetts | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Michigan | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Mississippi | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Missouri | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Nebraska | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Nevada | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| New Jersey | Not Allowed | NA |
| New Mexico | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| North Carolina | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| North Dakota | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Ohio | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Oklahoma | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Oregon | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Pennsylvania | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Rhode Island | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| South Carolina | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Tennessee | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Texas | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Utah | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Virginia | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Washington | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Wisconsin | legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |
| Wyoming | Legal | Borrowers must be over the age of 18.
Provide evidence of income and proper identity. Display proof of residency. |