Mountain Goat

Resting peacefully amidst rocky terrain comes naturally to these guys.

As humans, remaining serene as we navigate some of life’s rough patches can be tough.  This is especially true, when those patches include financial difficulties.   For those who need fast cash, title loans may be the answer.  It’s important, however, to understand the pros and cons of these loans.

On the plus side, title loans can provide same day cash to those who own a vehicle.  Since the car or truck title secures the advance, these loans are available to those with poor credit or no established credit history.   While the loan office holds the title, the loan recipient retains their vehicle.  That worked perfectly for a neighbor after some emergency expenses left her short on money for the rent.  She used her title loan to pay the rent and avoid late fees and the possibility of eviction.   

The obvious downside to a title loans is the possibility of vehicle repossession, if the loan cannot be repaid.   There may also be higher finance charges for this type of a loan.  Before signing for any loan, you should be sure you understand the loan terms and have a plan for repayment.

Is a title loan right for you?  There’s no one right answer for everyone, but for many people, they have provided a reprieve from tight financial situations.