In most cases, a title loan won’t have any impact on your credit scores. That can be good and bad. For starters, most title lenders don’t run a credit check when you apply. … On the flip side, title lenders don’t report your payments to the credit bureaus, which means a title loan won’t help your credit scores either.
Moreover, are car title loans a good idea?
Car title loans are a quick way to get a short-term loan—but they have high interest rates, and you could lose your car if you don’t make your payments. Car title loans are an expensive way to obtain cash quickly and should be your last resort. If you’re considering a car title loan, proceed with caution.
Secondly, how much can you get on a title loan?
How much can you borrow with a title loan? You can usually borrow 25% to 50% of the value of the car. According to the FTC, the average loan amount is $100 to $5,500, but some lenders allow you to borrow up to $10,000, and even more. Once you’re approved for a loan, you’ll give the lender the title to your car.
What do I need to get a loan at TitleMax?
Personal Information: Email, phone number, SSN and valid ID. An active bank account statement from within the past 60 days (If recurring deposits aren’t displayed on your active bank statement, you’ll need to show a paystub from within the past 60 days or some other proof of income.) Must be an SC resident.
What is the interest rate on a TitleMax loan?
What type of loans does Title Max offer?
Types of Loans at TitleMax
- Personal Unsecured Loans. Credit card purchases, student loans, and personal loans are all similar in that they are unsecured loans that do not require collateral. …
- Title-Secured Loans/Pawns. …
- In-Store Personal Unsecured Loans. …
- Online Personal Unsecured Loans.