Should I Get a Personal Loan? 6 Signs It Might Be a Good Idea

If you’re wondering; should I get a personal loan? Then this blog article’s a must-read. Click here for more info and see whether it’s the right choice for you!

Should I get a personal loan?

If you’re asking yourself that question, you’re in good company. From medical emergencies to car repairs to consolidating debt, millions of Americans are turning to personal loans as a solution.

In fact, a staggering 83 million people–or 34% of Americans–have taken out a personal loan in the past year.

That’s great for them, but what about you? Is taking out a loan the best way to handle your unique financial situation?

Here are six things to consider before you take out a personal loan.

1. What Are You Using It For?

Personal loans are classified as unsecured debt, which means you don’t have to put down any collateral to get it.

The good news is that most personal loans offer a lower interest rate than credit cards. This makes it a great choice for consolidating and paying off high-interest credit card debt.

If you’ve fallen on hard times due to medical bills, unemployment, or other factors beyond your control, this could be a viable way for you to get back on your feet financially.

Still, caution is needed. Lower interest rates might tempt you to take out a personal loan to finance a luxurious vacation or an expensive piece of jewelry.

Don’t do it! Debt is debt–and a personal loan is no exception. If you regularly get in the habit of buying high-ticket items you can’t afford, it’ll take more than a personal loan to bail you out.

2. How’s Your Credit Score?

Assuming you have legitimate reasons to take out a personal loan (not for a trip to Tahiti), what are some factors to consider?

A major one is your credit score. Lenders need to know that you’re trustworthy before they’ll give you money for any “personal” reason.

Think about it this way. A lender can repossess your car or your house if you fail to make payments, right?

But what happens if you fail to pay back a personal loan? Short of sending you to collections, there’s nothing they can physically take to repay the loan.

The better your credit score, the more trustworthy you appear to lenders. That’s not to say it’s impossible to get a personal loan if you have poor or average credit. You’ll just have to pay a higher interest rate for it.

3. What Are the Repayments Like?

Unlike a 40-year mortgage or other long-term loans, personal loans are generally capped at seven years.

That means that whatever amount you borrow, you’ll need to repay it in seven years or less (with interest).

In a financial pinch, you may not have much of a choice. But let’s say you’re taking out the loan to finance a large, expensive project, like a major remodel on your house.

How much will you need to pay back every month? Do you earn enough or have enough savings to cover the monthly payments? If the payments are too high, you could easily fall behind–and fall into even more debt than you started with.

If you’re unsure how much you need to borrow or what your monthly payments might be, a loan calculator is a good place to start.

4. Who Are You Borrowing From?

If you have a good working relationship with your current bank, that’s a great place to apply for a personal loan.

But banks aren’t the only option out there. Many credit unions offer personal loans with better interest rates and lower fees than major banks.

In recent years, online marketplace lending has also been a popular source for personal loans. It’s basically a digital “matchmaking” system that pairs borrowers and lenders quickly and easily.

Whichever avenue you choose, be sure you’re borrowing from a reputable lending company. The internet can be a powerful tool to get you the cash you need, but there are also plenty of loan scams out there.

5. Have You Considered Other Options?

A personal loan may be the best option for you–or it might not be.

Before you send in your application, make sure you’ve considered other viable financial paths.

For example, some people seek out personal loans to consolidate higher-interest student loans. This sounds great on the surface, but what are you giving up? Many student loans come with federal benefits or loan-specific protections that you’d lose by refinancing.

What if you’re trying to consolidate credit card debt? Shop around for a new credit card that offers a promotional zero-percent interest rate on balance transfers.

You might also consider borrowing from a Roth IRA or retirement account to temporarily cover your expenses. If you do, just make sure to pay yourself back when your finances stabilize.

6. Does the Loan Come with Hidden Fees?

Before you make any final decisions on a personal loan, be sure to read all the fine print.

Many lenders try to sneak in an insurance policy right before you sign a deal. They may even say it’s legally required for personal loans (it’s not, by the way).

If you choose to add such coverage to protect your family from a financial burden, that’s fine. Just make that decision because you’ve researched it and thought about it, not because you feel pressured.

Another question to ask the lender is if there are any penalties for paying off the loan early. If your financial situation improves quickly and you’re able to pay off the loan ahead of schedule, wouldn’t that be a nice option to have?

Should I Get a Personal Loan? Final Thoughts

As you can see, there are pros and cons to taking out a personal loan.

Because every financial situation is unique, your best bet is to weigh your options and make an informed decision.

Of course, “Should I get a personal loan?” isn’t the only important question to ask. To get (and stay) out of debt, you need to get in the habit of making smart decisions with your finances.

Click here for our latest insights into smarter ways to handle your money.

6 Things to Consider When Applying For Your First Loan

You should be educated when it comes to applying for your first loan. Follow our guide so you can easily understand and get through the process.

As of December 2017, all debts in the United States totaled a whopping $13.15 trillion. Mortgage loans top the list at $8.88 trillion, followed by student loans at $1.38 trillion. Auto loan debts rank third, totaling $1.22 trillion.

These figures show how dependent we’ve become on consumer loans. After all, they allow us to make huge purchases like homes and cars. Most of us don’t have the cash to pay for these all at once.

But this doesn’t mean a lender will approve your first loan application right away. That’s why it’s important you know what to consider before taking out a loan for the first time.

Don’t worry though, as we’re here to help educate you. Keep reading to learn about first-time loans and what you can do to boost your approval chances!

1. What Type of Loan Are We Talking About?

What exactly do you need the money for? That’s the first and most important consideration when taking out your first-ever loan.

Unless your goal is to become a home owner, then you most likely only need a personal loan. As the term suggests, this loan product is for personal expenses. That could be to cover moving expenses, medical bills, or even buying a car.

In the U.S., most people take out personal loans for debt refinancing or consolidation. As many as 55% of borrowers said they took out a personal loan for this purpose.

But you don’t have any “debt” to consolidate or refinance in the first place, do you? So, it’s possible you need money to pay for moving-related expenses.

What’s more feasible, though, is that you need it to cover medical bills. After all, out-of-pocket medical expenses now average $1,813.

But what if you need a loan to start a business? In that case, consider a business loan for startups.

Not all business loans are only for startups. Your business can also benefit from other types of loans, such as in the case of growth and expansion.

The point here is to determine if your need for a loan classifies as an emergency. Or in the case of a business loan, if it’ll benefit your organization in the long run. If that’s the case, then a loan may be your best option.

2. How Much of a Loan You Need

Once you’ve determined you do need a loan, next is to figure out how much you need. If you have enough time to save up some money, then it’s best you take that into consideration too. That way, you’ll take out a lower loan amount, which means paying less towards interest.

3. How Much You Can Afford to Pay Back (with Ease)

This is much trickier than determining how much you need. When figuring out how much you can afford, you need to look at your finances – both inflows and outflows.

Let’s say you earn $25,000 a year, which is the typical salary of a 23-year-old American worker. That’s about $2,080 every month.

Now, deduct your fixed expenses (like rent or fixed-rate utility expenses) from this. Make sure you don’t forget about your variable expenses (AKA electricity and water bills, transportation, grocery, etc.). It’s also a good idea to set aside something for emergencies or better yet, for savings.

Look at what’s left and compare that with your potential loan payments every month. Is the former greater or less than the latter?

4. Your Credit History

A common misconception is that people who have no loans don’t have a credit history. This isn’t always the case. If you have a credit card under your name, then you’re one of the 220 million U.S. consumers with a credit file.

But what if you also don’t have a credit card?

Don’t worry. There are still loans that you can get even with only a prepaid debit card. These loans, as well as payday loans, are a good option if you need access to funds as soon as possible.

It’s still a good idea to start building your credit history ASAP though. That’s because if you pose the question, “What do you need to get a loan?” to traditional lenders, they’ll tell you a good credit score is one of them.

A good place to start is with secured credit cards and student credit cards. Many credit card companies issue these cards to people with little to no credit. Once you qualify and start using one of them, you’ve already taken the first step to building your credit.

This is one way of figuring out how much you can afford to pay back. It’ll also help ensure you have enough to prevent even more financial setbacks.

5. Your Credit Score

Say you already have a credit history, thanks to your rent or credit card. In that case, you need to know where your credit score stands.

Lenders look at your credit history and score to determine your creditworthiness. If you fare well in both, then they’ll take it as a sign you’ll pay back what you owe them. So, the more impressive your credit, the more chances you’ll have of securing your first loan.

But only knowing that you have a good credit history and score isn’t enough. You have to make sure that it shows up on paper too. That’s why it’s best to request a copy of your report to make sure there are no errors in it.

6. Loan Terms

Loan terms vary from lender to lender, from interest rate to payments to other typical fees. That said, make sure you understand everything before signing the dotted line!

One of the most important terms of the loan you should know is the annual percentage rate (APR). That percentage will tell you of the actual cost of your loan every year. It’s different from the interest rate, since this only goes towards the interest you’ll pay every month.

Also, be on the lookout for loan origination fees, late fees, and failed payment fees. Some lenders also charge prepayment penalties, so that’s another factor to consider.

Better Understanding of Loans Increases Your Chances of Securing Your First Loan

Taking out your first loan doesn’t have to be a nightmare. It does require effort on your part though. Especially when it comes to building credit from scratch and comparing loan offers.

But so long as you consider everything in this guide, you can improve your chances of loan approval. As a final reminder, once you do get your loan, maintain healthy spending habits.


The Numbers Behind It: What Determines a Loan’s Interest Rate?

Nearly everyone need loans to sort out some financial issue at some point. The problem can be funding for impromptu emergencies. Some will prefer to take credit to fund their wedding or even birthday parties. But before you apply for the loan, you must check the set criteria for one to follow. Some of the reviews are discussed here.

Before you apply for a loan, you must check to gauge the best lending company you will go for. This may include their interest rates, registration fee, loan tenures among other things.


Interest is the extra cost you incur while repaying your loan. Interest is calculated depending on various factors like amount of money you borrow from them. Good lending firms will reduce the interest rates as you advance on the money borrowed. Therefore, the lower the amount, the higher the interest rates. So, before taking any loan, it is advisable to look for the firm that offers the least interest rates.

Some firms may increase the interest rates depending on the loan tenure. Short term loans tend to have higher interest rates. Big firms like the local banks may give a credit of as low as 10$ interest per year.  So, before taking any loan, ask this question, how long is it going to take? Respond by reviewing and choosing the best lender.

Research reveals that most small-scale lenders offer soft loans. This type of loan in most cases is very costly. Their advantage is that loan processing is very fast. You can sit in your office, apply online and within minutes, you’ll find money in your account. Be careful before taking this tempting money. You can inquire more on interest rates on sites like

Loan tenure

Some banks will give loan rates in line with the duration ranging from one month up to ten years and beyond. For example, student loans the interest rate will increase as you delay in payment. The truth is that all interest rates increase with time and the earlier you pay, the better.

Good loans are calculated annually. Loaning bodies that lend money on a weekly or even monthly basis are not worth going for. The total amount paid to let us say after one year is huge.

Registration fee

Avoid firms that require you to pay some fee for loan processing. What if you are not granted the loan? Because they determine whether or not to provide you with a loan. Secondly, going for a loan means you are desperate for money right?  Good lenders will advise you to open an account with them. This is right. The amount in the account may act as security in case you want an unsecured loan.



Sometimes things may not always work your way. What if you default to repay on time? What next. Before settling for the best lending firm, check their terms of service and steps that are taken to claim defaulted loans. Don’t go for the firm that will carry all your belongings to the auctioneers.

Bottom line

It is right to take a loan and settle your immediate financial issues. But before deciding on the best lending firm, carry out a thorough review of the firm. Make sure you answer questions like what are their interest rates? How long do they take to process and give out the loan? Do I need to pay anything to be given the loan?

The Disadvantages of Short-Term Loans

Short-term loans have been the shortcut to business financing for startups and small business that are in desperate need for business growth. During times of cash shortage, short-term loans have proved effective as it is easier to get and repayable within a short-term period. Even though this type of loan seems easy and is preferable due to its nature, it can also have disadvantages like high cost payment per month, borrowing cycle risk, early repayment penalties, and unsustainability. These disadvantages means that interested individuals should be careful while requesting for short-term financing.

High Cost Loans

Short-term loans always come with a high monthly payment and this can affect business profits as a bigger amount of money is required to pay off the debt, more than what is required from long term loans. It also affects the cost of a project as the short-term loans used for it incur high interest rates. Ensuring that money is budgeted to pay off these short-term loans is vital so as that no negative effect on the business happens. When settling on a business choice, it is critical to evaluate the circumstance, as no two circumstances are precisely similar.

Borrowing-Cycle Risk

Due to this loan being easy to obtain it can turn you to a regular borrower. In the event that repayment of an initial short-term loan is impossible, borrowing again might be considered to balance off the original loan, leading to a series of loans, which traps you and your business in a high-risk borrowing cycle. This risky process leads to inefficiency in businesses operations and it is advisable not to depend on short-term loans seasonally, as it has bad side effects on business productivity.

Early Repayment Penalties

Some lenders impose a contract that limits the repayments of loan at a specific period to profit from the loan. In some cases, repayment of loan at an earlier time than agreed might lead to high repayment penalties as the lender loses profiting due to early repayment. This prepayment penalty compensates the lender and leads to high costs and penalties to the loanee’s credit.


Dependency on short-term financing is considered bad due to its unsustainability on the long run. Even borrowing from a list of reputable lenders is not good enough. Small businesses or startups are all geared towards making profits from their operations. It is wise to access your business operations if you find yourself constantly taking loans to cover business expenses. If your business is not being productive it would be best to find other business opportunities other than taking short term loans.

At the end of the day, the decision rests on you to decide which direction your business takes when it comes to financing for business growth. Short term loans or long term loans also has its advantages but thorough assessment of business direction and determination of what is required for business growth and improvement will help guide you on the quest to a successful business operation and increased productivity.

The Top 3 Tips for Shopping for a Hard Money Loan

When people hear of the term “hard money loan”, they often think of loan sharks and shady dealings. But that is not the case nowadays. There are many trustworthy and legit companies like Maggio Capital Inc. – San Diego, CA that aim to help those people who are not able to qualify for bank loans.

Since there are so many hard money lenders, you should be careful in choosing the one that will truly assist you. Here are some tips to follow when looking for a lender.

  1. Check to see if any of your friends can recommend one to you – the first step you can do is to interview any of your friends or colleagues if any of them had ever gotten a hard money loan. You don’t have to just ask them for the company they got the loan from. but the whole process itself. Every company has a different way of processing their loan applications, and you want to be prepared with whatever documentation you have to pass. Then, ask them if they will be able to recommend their own lender. Get feedback on how the service was and of course the rates that were given to them.


  1. Do your research on what hard money loans are – before getting yourself a hard money loan, you will first need to understand what it is. Don’t go blindly into an agreement with first doing your homework and understanding the basics. Know what the difference is between a hard money loan and why it is different from traditional lenders, like banks. Simply put, a hard money loan is a short-term loan secured by real estate. Instead of banks, you will be funded by private investors and the loan term is shorter compared to traditional loans. Unlike in banks where the applicant’s credit rating is the primary concern of the lender, for hard money lenders, it’s usually the value of the property that they consider. So you should arm yourself with information on the industry standards and the types of property that you can use a hard money loan for. Some of the examples are fix and flip homes.


  1. Compile a short list of the private lenders you are eyeing and do your background check on them – even with recommendations from friends and family, it would still be a good idea to keep a short list of potential companies that you can go to for a loan. You should watch out for red flags in order to avoid . the shady dealers who might not be giving you the best deal. Schedule a time of consultation with them and ask them the process. You can tell that a lender is trustworthy when they can explain to you every step in the process so that you can understand what will happen. If a lender will not tell you right away the specific cost and fees when you ask them, and if they evade your questions, it would be best not to deal with them.

Fast Money with Auto Title Loans

Quite often, we are faced with financial troubles that need fast solutions. It may be an emergency medical bill that we need to cover or pay for the car repair in order to keep driving it and doing our job. Some of the traditional methods for getting money may not work for you because they take too much time or because you have some issues with your credit history that can prevent you for getting a loan.

In such cases, you can count on getting a quick auto title loan using just your vehicle as a collateral. If you have not used this option so far, here are a few details that you need to know.

Why an auto tile loan is a good solution for your unexpected financial problems

A car title loan can help you solve your financial problems especially if they are unexpected. The main advantage of this type of loans is that they are very quick – you need to fill in a few details online and you can get an approval in about 30 minutes.

There are not so many requirements or documents that you need to meet or present in order to get the loan, so it really doesn’t take up too much of your time. As per the law, there is also a minimum amount that you can receive against the title of your car, which in California, for example, is set at $2,600, while the maximum can be up to $50,000 even. It all depends on the condition of your car, its current resale value, etc.

An auto title loan is also the best, and often the only solution, in case you need money but you have a bad credit history. The auto title loan company will not turn you down based on this factor. Quite often the company doesn’t run a check on your credit history at all or even if it does, it is just for information and does not affect the final decision.

How to apply for an auto title loan

If you want to apply for an auto title loan, you need to know that the process is quite simple and straightforward. The most important thing is to have the title of your vehicle on your name and that it is free from any other liens against it. Then all you need to do is fill an online application form and wait about 30 minutes for the result. Some companies also offer the option for the clients to visit them personally – they have locations often at big shopping centers where you will be served also very quickly and professionally.

The other documents that you need in addition to your car title are:

  • Valid ID
  • The car documents such as insurance, registration, etc.
  • Current utility bill as a proof of your residence

Note that it is very important to be resident of the state in which the auto title loan company operates and that you should be 18 years of age.

Most of the companies also require that you have fully repaid your vehicle but some will grant a loan even if you are still repaying the leasing.

The good thing is that even though you use your car as a collateral for the loan you still keep it and can drive it. Another plus is that you can use the title of your motorcycle, RV, or truck as well. Keep in mind, though, that the lender may also require a photo of the vehicle or even a visual inspection in order to determine its condition and hence the amount that you can receive.

As you can see, getting an auto title loan is not difficult and is generally hassle-free. It has many benefits as the fact that it is fast and doesn’t run a credit history check on the person who needs it. One of its main drawbacks is the higher interest rate, however if you repay it on time, that won’t cause you any problems. And remember – don’t be shy when you apply for the loan and make sure to negotiate the best conditions that you can get – that often includes lowering the interest or getting no penalty for pre-payment.

What To Do When You’re About To Default On A Loan

When we think of loans, we very rarely think about what we’re going to do if things go wrong. That is, until they actually do. The truth is that it’s common for borrowers to come across hard times, and when loans are involved, they may go unpaid. If things are getting tough for you financially, and you’re worried about defaulting on your debts, consider the following.

Call Your Lender

When times are getting tough, the last thing you may want to do is talk to your lender. After all, this is the same company that you’re worried about being able to pay. However, these calls are not quite as painful as you think they may be.

At the end of the day, your lender knows that some of their borrowers are going to default, and a smart lender is going to want to do whatever they can to help you avoid that potential outcome. In fact, some big lenders like Chase, Bank of America, Citigroup, Discover, and more offer financial hardship programs that are designed to help reduce payments and avoid penalties for consumers with financial concerns. At the end of the day, the worst thing that can happen is that your lender will not be able to help. The situation will never get worse by the borrower taking proactive steps when times get tough.

Consider Your Options

After speaking with your lender, take a bit of time to explore other options as well. The two most common forms of debt relief that aren’t offered by the lenders directly are debt consolidation and debt settlement. Take a bit of time to research these options. Once you have, consider the option provided by your lender, as well as debt consolidation and debt settlement and how these programs may fit into your unique financial position. Nine times out of ten, after doing your research, you’ll find the program that’s best!

What If I Can’t Pay Anything At All?

The truth of the matter is that not everyone will be able to pay their debts back. Sometimes, financial hardships can be so much to deal with that paying anything towards debts can feel impossible. If this is the case, while times will get stressful, you’re not going to go to jail, nor is it OK for you to be harassed. Believe it or not, debt collectors have rules to follow too. So, if these are some of your concerns, rest assured that none of this will happen. Nonetheless, if this is the case, here’s what you can expect to happen next.

  • Your Lender Will Attempt To Collect – First and foremost, your lender is going to try and get the money that is owed. They will send statements, late payment notices, and will likely even call you to try and get a payment. However, they must follow the rules set forth in the Fair Debt Collection Practices Act when collecting debts. If these rules are broken, you may have legal recourse.
  • Your Lender Will Sell Your Debt – In most cases, once a lender determines that they cannot collect on your debt, they will perform a charge off. That means that they will sell your debt to a debt collector either at pennies on the dollar or in a deal where the collector gets a percentage of the amount of money collected. From there, the debt collector will be in charge of collecting on your debt.
  • You May Be Taken To Court – If a debt collector deems that they will not be paid on a debt, and the debt is worth enough to that collector to sue over it, you may be taken to court. This process generally takes quite a bit of time, but once a judgement is placed, the holder of the debt has further legal recourse when it comes to collecting. Therefore, before letting debts go too far, bankruptcy is an option. However, it should always be a last option.

Do I Have To Deal With Harassment?

NO! The Fair Debt Collection Practices Act (information linked to above), protects you from harassment by lenders. This is done by providing a borrower a way to opt out of phone calls, requiring lenders to only call during certain hours of the day, and limiting the vocabulary these lenders can use to ensure that no threats are made. Debt Consolidation’s informative guide on debt collectors harassments, elaborates what to do if things escalate. For example, if you feel as though you have been harassed by a collector, send a certified letter letting them know that they may no longer contact you. If further contact takes place, call the attorney general of your state and consider hiring a lawyer. You have rights, and debt collectors cannot forget about those rights without legal repercussions.

Final Thoughts

Debt can be overwhelming. However, it may not be as bad as you think it is. The truth of the matter is that while lenders do have some ways to collect, and debt is best if dealt with proactively, you’re not going to go to jail and if you are being harassed, you don’t have to stand by and deal with it. The best thing you can do is take any steps you can do to solve the problem and do your research to know your rights!


7 Tips On Maximizing A Title Loan

Whether you need a fast loan to launch a new business, cover some unexpected expenses or any other reason, finding a quick lender is no walk in the park. The process can take weeks or months and cause a ton of stress and work. You have a lot on your plate already that worrying about getting a loan approval quickly should not be the big hassle that it typically is.

To help alleviate some of this stress and get a fast loan, you could look at getting a title loan, instead of a more traditional personal loan.

What Is A Title Loan?

A title loan is a secure lending opportunity where the borrower uses their car title as collateral. In other words, the borrower temporarily gives the ownership of their car to the lender. Once the loan is paid, the title moves back to the borrower’s hands. The upside to car title loans is that they are often easier and faster be approved for, even if you have bad credit.

Naturally, there are some downsides to car title loans as well. You need to really understand how to maximize your title loan and what sort of lender to look for to have the best borrowing experience possible. These 7 tips will help you get the right title loan from the best car title lender in your area and still drive your car.

1: Research the lender and check for borrower complaints

Before you sign or initial any papers (really before you even bother calling or visiting a lending office), you want to be absolutely certain that you’re dealing with a reputable lender. Luckily, a quick Google search can tell you everything you want to know about a lender’s reputation; you’ll even find complaints from past borrowers. The last thing you want is to be roped in with a lender that has a history of issues with customers.

Researching the lender ahead of time will give you all the information you need for a great title loan process.

2: Check your vehicle against the lender’s approved list

Every title loan lender has different parameters on the types of cars they’ll accept. These parameters include things like mileage (some lenders will only accept cars with under 100,000 miles), model year (many lenders will only take new vehicles made in the last ten to fifteen years) and even the make/model of the car.

3: Determine your payment schedule

As with any loan, you should have a clear idea of how long the loan will take you to payback and how much interest you’ll accumulate during your borrowing time. Ideally, you want to pay the loan back as quickly as possible, as you’ll have to pay less interest, but a shorter loan period means bigger monthly payments. You have to find the right balance between a comfortable monthly payment and a short payment period. This will help you pay less on your car title loan.

4: Ask if there are any repayment penalties

While you want to pay the least amount of money on your car title loan, the lender would like to have the opposite happen. Some loan providers have stipulations in place that prevent you from repaying your loan in a short period of time. This helps ensure that you pay them ample interest. They’ll actually penalize you for paying early!

5: Check that your lender can operate in your area

If you’re going the route of an online lender, you want to be absolutely certain that they have the right license to operate in your state. Each state has its own guidelines and regulations regarding title loans, particularly when dealing with online lenders. Getting involved with a lender that doesn’t have the right license(s) for your state could create legal penalties and terrible issues for you and your money.

6: Ensure that you can still drive your vehicle during the loan period

This is the most make-or-break issue when it comes to title loans. Every title loan lender handles this aspect differently. Some lenders will impound your car for the lifespan of the loan. Others will require a tracker be placed in the vehicle to measure mileage and location. If you need the vehicle for work and transportation, then you need a title lender like that won’t ask you to give up your vehicle during the loan.

7: Ask about refinancing options

Even if you feel 100% certain that you won’t have to refinance your title loan, it’s still a smart idea to ask before about refinancing options before you sign on the dotted line. You never know what the future holds and your financial situation and stability could change dramatically overnight. Some title loans allow for refinancing to occur, others will lock you into your initially agreed upon payment schedule.


A car title loan is a great choice for anyone that needs money quickly, especially individuals with poor credit. To make the most out of your title loan, you’ll want to follow the 7 steps in this guide.