2007-06-30 08:20:52 · 7 answers · asked by eggs6chicck 1 in Cars & Transportation ➔ Insurance & Registration
Stay away from them. Loans are in excess of 50%. And before you know it the loan sharks will have your car. I would suggest that what ever it is that you want so bad, that you try and hold out until you get some money. They are predatory lenders.
2007-06-30 08:29:45 · answer #1 · answered by Tom Thumb 3 · 1⤊ 0⤋
There is no catch. Take the car title to a loaner and they will check the value of the car. Kelly Blue Book . Then you sign loan papers to promise to repay the loan ++ interest. The only catch I can think of is their might be a hi interest rate. Everythinig is up front business. They loan and you pay.
2007-06-30 08:34:05 · answer #2 · answered by Gerald 6 · 0⤊ 0⤋
You take them the title, they loan you money. You pay it back, with interest, you get the title back. You don't, they take your car. No catch. Unless you consider paying premium interest rates a catch, but then again you don't think about title loans unless your credit is already in the toilet and you can't get a real loan.
2007-06-30 09:36:03 · answer #3 · answered by oklatom 7 · 0⤊ 0⤋
It's not a hard concept to understand.
You give the lender title to the car to borrow a fairly small amount of money at an unbelievably high interest rate. The APR could actually be in the thousands. If you don't pay your car is repossessed. Simple, and a major ripoff.
2007-06-30 08:27:08 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Miss a payment and they take your car. Plus you pay high interest rates. Try to avoid the loans if possible.
2007-06-30 08:27:58 · answer #5 · answered by Fordman 7 · 1⤊ 0⤋
Other than the 100 percent interest weekly... there are no catches.
2007-06-30 08:28:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
h
2007-06-30 08:30:48 · answer #7 · answered by stephen m 3 · 1⤊ 0⤋