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A car title loan, or “pink slip loan,” allows you to borrow anywhere from 25 percent to 50 percent of the value of your vehicle in exchange for giving the lender the title to your vehicle as ...
A title loan (also known as a car title loan) is a type of secured loan where borrowers can use their vehicle title as collateral. [1] Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount. [ 2 ]
A TitleMax location in Savannah, GA, where the company is based. On August 12, 2016, a judge in Nevada ordered over 6,000 TitleMax contracts to be voided. [9] In November 2019, the company announced the closure of all California locations by May 2020. [10]
TMX Finance is the parent company to TitleMax and changed its name from TitleMax Holdings, LLC, to TMX Finance LLC as of June 21, 2010. [1]In mid-2011, TMX Finance “reopened its 13.25% secured notes due 2015 with an add-on of $60 million non-fungible bonds.” [6]
The typical car title loan is refinanced eight times and these loans drain more than $700 million in fees annually from people in 17 states, according to the Center of Responsible Lending's 2013 ...
California's Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain technology in a bid to detect fraud and smoothen the title transfer process, the agency's ...
In addition to the vehicle title, lenders often also require the borrower to provide a set of keys for the car and/or purchase a roadside service plan. Car title loans frequently involve high interest rates, a short time to repay the loan (often 30 days), and a loan amount less than the car's monetary worth. The borrower also risks losing the ...
A car title loan is a secured small loan, usually for 25 to 50 percent of your vehicle’s value. These types of loans tend to be much more expensive than conventional personal loan options, even ...