It is said that more than 90 percent of the families will need some extra cash in their lives at least once in their lives. We all want to drive the car we want, afford our dream vacation, or even upgrade our home to have a better place to live in. The unfortunate reality is that when you try and save money every month, it could take years, and even decades to gather enough cash to get the things you want to have.

Luckily for us, there are several ways you can get money fast, without having to borrow them from your friends or family. Title loans have been used for a long time now, and even though they are usually referred to as car loans, they can be used for everything, from getting a new car, up to paying your bills, fixing your property, or even pay the money back for your main mortgage. These loans are usually short term, and you won’t be stuck with them for decades to come. With them From, you can get a smaller amount of money, fix or pay the things you need, and in a few months, pay the sum back to the lender.

If you are in need of a half-price title loan, then you are probably wondering why you should choose this method, and what are the worst things that could happen. Well, in this article, we are going to try and answer these questions for you. Continue reading if you want to learn more about the benefits and the drawbacks of this type of money lending, and how it can improve your life, or affect your funds.

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1. You will get the cash right away


One of the first reasons why people love the half-price title loans is because they can get the money really quickly. It is said that with other types of mortgages, you will have to wait for a long time for the procedure to start, and you will have to wait even longer until you get approved.

With these mortgages, you will be able to get the cash you need a lot sooner, so it is great when you need fast money. It is said that in some cases you can get the money in less than a day or two, and the worst-case scenario is you have to wait less than a week.

2. No need for excessive checks

Now let’s talk about the thing most of us dread, the credit scores and checks. When we are in need of some extra cash, the first thing we think about is the credit score. When you plan on purchasing a house, you usually have time to prepare, and you have time to improve your score. On the other hand, when you want to purchase a new car, or when you need to pay your medical bills, you don’t have that much time to improve the score.

Note that depending on the lender, you may get away even with a bad credit score, and you won’t have to deal with excessive documentation. According to, these loans are made for people who are in need of help, and the right place will help you get back on your feet, no matter how good or bad your credit score is.

3. You will be able to keep the collateral in your possession


When you take this type of loan, you will usually be required to put something as collateral. Since a lot of people are using this type of service to get a new vehicle, you will be able to still continue using it even though you’ve just used it as collateral.

Note that depending on the place you want to borrow money from, as well as the amount you need, and your credit score, you may need to present collateral, or you can avoid this step. Talk to several lenders to see which option would be the best one for you.

4. The interest rates are pretty high

Now let’s talk about some of the biggest drawbacks when it comes to half-priced title loans – the interest rate. As we mentioned before, people with all types of credit will be able to borrow money, but this also means that the interest is going to be really high.

Depending on your score, you may end up paying more than 200 or 300 percent of your initial borrowing sum. This is something that will lead you to pay back thousands of dollars, even if you needed less than 500. Note that in some cases, you may find a service that will refinance existing loans for half the interest you are already paying.

5. You may lose the collateral


As we mentioned before, when you take this type of mortgage, you will most likely need to present collateral. That collateral is usually a vehicle or something else in your possession that is worth more than the sum you need.

If you cannot pay the monthly rates, and if you don’t return the money in time, your property will be repossessed and you will lose the collateral. Note that because of this, you will need to read the fine print, find out what happens if you miss a payment, and what can be done in case you are not able to return the money in the time frame you were given.

6. You will have to pay a lot of additional fees

When you take out this type of loan, you will also need to pay for a lot of additional things, and there will be a lot of hidden fees. It is said that you may end up spending hundreds of dollars just for these things, and no one will tell you about them before you sign the documents. In case your collateral needs to be repossessed, you will also be charged for paying the fees for it.

Make sure you read the fine print and ask as many questions as you need before you choose the right lender for you. Note that you will always have to pay back more than you’ve borrowed, but this money will also help you have a better present and ensure your future.

Half-price loans are great when you are in need of fast cash that you can pay back in just a few months. Choose the lender wisely, and spend enough time learning about the things that may go wrong. Never take more money than you can return, and know that being happy and healthy is more important than anything.