A title loan is an option for borrowing money if you have a low credit score and own a car or another vehicle. You use your car as a promise you’ll pay the money back. You keep and continue to use your car when you get a title loan. If you don’t make your payments you could lose your car. Title loans are typically short-term, ranging between 3 months and 3 years. They usually have high interest rates and fees. This makes it an expensive way to borrow money.
Original Article Source Credits: Government of Canada,https://www.canada.ca
Article Written By Financial Consumer Agency of Canada
Original Article Posted on : 2019-03-20
Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/loans/title-loans.html