Title loans are a type of short-term, high-interest loan that uses a borrower's vehicle title as collateral.

To obtain a title loan, the borrower must have a clear title to their vehicle,

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The amount of money that can be borrowed through a title loan is typically based on the value of the vehicle.

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The lender will assess the value of the vehicle and offer a loan amount that is a percentage of that value.

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The borrower then gives the lender the title to the vehicle and the lender places a lien on the title until the loan is repaid.

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Title loans typically have very high interest rates and fees

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Making them a very expensive way to borrow money

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