If you're trapped in a title pawn or a high interest title loan,
1800NewRate can save you $1,000s.
Title Pawn Rescue Q&A
What are Title Pawns?
Title pawns offer people with bad credit the opportunity to use their car title as collateral for a small, short-term loan. While this kind of credit may be beneficial for consumers in need of fast cash, it creates a cycle of high interest debt that makes repayment very difficult.
How do Title Pawns work?
Title pawn loans are similar to other loans with one critical exception; they are typically issued for a period of 30 days, after which the entire loan is due in full. If the person is unable to pay off the loan, title pawn companies will roll over the loan for another month, usually at a higher rate of interest, compounding the interest on the loan and creating a cycle of high interest debt where payments are applied to interest but never to principle.
How can 1-800NewRate help those trapped in a Title Pawn?
1-800NewRate offers to pay off high interest title pawns or title loans and provide borrowers with a fixed interest rate and low monthly payments. As collateral for this loan, 1-800NewRate accepts the same car title the title pawn companies accept, we just believe in lending with integrity. Therefore we never practice "rolling over" a loan, nor do we increase interest rates on existing loans. By reporting payments to the Credit Bureau, we also assist borrowers in their efforts to rebuild their credit so they will not have to limit their credit options to title pawns or other bad credit loans.