How do title loans work in Kansas?

How do title loans work in Kansas?

In order to operate legally in the state of Kansas, title lenders offer title loans as open-end loans and will place a lien against the auto to use as collateral. Liens are removed after the final loan payment has been processed, and paper car titles are returned to borrowers.

Is it easy to get a title loan?

If you own a vehicle outright or owe very little on it, a car title loan — informally known as a “fast auto loan” — can be easy to get. But fast and easy doesn’t necessarily mean good. You’ll pay high fees for this type of loan, and you’ll risk losing your car.

Are car title loans too risky?

A car title loan will put your car at risk: you may lose one of your most valuable possessions and your transportation. A car title loan – also known as a pink-slip loan, title pledge or title pawn – is a small, short-term, high-rate loan that uses the clear title on your vehicle as collateral. It is a very expensive form of credit.

Can title loan lenders take your car?

To get a car title loan, you give the lender the title to your vehicle – for example, your car, truck or motorcycle. You also pay the lender a fee to borrow the money. You usually have to repay the loan in 30 days. Car title loans can be very expensive. If you cannot repay the money you owe, the lender can take your vehicle.

Are car title loans expensive?

Even with these protections, though, car title loans can be particularly expensive, especially if you roll over the loan and are responsible for paying additional fees. Offers for other types of credit may come with lower rates and costs. Contact your creditor if you fall behind on payments.

Are car title loans important?

In view of the foregoing, it is evident that car title loans have become an important part of society. It has given people the opportunity to solve their problems in the absence of banks, credit card companies and other important financial institutions. Equally important is the fact that these loans have given people the fastest way to address