KEY TAKEAWAYS
- A loan that requires an asset as collateral is known as a title loan.
- Title loans are popular because they do not take into consideration an applicant’s credit rating and because they can be approved very quickly.
- The most common type of title loan is a car title loan, where the car itself is the asset put up as collateral.
- Title loans are usually taken on by individuals needing cash fast or those in financial difficulties.
- The costs of title loans are exorbitant and they are considered a bad financing option.
ld be between 23 and 60 years of age at the time of the application, subject to maximum age of 60 on maturity of finance
- He/she must be running a business for at least 3 years with a satisfactory track record
- The security against the finance should be a mortgage of urban residential/commercial property (ies)
- Validity of the financing shall be initially for a period of one year
- Financing facility up to 70% of assessed market value of mortgaged property
- 3 times turnover of the limit assigned is required in the account
