Currently have a title pawn for $5000. I know these are stupid, but desperate people do desperate things sometimes. the monthly payment I have to pay is $500 which is the interest. more if I want to bring down the principle balance.
Are there any legitimate companies out there that will assist with a title loan payoff. Meaning, if I already have my vehicle’s title pawned, do you know of anyone that will buy it off and offer a lower interest rate.
Hopefully you have now learned that when you pawn an item or get a title loan it ends up costing you a lot more in the long run and people do lose their pawned items and title loan collateral to the lenders.
They are not as innocent as many think and I do realize that they are often options of last resort so don’t think I’m judging you in any way.
Hopefully your credit score is above 680. If you don’t know, you can check if for free at CreditKarma.com.
If your credit score is below 680 then the odds of you finding a reasonable lender are somewhere between slim to none.
If you decide to go that route and are approved, please come back and let me know what your Lending Club loan number is and I’ll help invest in it.
LendingClub.com is my preferred lender for unsecured debt consolidation loans and they have funded a lot of them. They are a legitimate lender and a real source of funds.
Rather than borrowing from some big corporation, people like you and me help fund the requests of others in need and everyone wins.
Otherwise you might want to talk to a local bankruptcy attorney if you have other debt as well. A chapter 7 bankruptcy can help you to eliminate your other obligations in about 90 days and assist you to get your vehicle back.
Typically the pawnbroker has to sell the pawned item about half the time to recover their money. And the pawn deal is setup so the pawnbroker can make a profit, not be the social service lender in your neighborhood.
Please post your responses and follow-up messages to me on this in the comments section below and let me know what you decide to do.Big Hug!
Get Out of Debt Guy - Twitter , G+ , Facebook
If you have a credit or debt question you'd like to ask just use the online form .