Title loans in Mississippi, can give you an influx of cash when you need it the most. Also known as a title pawn, this is a quick and convenient way to borrow money if you own your car, truck, boat, or other collateral with a title. There are also a lot more options when it comes to a title loan when compared to other loans. How? Well, smaller amounts can be paid off in just a month or two. Larger loans can usually have a simple and easy payment schedule created so you can pay back what you owe without any hassle.
Title loans are also much less costly than an advance. Why? Since the car serves as collateral, your lender doesn’t have to charge very high-interest rates. Those higher rates are typically designed to protect the cash lenders, but the protection is covered if there is a vehicle involved.
This collateral also means there are usually no pre-payment penalties. That means you can pay off your loan as soon as possible without worrying about the lender trying to hook you in for more extended interest rate payments.