Who is Tio Rico?
Who is Tio Rico?
Tio Rico Te Ayuda is a licensed lender offering quick and easy short-term cash loans, like auto title loans, also known as registration loans as well as personal loans. Simply put, it is determined by the amount of cash you need, your vehicle’s value, as well as your ability to pay back the loan.
What is the downside to a title loan?
Disadvantages. Car title loans are for very short periods of time, usually a month at the most. At first the interest rate is low, but every month you need extended, the interest rates rise to high levels. When you are borrowing a high amount, it may be tough to pay it back in the short period of time.
Is it a good idea to get a title loan?
Car title loans are designed for people who need cash fast to pay bills, manage debt or cope with an emergency. 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.
Can I get a title loan through my bank?
Yes, borrowers can obtain a title loan through a bank or other financial institutions. Typically, people in need of quick cash but with limited assets will seek out an auto loan in exchange for their car’s official title. The process for borrowing auto title loans from a bank is very similar to borrowing vehicle loans.
What is the interest rate on a title loan?
around 300%
Title loans are expensive Title loans cost a lot — typically coming with interest at an annual percentage rate, or APR, of around 300%. That breaks down to an average 25% in interest charges per month.
Do title loans affect your credit?
With a car title loan, you don’t need credit at all. With a car title loan, since you are using an asset as your line of credit, you don’t get to put that as debt on your credit score. Whenever you pay off a loan, your credit score goes up. However, a car title loan won’t effect your score for the better by that much.
