What Can Be Used as Collateral for a Short Term Loan

short term loans in Dayton, OH

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Looking to get short term loans in Dayton, OH? Putting up collateral for a short-term loan in Dayton, OH is a great way to get the cash you need. Not sure what you can use as collateral to get a short-term loan? Learn more below!

Your Car Title Can Be Used as Collateral for a Title Loan

“Collateral” is any property or thing of value that’s used to “secure” a loan. Securing a loan means that, if you do not pay, the lender can take the collateral and sell it to recoup the cost of their loan.

For short term loans, the most common type of collateral is a car title. When you take out a car title loan, you sign your car title over to a title loan company like Title Loan Fast temporally.

However, you can continue using your car and driving it normally, and you’ll keep your keys, too. And as long as you pay off your title loan, you don’t have to worry about having your car repossessed.

Why use collateral like a car title to get a short-term loan? Basically, putting up collateral like a car reduces the risk of a lender like Title Loan Fast – meaning you can get more favorable loan terms compared to payday loans.

In addition, your credit score doesn’t matter for title loans, so they may be a better option if you have bad credit or no credit.

The Benefits of Online Title Loans from Title Loan Fast

Wondering why you should get online short-term loans in Dayton, OH from Title Loan Fast? Here are a few reasons we’re the best choice if you need quick cash and want to put your car title up as collateral.

  • Quick & easy online application process
  • No physical car inspection required – just send us a few pictures of your vehicle
  • We can deposit your cash in just 1 business day, depending on when you apply
  • No traditional credit checks or background check is required to get a loan
  • You can apply from the comfort of your own home, and save time & money by avoiding a trip to a physical title loan office

Apply Now and Get the Cash You Need in Dayton, OH

With simple requirements, a fast and simple application process, and industry-leading loan terms, Title Loan Fast is the best option if you want to get a short-term loan in Dayton, OH using your car title as collateral. Apply today, or contact us if you have questions.