What is a Car Title Loan?
The term, “auto title loan” or “car title loan” is due to the practice of giving the lender the title to your car as collateral for the loan. If the loan is not repaid on time you risk losing your car. Auto title loans are also known as “pink slip loans” in some states because of the actual color of the car title (pink). Car title loans should not be confused with payday loans; they are two different animals.
