 TITLE: Are Title Loans Worth the Cost? CONTENT: What Is a Title Loan?\n---------------------\nSimilar to a payday loan, a title loan is a short-term loan with few or no credit requirements. Many title lenders don't even check your credit at all.\nUnlike an unsecured payday loan, however, title loans are secured by your car or motorcycle title. Depending on the lender, where you live and the value of your vehicle, you may be able to borrow as little as $100 or as much as $10,000 or more.\nThe lender typically holds on to your car's title until the loan is paid in full. Despite having collateral to secure the loan amount, title loans are significantly more expensive than most alternatives.\nIn fact, most states don't even allow title loans. The states that do permit title lenders to operate include Alabama, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Louisiana, Mississippi, Missouri, Nevada, New Hampshire, New Mexico, Oklahoma, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin. END