What is a secured loan?
A secured loan is a personal loan secured by collateral. If you are willing to use your vehicle as collateral, you may qualify for a better interest rate. Please note that this product differs from a typical title loan. Title loans are typically short-term loans offered at high interest rates.^ The secured personal loan offers longer terms and competitive rates. After submitting your application, you'll be asked to submit your title and other required information (you'll be guided through the process via email). If you are approved and your loan is funded, a lien will be placed on your vehicle title. Once you pay off your loan, the lien will be released and the title will be returned. However, in case of default, your vehicle may be repossessed and sold, in accordance with the process prescribed by law.
^Based on average stated loan duration. PEW Charitable Trusts, Auto Title Loans: Market Practices and Borrowers’ Experience, 2015