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  1. #1
    Join Date
    Oct 2013
    Location
    Dothan, AL
    Posts
    5

    Default Title Pawn vs Title Loan

    My question involves an auto loan or repossession in the State of: Alabama
    I recently inquired about re-borrowing on my title loan that I have been paying on for 6 months; The clerk told me that once I made my payment today that I should be able to re-borrow against what I had already paid in...Once she had my payment she called the manager who then told her that I have a title pawn not a title loan and that my payments have mostly only been going towards interest and I had to pay off the title pawn completely before I could re-borrow; I explained to her that no one has ever told me that I had a title pawn vs a title loan in the first place nor did she tell me that I could not re-borrow before today and my payment was made. Is this a normal practice and do I have anything to fight against them on?

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Title Pawn vs Title Loan

    so, were you given a contract and receipt that had terms of the deal written on it?

    Oh, and they simply are not obligated to loan to you so they can always just say no to the loan or pawn in general.

  3. #3
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Title Pawn vs Title Loan

    There is no distinction between title pawn and title loan. Both are designed to be short term and VERY HIGH INTEREST. It is not surprising you've not made a dent in the principal, that's the way these loans work. Your payments always go to accrued interest first.

    The loan shark may or may not allow you to borrow additional on whatever equity remains in your vehicle.

    You don't have a leg to stand on.

    The only restriction these sharks have is a cap of $125 fee and 300% APR interest.

  4. #4
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Title Pawn vs Title Loan

    Quote Quoting Enkfsu
    View Post
    no one has ever told me.
    No one has to tell you anything.

    You're supposed to read and understand your contract before you sign it and take the money.

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