Avoid Title Pawns – I want to give you word of advice. Avoid Title Pawns to come up with quick money. I did a title pawn. You end up paying about 3 times a much as you borrowed. It may seem the payments are getting smaller, but that is way they like it so the interest keep going up. These are mainly used for short-term, like to borrow it now and pay back within a short amount of a time, say less than a month. When you continue to make the monthly payments the interest will eat you alive.
Avoid Title Pawns
I highly recommend you never take out a title pawn loan. I had one and wished I never did. My car broke down. The engine went bad. I still owned money. I had to scrap the car to pay off the title loan. It still wasn’t enough to cover the rest of the title pawn. You are still obligated to pay the title pawn loan, even if it breaks down or gets totaled from a wreck. If you don’t, then you will get extra fees such as a repo fee, auction fees and you are also responsible for the difference from what the auction sold the car for and what you owed and those fees I just mentioned. If you don’t pay those, the title pawn company has a right to take you to court and have your pay check garnished to pay that off.
So now with me and bad credit, I am stuck with no car. No money for a down payment and all around Christmas time. I thought I would share with you my readers and warn you to never take out a title pawn loan. These are bad news and will keep you more and more in debt.
Hindsight is 20/20 they say. If I didn’t have the Title Pawn Loan owed, I could have used this money for a down payment on another car or bought a good cheap car until my taxes come back around Spring of next year.
Please keep me in prayers. I know God is the great provider and deliver. He will see me through this. I have faith in that. He has provided and delivered me thus far. I know He will continue to do so. Thank you Lord for that as well.
We may always have debt here on Earth. And we should pay our debt the best that we can. There is however a good thing that God gave us. He sent his Son, Jesus Christ to pay our sin debt. Jesus died a death He didn’t deserve. We owe a debt to Him that we can never pay. But, God graciously gave us this gift so we can have eternal life with Him.