Though proved as a convenient option, a huge numbers of US populations are still staying away from title loans for some accepted myths. Most of the times, these popular beliefs are devoid of any truth and remain far from facts. This article will discuss some such popular beliefs and the truth behind it.

Myth: This is for only bad credit:

Fact: This is a general concept that comes from half-cooked knowledge about this financing service. In reality, you get monitory support even with a faulty credit that bank won't allow but that is not the only application of it. The non-traditional quick cash supply is highly helpful in financial emergencies that arrives suddenly and put you in difficult situation. Moreover, this is tailor-made for short-term purposes ranging from paying pending bills to arranging your honeymoon trip! All those issues and events your bank refuses to cover car title loans can help you there in little time.

Myth: It's not a secured option:

Fact: Running frauds made many believe every lender offering this service is a fraud! Truth is few cons are out there to scheme you but you can easily avoid them with little research. It takes no rocket science to make a right choice of lenders. In a single click Internet gives you information about all the lenders of your city. Just go through their websites, check company's certification and verify their BBB rating. Before picking your lender go through customer's review to know about the reputation they are having in current market. Mouth to mouth promotion is another reliable way you can rely on. This way you get feedback from a neutral person who may have earlier experience. Avoid unknown or less known lenders and approach a reputed institution providing service for a time being. Make sure you read the contract in details so that you face no deception in the future.

Myth: This service is highly expensive:

Fact: This service is expensive only if you are making it so. The interest rate here depends on several factors. Firstly, if you are borrowing a huge amount, possibilities are you give higher interest rate than you need to give for a small amount. Secondly, the span of repayment also determines the rate. You can repay cash within thirty days or have a whole year to do repayment. If you agree to have one month pay off schedule you pay less interest than fixing one-year deadline. Anyway this is important to pay back the loan within due date else the interest rate amplify and the debt go expensive.

Myth: Your need to surrender your automobile:

Fact: Truth will be just the opposite of beliefs. In this collateral based loan, you submit only the title of your vehicle while the car remains with you. This is popularly known as pink slip loan where you get to keep and drive your vehicle when the loan is on use.

Myth: Lenders are after your vehicle:

Fact: You may have heard this one several times that the lenders providing Car Title Loans Kansas City aim at your car and want to snatch it by hook or crook. However, in reality a lender only repossess vehicle in extreme condition. If you fail to pay back in time an authentic lender will offer a penalty period where you rollover the loan. If a borrower defaults for several times then only lenders seize the vehicle to refund the amount.