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How long do you have to pay back a title loan?
I’m thinking about getting a title loan to pay for some unforeseen expenses. I should have the money after I get paid in about two weeks, but I want to make sure I can pay the loan back on time. What time frame do you have to repay a title loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Generally speaking, you have 15 to 30 days to repay a title loan, although most lenders are in the 30-day range. Note that these loans often have interest rates of up to 300%, meaning you’ll pay quite a substantial amount.
Unless your credit is poor, you probably have way better options if you need money for an unforeseen expense. Some alternatives to a title loan include:
- Refinancing your car, or more specifically, getting a cash-out refinance
- Using your credit card or getting a cash advance, as this rate is about 1/10th the APR of a title loan
- Personal loan through a bank
- Asking a friend or family member
- Peer-to-peer loans, such as those from websites like Lending Club or Upstart
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