Banks are traditional lending institutions which means they generally only offer traditional lending products like mortgages, auto loans, and business loans. So, it will be very hard to find a bank that offers title loans.
Banks don't like to deal with title loans because the interest rates are high, the terms are short, and the borrowers are often in a tough spot. That's why banks leave title loans to specialized lenders, who are more comfortable with the risk.
However, if you need a title loan quickly and don't want to spend your time calling different banks, just stick to searching for a specialized title loan lender. The wheels will be greased and you'll get your title loan in a hurry.
Here are a few tips to use when shopping for a title loan:
- Compare interest rates and fees.
- Understand the terms and policies of the loan.
- Make sure the lender is licensed and insured.
- Get quotes from multiple lenders.
Bottom line, finding a bank that does title loans can be a slog. We recommend sticking to specialized lenders where title loans are their bread and butter.
A credit union or an online-only bank might also give you more options than a traditional bank. But beware of extra fees and interest rates!