Simple interest loan charges interest only on your principal balance while compound interest loan charges interest on your principal balance plus any unpaid interest.
It is important that you understand what kind of interest you get charged for when you get a loan. It is harder to get out of a compound interest loan once your account is in default. Most credit cards charge you compound interest!
Car title loans are simple interest loans. There is also no prepayment penalty on your auto title loans so you can pay your loan early without incurring additional fee. The term for title loans could be up to 44 months with equal monthly payments that are affordable to you. Car title loans can help you with your financial and emergency needs. Once car title loan has helped you get through your financial needs, it is important to make your payment on time, or early or even pay more than your monthly payment so that less interest will incur.
Car title loan is a great option for people who have bad credit, or no credit, or for those who could not get a loan from a bank and is in need of money. Use your pink slip to get a title loan while you get to keep and drive your car. The process is very fast and can be funded at the same day. If you are looking for the best rate and the most money on your car title loans, Sabre Lending can help you get that loan for you! Simply fill out our free loan estimate or call us at 1 (844) 651-5144!