A kind of loan that will require borrowers to surrender the games with their automobiles to loan providers as security. Only those who have their cars outright without any outstanding liens are qualified to receive name loans. The debtor is permitted to carry on driving the automobile as he or she repays the name loan. In the event that debtor misses a repayment, the lending company can repossess the vehicle or truck and offer it. These loans typically carry high rates of interest in comparison to other people kinds of loans.
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Search the CreditCards glossary for almost any credit-related term from “account owner” to “zombie financial obligation.” Choose a page for alphabetized terms and definitions.
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