I have never taken out any Auto Title Loans, but I recently did some mystery shops on some of the establishments that offer them. I learned some things I did not know. Like in Tennessee, for example, you cannot take out a title loan after 6 p.m. I am not sure why, but it may be because you can get up to $2,500 in a loan, and that is a lot of money to be carrying out the door after 6 p.m. Or maybe it is just that they don't want that much cash on the premises after 6 p.m.
Anyway, I had to walk in the door and pretend to be interested in getting one. Each time, I walked in the door after 6 p.m., so I couldn't have gotten one if I wanted to do. But apparently, you can make monthly payments, like any other loan. I didn't know that. I thought maybe you had to pay back in a lump sum like you do with a payday advance.
