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Will That High Interest Loan Cost You Your Car? Atlanta, GA

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Will That High Interest Loan Cost You Your Car?

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The economic times we are facing due to the COVID-19 pandemic may force you to seek relief in ways you would normally avoid. But before you turn to title pawn companies to supply cash to ride out this unsure climate, it is important to explore all of your options.

Title Loans

It’s important to understand the title loan process. If you are short on cash and own your car, it can be tempting to take out a car title loan. Even though this can be a fast way to get money, it can actually lead to more problems and cost you more than you initially believed. To get a title loan, you have to have equity in your car. Many lenders require you to own your car free and clear. Once you are approved, you give the lender the title to your car. Loan terms are generally between 15-30 days.

Problems With Title Loans

The main problem with this type of loan is the amount required to pay it off. Most companies charge an annual percentage rate (APR) of 300%. And the total cost of pay back will include additional fees as well. Title loans can also lead to a debt cycle that is difficult to escape. If you are not able to pay back the loan at the end of the term, the company may give you the option to roll over the loan, which increases the amount you will owe at the end of the new term. If you are unable to pay off the loan, your car will be at risk of repossession. A study from the Consumer Finance Protection Bureau states that people who roll over their loans are at increased risk of facing repossession.

Alternatives to Title Loans

There are ways to avoid using these high interest loans. Call your creditors and negotiate reduced payments for a period of time. Consider applying for an unsecured personal loan, use your tax refund to catch up on bills or ask friends or family to help out.

We all face difficulties with our finances from time to time. If you find yourself in a situation that seems dire, the office of Gingold & Gingold can help. Visit us here to schedule a free consultation. We can explain bankruptcy options available to you. You don’t have to face uncertain times alone. We look forward to helping you.

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Jamie L. Gingold, PC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

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