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Car title loans let you borrow between 25 and 50 percent of your vehicle’s value. But there’s a catch — you must own your car outright and hand over the title until the loan is paid in full. Most car title loans come with short repayment periods between 15 and 30 days, and loan amounts generally start at $100.

They are quick, but the ease of access comes at a price. Interest rates are very high, and if you are unable to pay back your loan within the short repayment term, your car can be repossessed.