Title pawns are a good way for people to get a lump sum of money fast. However, they usually come with steep stipulations such as repaying that money back within a short amount of time. Another name for a title pawn is a title loan. While these may seem like a great idea at the time, they can turn into being a nightmare, especially if you have a difficult time paying it back in the short amount of time allowed.
Who Can File For Title Pawn?
If you currently own your vehicle outright, you can apply for a title pawn. During this process, you will typically hand over the title to your vehicle and pay a small lenders fee to get a lump sum of cash. You will have to pay the pawn back within a set time frame which can be as short as 30 days. If you fail to do so, the lender can come to take your car or even file a lawsuit against you for the money. The promise of getting money quickly is what generally draws people in but the trouble occurs if you fail to pay it back within the set time. Filing the title pawn is the easy part for many people. It is the action of paying it back that will hurt you if you are unable to do so.
Getting Legal Help in Georgia
If you are unable to make the payments, it may be a good idea to contact the lender to work out some kind of deal. However, if you are unable to and your vehicle is repossessed, then you will want to seek legal help for your specific situation. A bankruptcy attorney can help get you out of this difficult situation. A bankruptcy lawyer can help you through the Georgia title loan process so you can get out of the situation as intact as possible.
Help yourself and consider other options before you even think about filing for a title pawn. You can contact your family for assistance, take out another type of loan, or consider getting a second job. However, if you are having an issue with paying back your current title pawn, the best option is for you to contact an attorney who has experience in the area. Morgan & Morgan has an office in Athens, GA to best serve our clients in the following counties: Clarke, Oconee, Morgan, Walton, Jackson, Hall, Barrow, Madison, Oglethorpe, Elbert, Hart, Franklin, Banks, Habersham, Greene and Stephens. Contact us today to examine your case and help to develop a plan to get your car back as well as pay off the loan in a timely manner.
Further Reading on How to Rebuild Your Credit After a Title Loan: