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A kind of loan that needs borrowers to surrender the games for their cars to loan providers as collateral. Only individuals who possess their cars outright without any outstanding liens are eligible for name loans. The debtor is permitted to continue driving the vehicle as he or she repays the title loan. The lender can repossess the car or truck and sell it if the borrower misses a payment. These loans typically carry high rates of interest in comparison to other people kinds of loans.
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