Infographic: Title loans - An expensive way to borrow money
Text version
Title loans - An expensive way to borrow money.
A title loan is a short-term loan that uses the borrower’s car title as a promise that they will repay the loan.
You get a $4,000 title loan* using your car as a promise.
*Based on the value of your car
Illustration of an arrow.
35% annual interest over 3 years. Plus $600 in additional fees upfront.
Illustration of the borrower’s hand with a car on it.
Illustration of a bankers hand with stacks of bills and coins.
After 3 years, you end up paying $7, 491. ALMOST DOUBLE!
And, if you miss a payment…
Illustration of stacks of bills and coins with 3 arrows pointing up.
You may pay extra fees.
Illustration of a car being towed by a tow truck.
You could lose your car.
Before you make a decision, explore your options.
canada.ca/money