NerdWallet does not recommend auto title loans. You can borrow against your savings. If you have money in a savings account, its cheaper to use that money rather than get a personal loan that charges interest.
If you must hang on to your savings or need more money than whats in your account, some lenders will make secured personal loans with savings accounts or certificates of deposits as collateral. You likely wont have access to your account or CD until you repay the loan.
It can make sense to secure a loan against a CD - instead of a savings account - because withdrawing money from a CD can incur an early withdrawal penalty.
Late Payment penalties differ from lender to lender. Lenders may be forgiving if you contact them directly, though some may automatically add a fee if it is in their agreement. For more information, please contact the lender directly if you have any issues repaying your loan.
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WHEN DO I REPAY THE LOAN. Loan repayment terms differ by lender. Thus, it is important to check the loan agreement from your lender for information on the lender's repayment terms.
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