KEY TAKEAWAYS A loan that requires an asset as collateral is known as a title loan. Title loans are popular because they do not take into consideration an applicant’s credit rating and because they can be approved very quickly. The most common type of title loan is a car title loan, where the car itself is the asset put up as collateral. Title loans are usually taken on by individuals needing cash fast or those in financial difficulties. The costs of title loans are exorbitant and they are considered a bad financing option. ld be between 23 and 60 years of age at the time of the application, subject to maximum age of 60 on maturity of finance He/she must be running a business for at least 3 years with a satisfactory track record The security against the finance should be a mortgage of urban residential/commercial property (ies) Validity of the financing shall be initially for a period of one year Financing facility up to 70% of assessed market value of mortgaged property 3 times turnover of the limit assigned is required in the account