A title loan is a type of secured loan where borrowers use their vehicle's title as collateral. This means that the lender holds the title until the loan is repaid. Title loans are often used by individuals who need quick cash and may not qualify for traditional loans due to poor credit. The amount a borrower can receive typically depends on the vehicle's value. While title loans can provide fast access to funds, they often come with high interest rates and fees, which can lead to financial difficulties if the loan is not repaid on time.