Although banks do provide loans at much less interest rate than title loans providers but getting a loan from a bank takes a lot of time, documentation and verifications. And this is the major reason that people go for title loans.
The processing time for title loans is very less, usually a day or two, and it does not require much documentation and legal processes.
Another benefit of a title loan is that anyone, who owns a vehicle, can get it as it does not require credit or background checks. So, if you have a bad credit history and are not likely to receive a loan from a bank, you should go for a title loan to fulfill your need.