Title loans online direct deposit are usually quite expensive — an average monthly finance fee of 25% results in an APR of about 300%. In addition, lenders may ask for extra money for document processing, additional charges, roadside service plans, etc., which will result in a much higher cost of the advance.
For example, suppose you want to borrow $1000 for a month:
Taking the fee to be 25%, you have to pay an interest of $250 along with the borrowed $1000.
You have to then hand over the title of your car in exchange for the borrowed money.
When the time of repayment comes, you must pay him $1250, along with any other fees which may be exemplified on you.
With rollovers, the cost keeps increasing. If you cannot pay back the loan on time, your lender may persuade you to roll it over to a new loan, which means adding more interest and fees on the already owned money. So the stakes are always high; either you have to hand over your car possession or keep on giving large amounts of money.