While a title loan is mean to be a 30-day transaction, you are not required to pay the full amount back within 30 days. Although, like any other financial obligation, the longer you extend your title loan, the more you will end up repaying. With a title loan, you have the option to pay the full balance within the first 30 days or you have the option to extend it for another 30 days by paying the minimum payment. You are able to keep the account open as long as you need, but bear in mind that the longer you the account remains open, the more interest you will accrue for this transaction. At Lake Title, we encourage our customers to pay over their minimum payment in order to lower their principle balance as well as their additional 30-day finance charge and total payback amount.