Title loan. 
A car title loan or simply a title loan is a high interest loan where the borrower uses their automobile as collateral for the loan.
These high risk sub-prime loans are considered riskier for consumers than payday loans because the borrower puts their car at risk to secure the loan. In many cases they have to leave their car with the lending institution in order to receive the loan funds. As in all high risk lending, title loans can help a person in dire need in some circumstances. In many other cases the person would be better off to sell their car instead of taking out a loan.
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Car title loan typically have annual interest rates above 100% and require repayment within the first month. These loans are made for much less than the true value of the car. Title loans are typically given without regard to borrowers' ability to repay or credit history. Because the loans are structured to be repaid in a single balloon payment after a very short term, borrowers frequently cannot pay the full amount due on the maturity date and instead find themselves extending or "rolling over" the loan repeatedly. In this way, many borrowers pay fees well in excess of the amount they originally borrowed. If the borrower fails to keep up with these recurring payments, the lender may summarily repossess the car, often stripping borrowers of their most valuable possession and only means of transportation and method of getting to work.
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