A lot of people don’t have enough money tucked away in their savings to cover unexpected financial emergencies. In some cases, a car title loan can provide the fast cash you need to get back on your feet. But there are also other ways to borrow money quickly and with less risk, including credit cards designed for people with bad credit.

Many lenders offer emergency car title loan with little or no credit requirements because the loan is secured by your vehicle’s title and not your credit. But that convenience comes at a cost: high-interest rates, often with no cap, and costly fees can quickly add up. And if you miss a payment, the lender can repossess your vehicle.

Title Loans 911: Your Quick Guide to Emergency Auto Equity Loans

Consumer advocates call this kind of lending predatory since it exploits people at their most vulnerable. But the title loan industry, which serves people who have been written off by traditional lenders, defends its business model as a vital service.

Before taking out a title loan, consider whether the expense you’re facing qualifies as a true emergency. If not, other quick-cash options cost significantly less and don’t put your car at risk of repossession. And if you already have a title loan, make sure to earmark the necessary funds in your budget to pay it off as soon as possible. If you’re having trouble making payments, try contacting your lender to see if you can renegotiate the terms of your loan.