What is a Title Loan? And When Should I Get One?

If you’re in financial trouble and have been looking for ways to solve it – you might’ve come across something called a title loan as a means to deal with it.

Naturally, if you’ve never encountered the term before you might be wondering what is a title loan, and how it could help.

Let’s break it down.

So, What Is A Title Loan?

To put it very succinctly, a title loan is a short-term secured fast loan.

Short-term: It’s aimed at being paid-off as soon as possible, with the number of payments depending on the loan amount.

Secured: You need collateral to get the loan – in title loan’s case, your car will be acting as collateral, and the lender will get your car title as a guarantee that you’ll be paying the loan off.

Fast: The application procedure is simplified to the max so that the process takes as little time as possible. Typically, when you apply for a loan at Texas Car Title and Payday Loan Services, you’ll get the answer whether your application’s been approved or rejected in under an hour (sometimes it takes as little as just 30 minutes).

Now that we’ve broken down to what is a title loan, let’s see what the appropriate situation to get a Texas title loan is.

When Should I Apply For A Texas Title Loan?

So now you have an answer to the question what is a title loan, but should you be applying for one as a means to solve your problem?

As with any debt, a title loan can be of great help – but only if utilized smartly. A Texas title loan is an optimal solution for situations where:

1. The problem needs to be solved immediately, otherwise, you risk having it worsen significantly;
2. If you postpone dealing with it, the problem will escalate and it will be more expensive to fix it in the future.

In other words, a title loan should be utilized when the problem at hand is time-sensitive. Emergencies like unanticipated medical expenses, car problems, necessary home repairs, or even fixed bills you can’t pay due to paycheck coming in late or being less than usual (maybe you had to take unpaid sick leave or worked fewer hours for certain reasons).

If you can deal with the problem at a slower pace, try to save money by adjusting your budget, working overtime, or getting an additional income by freelancing online or getting a side-hustle.

What Are The Benefits Of A Texas Title Loan?

Now that we’ve got answers to questions of what is a title loan and when should I get it, we still need to answer one more – what makes a title loan an optimal solution in emergencies? What’s their primary benefit?

A title loan has 2 primary benefits: it’s accessible and it’s quick.

Almost anyone can be eligible for a Texas title loan – you need to be over 18 years old (and have a government-issued ID document) and you need to be a car owner (you do need to own your car outright though – meaning the title must be in your name and there should be no liens against it).

Unlike traditional bank loans, your credit history won’t influence your approval chances when it comes to title loans – so you can apply even if your credit score is bad (or you have no credit score at all!).

Additionally, Texas Car Title and Payday Loan Services accepts all kinds of income – as long as you can prove your ability to pay the car title loan off in time, your employment status won’t be grounds for denying you the loan.

How Do I Apply For A Texas Title Loan?

We’ve learned what is a title loan – now it’s time to learn how to get one.

The application process is simple and straightforward – and you can easily start it online, without having to leave the comfort of your own home.

Just go to the Texas Car Title and Payday Loan Services website homepage and fill out the online form. When the form gets processed, you’ll get contacted by a loan representative who’ll set up an appointment for you.

You’ll need to take these required items to the meeting, for the loan representative to assess everything.

• Your car;
• The lien-free car title in your name;
• Your government-issued ID

Based on the state of your car (and documents), they’ll decide if you qualify for the loan – and how much cash you should get if you do.

The whole application-approval process typically lasts less than an hour – on average, around 30 to 45 minutes. And, if approved, you get the cash the same day.

Get a Texas Title Loan Today!

Now that you know all about title loans, including what is a title loan, the benefits of one, and how to apply, you can get started today with yours. The emergency cash you need is available at Texas Car Title and Payday Loan Services, Inc. so call us or fill out the online form now!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.