Access These Loan Options To Help Pay For Urgent Expenses

When it comes to us at Texas Car Title and Payday Loan Services, Inc., we offer you three loans to choose from. You can choose either our installment loan, our payday loan, or our title loan. And while either of these three loans can help you with certain emergency expenses, how do you choose which loan you should get? Well, we want to make that decision easier for you to make by showing you the major differences between the three. So, keep reading this article to learn about these differences.

Which Kind Of Loan Should You Choose?

What Are Payday Loans?

When it comes to understanding what a payday loan is, you can think of it as almost as an advance of your paycheck. A payday loan is essentially a way of bridging the gap between pay periods when you need money. It’s then paid back to us when your next paycheck comes in – which is usually in two weeks. Our payday loans range between $100 and $1,200, meaning that they get you a good sum of money for handling smaller urgent expenses quickly.

We determine how much you can get based on your income. This means we need to see your most recent pay stub to make sure you are able to repay the loan. If you can’t produce your most recent pay stub for whatever reason, you might be able to use another source of income. If you are needing to use another source of income, give us a call before you come in and we can let you know what kind of paperwork you’ll need to bring to prove your income.

man weighing his loan options with text Access these loan options to help pay for urgent expenses

What Are Installment Loans?

A signature installment loan is a loan you can get in Texas as well. An installment loan is similar to a payday loan in some ways, but it allows you to repay the loan in installments rather than all at once. Some people prefer this kind of borrowing for this reason because it allows them to work their loan repayments into their budget in a more manageable way. Our installment loans can also offer you a slightly larger amount of money; they again start at $100, but you can get as much as $1,500.

That means that they may be preferable if you’ve got larger urgent expenses, and you want to borrow more money than a payday loan grants. Just like our payday loans, you will receive the money for an installment loan very quickly if you are approved for one. In fact, you can get it on either the same day or the following business day, so there’s no waiting around. That means installment loans are also a viable option if you’ve got urgent expenses that you need to take care of as soon as possible.

What Are Title Loans

A title loan is the last loan we offer for you. This kind of loan is different from the other two in a big way. The other two loans are considered unsecured loans because there is no collateral required to secure it. However, with a title loan, this is a secured loan because you are using your vehicle’s lien-free title to secure the money. This means if you are still paying off your car or you are still paying off a car loan, you won’t be able to get this kind of loan from us.

This also means that we don’t play a big role on your credit score – unlike our installment loan where we will have to check your credit beforehand. And out of our three loans, this loan can get you the most money. In fact, you can get up to $15,000 for any bigger emergency expenses. We base how much we can lend to you off of your car’s overall working condition and resale value. This means we will have to inspect your vehicle before we can decide if you qualify for approval.

How Do You Apply For Either Of These Loans?

Now that you know the differences between these three loans, you are able to choose the one that could best fit your emergency situation. All you have to do now is go to our website and fill out the online application for the loan you want. With all three of our loans you can either apply online or give us a call and let us help you over the phone. Either way, you will speak to one of our representatives who will set up a meeting for you.

If you are getting an installment loan or a payday loan, you will have to come to the nearest Texas store location to continue. However, if you are going for a title loan, you can have the representative meet you somewhere else if you’d rather not come to the nearest store. Either way, we will have to assess your required items – and check your vehicle if you are going for a title loan – to determine if you qualify for approval.

And remember, if you are going for an installment loan, we will have to check your credit before we can tell you if you qualify for approval. If we decide you do qualify for whichever one of the three loans you are going for, we will go over the related loan terms and help you finish filling out the paperwork. Once you are done, you can get the money either later on the same day or the next bank business day at the latest.

three loan options in Texas

Reach Out To Us Today

If you’re thinking of getting a payday loan, an installment loan, or a title loan from Texas Title and Payday Loan Services, Inc. because you’re struggling with urgent expenses, you are not alone. We work with many customers, and this is one of the reasons that we provide these loans. We recognize that everyone may have different needs. This is why it’s important to know these differences so that you can make the right choice. Once you are ready, go ahead and fill out the online application 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.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.