Just Moved To The USA? Here's How Title Loans Work And When To Get One!

Learning how title loans work in the US can help you when you’re facing an emergency. Being in a new country can be both fun and challenging. Aside from settling into your new home and job, you’re also adjusting to the culture, the laws, and maybe even the language.

On top of that, there’s one thing new US residents have to deal with, especially when getting a traditional loan: building a credit history.

What Is Credit History, And Why Does It Matter?

Your US credit history or credit score affects your ability to get housing, credit cards, and loans. It can change how much you’re charged for security deposits or the kind of phone plan you qualify for.

As you can see, your credit score can affect many aspects of your life. Here are some ways to build credit if you’re new to the US:

  •  Get a social security number (SSN). This makes it easier for credit bureaus to report your information. If you are not eligible to apply for an SSN, ask for an individual taxpayer identification number (ITIN).
  • Find a way to transfer some of your credit score from your previous country of residence.
  • Get a secured credit card. It’ll be almost impossible to qualify for a standard credit card without a US credit history. But some banks offer a secured credit card, where you make a deposit which then sets the card’s spending limit. 
  • Open and maintain an account with a US bank. Your credit score is affected by the type of bank accounts you have and how old they are. So, don’t randomly open and close accounts—maintain at least one long-term account with a bank you trust. 
  • Make payments on time. Pay your rent, utilities, and bills on or before the due date. Many of these companies share your history of payments with credit bureaus. So, set up reminders in an app or arrange for automatic transfers from your bank account.

Until your credit score is more established, banks are unlikely to approve you for a loan even if you are facing an emergency. So, what other options can you find in the US?

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How Can I Take Out An Emergency Loan Without Any Credit History?

Building a US credit history takes time and planning. But there are some things you just can’t control. You may suddenly face a financial emergency where you need to raise money quickly.

Perhaps someone in your family got sick, and you don’t have medical insurance or are not yet eligible for government benefits. Maybe the truck or car you use for your business broke down, and you won’t be able to earn any money unless you get it fixed.

You may not qualify for a traditional loan, but there is another form of loan that doesn’t require a high credit score called auto title loans. These are personal, short-term loans that can be processed quickly to raise money for urgent expenses.

Texas Car Title and Payday Loan Services, Inc. is a lender that offers rapid title loans that can be completed through an in-person process that takes 30 minutes.

How Do Title Loans Work?

The way title loans work is that they let you borrow money using your vehicle title as collateral. The title just needs to be registered under your name and must already be fully owned and lien-free. That means that it is not currently being used as collateral for other loans – or, as they say in layman’s terms, it is a “clean title.”

Some people think that they have to give up their vehicle when they take out car title loans and worry about how they will be able to work or get around town without it.

But that’s not how title loans work when you acquire them through Texas Car Title and Payday Loan Services, Inc. You can still use your car while you’re paying off the loan. Instead, a lien is placed on the vehicle title and is lifted when you’ve completed the loan payments.

How Much Money Can I Borrow Through Car Title Loans?

You can borrow up to $15,000 depending on your vehicle model and condition. The loan amount you qualify for is determined during the vehicle inspection.

Texas Car Title and Payday Loan Services, Inc. gives an accurate evaluation based on industry standards and pricing guidelines.

how title loans work

Is It Difficult To Apply For Car Title Loans?

If you’re concerned that you don’t have the time or necessary documents to get a loan, we’ll show you how title loans work and how simple the requirements are through Texas Car Title and Payday Loan Services, Inc.

Required Items

The only items you just need to present are your driver’s license or any state-issued ID, the lien-free title to your vehicle, and proof of income, and your vehicle for inspection.

The Title Loan Process

We have a fast and convenient process for car title loans.

  1. You can submit an online inquiry form for an online title loan to get started.
  2. Once you submit it, a loan representative from the nearest branch to you will call you and personally explain how title loans work and what items you need to qualify. They will also schedule an appointment with you at a location of your choice.
  3. Meet the representative and make sure to have your vehicle title, government-issued ID card, proof of income, and your vehicle for inspection. The loan representative will verify these documents and assess the loan amount you qualify for by inspecting your car.
  4. If your loan is approved, you just have to sign a few papers and you will have the money you need on the same day or the following business day.

That’s how easy title loans work. No stress and no delays!

Qualify For Emergency Money Today

Finding loan options that don’t require a high credit score can be of great importance for newcomers to the US. That’s why title loans can be an option in such circumstances.

Texas Car Title and Payday Loan Services, Inc constantly innovates its system to improve how title loans work. Our online inquiry form is faster and more convenient than calling a customer hotline. And the time needed with our loan representative – including reviewing and approving the documents – takes as little as 30 minutes.

Contact us to find out more about how title loans work, and how you can raise the money you need as quickly as possible.


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.