Wondering About Title Loans? Here's A Title Loan Definition And Explanation
When unexpected expenses arise—whether hospital bills, urgent car repairs, or personal emergencies—a title loan can help you secure fast cash. You can get same-day approval for title loans in Texas to receive fast emergency funds when faced with an unexpected cost you cannot afford.
In this guide from Texas Car Title and Payday Loan Services, Inc., we will explain everything you need to know about Texas title loans. This can include what they are, how much you can borrow, requirements for title loan eligibility, and what the approval process looks like.
Title Loans In Texas: Everything You Should Know
Title loans are one of many emergency cash loans you could pursue when faced with unexpected expenses you cannot afford. The advantage of title loans over other emergency cash loans is that you can borrow more money. Borrowing quick title loans allows you to get approved fast to resolve your financial emergency quickly.
The following is all you need to know about Texas title loans:
1. Title Loan Definition
A title loan is a personal loan in which you use your vehicle title as collateral. Depending on the vehicle model and condition, you can borrow up to $15,000 in quick cash.
Almost any car or truck can be used to get a title loan. It just needs to meet the following requirements:
- It is already fully paid for
- It is registered under your name
- It is not currently being used as collateral for another loan
A Texas title loan does not require you to surrender the car to the lender physically. Instead, a lien is placed on the title while you pay off the loan.
A lien is a claim or legal right over the property until the debt is discharged. While it is in effect, you can’t sell your car or use it as collateral for another loan. However, you still enjoy full use of your vehicle, which is very important if you need it for work or personal errands.
2. Title Loan Terms
Above, we mentioned a couple of terms that are important for you to have a thorough understanding of. Knowing the definitions of these terms can give you a greater understanding of the title loan process and can avoid confusion once the process starts.
The following are some terms you should understand when getting quick cash title loans in Texas:
- Lien-free vehicle title: A lien is a claim or legal right over the property until the debt is discharged. When a vehicle title is lien-free, it means that it is not being used as collateral for another loan, and there are no outstanding legal claims or judgments against it.
- Secured loan: This is a type of loan that requires collateral. The loan lender has security in the form of an asset that they can seize should you fail to repay your loan.
- Collateral: This is what you use to secure a loan to borrow money for a secured loan. In the case of a title loan, the collateral you will use is your lien-free car title.
- Short-term loan: A title loan is a short-term loan because it is repaid within a year. This goes to describe the loan timeline.
3. Requirements For Title Loans
At Texas Car Title and Payday Loan Services, Inc., our title loans only have a few requirements for approval. You can receive title loan eligibility by meaning a few minimal requirements. Our required items for Texas title loans should be easy for you to find, and we can verify them today for quick title loan approval.
The following are the required items for title loans in Texas:
- A driver’s license or state-issued ID that shows you’re over 18 years old
- A lien-free car title in your name
- Your vehicle for a quick inspection
Having a lien-free vehicle title in your name is an essential part of the process. You cannot use another person’s vehicle title. If your car title is in another person’s name, head to a local DMV office to get a title transfer.
4. The Approval Process For Title Loan Eligibility
Title loan eligibility is easy at Texas Car Title and Payday Loan Services, Inc. Our approval process only has a few steps you need to complete. The process is so fast and efficient that you can get approved the same day you apply. Start the process online now to get title loan eligibility today!
The following are the steps for same-day approval of Texas title loans:
- Fill out the short online inquiry form. All information is confidential and secure, and we only use it to contact you and help serve you better.
- A loan representative from the nearest loan branch will call you right away to explain more about how title loans work, the title loan requirements, and the approval process.
- Schedule your vehicle inspection and submission of documents at one of our Texas store locations.
- Bring your driver’s license or state-issued ID, your lien-free title to your vehicle, and your car for your vehicle inspection. The loan representative will confirm your documents and inspect the vehicle to determine the loan amount you qualify for. This only takes 30 minutes!
- If you qualify for approval, you will receive the amount you qualify for the same day or the next business day.
5. Title Loan Repayment Terms
Repaying your title loan in Texas should only take a few months. We will work with you to determine the best repayment schedule. You can pay money back as you make it or agree to monthly installment payments.
It’s important to remember that our Texas title loans have interest rates, meaning the cost of repayment will increase the longer it takes you to pay it back. Before agreeing to a car title loan, you should ensure you read the fine print on the paperwork. You should also ask the loan representative at the in-person meeting any questions you have to ensure you understand how title loan repayment works.
FAQs
Can I get a title loan if I have bad credit?
We allow borrowers with bad credit to get approved for title loans in Texas. These short-term, secured loans don’t require proof of creditworthiness; your vehicle title provides all the security we need to ensure your repayment. Get approved for a bad credit title loan in Texas today!
How long does it take to get approved for a title loan in Texas?
Quick title loans take less than a day to get approved for. Filling out the online inquiry form takes less than five minutes, and the in-person process is only 30 minutes. You can receive your emergency funds the same day you apply or the next business day.
What happens if I can’t repay my title loan on time?
Borrowers who miss a payment can incur late fees. You can lose your car if you miss multiple payments in a row and cannot repay the title loan. Before agreeing to a Texas title loan, ensure you can budget for repayment.
Apply Now For Title Loans In Texas For Quick Cash – Get Approved For Up To $15,000 Today!
You can get same-day approval for title loans in Texas today with Texas Car Title and Payday Loan Services, Inc. Getting title loan eligibility is easy, and you can receive quick funds in less than a day to handle your urgent costs. Contact us today by filling out our online inquiry form to get the emergency funds you need today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.