ONLINE TITLE
LOANS IN TEXAS

Online Title Loan Requirements In Texas

To qualify for a car title loan in Texas, your pink slip needs to be lien-free, meaning the car is paid off, and your name is on the pink slip. You can't have a cosigner on the car's title, and you need an ID to prove you're also at least 18 years old. Lenders will ask for proof of steady employment or income verification. You'll also need to show residency within the state to qualify for a Texas title loan. With a traditional payday loan, your loan agreement will outline a set payoff time over several months, rather than days or weeks. With varying application and approval options, title loans are becoming more popular among borrowers.

What Happens After I Submit An Online Application

Once you complete an application, you can complete the pre-approval and initial processing in about 45 minutes. After signing the contract, the lender holds your car's title until your loan is paid in full. The amount you can borrow with a title loan in Texas is primarily based on your monthly income and the retail value of your vehicle. Some cities and counties in Texas have different restrictions on title loan companies operating in their jurisdictions. For instance, Dallas has unique regulations for title loan companies operating within the city regarding late charges and what happens to your vehicle if you miss a payment. San Antonio has fewer regulations on title loans; however, there are specific rules that applicants should be aware of. You may end up paying higher fees in Texas than in other states.

Interest Rates & Fees For A Title Loan

Bad credit loans, like some title pawns and payday loans, can be expensive and difficult to repay if you only pay the minimum payment. The interest rates and fees are higher with car title loans, since most borrowers have lower credit scores. But the value of your car is sufficient for a lender, given your ability to repay the loan amount. Expect to pay around $23 in fees per $100 borrowed when you take out a vehicle equity loan in Texas for loan amounts of $1,000 or more. A paid off car title means you own your vehicle in full. Be sure the online company you work with is licensed to offer secured loans. This also applies to companies that act as registered credit access businesses in Texas.

How Much Cash Can I Get With A Vehicle Collateral Loan

You can borrow up to $20,000 with most title loan companies in Texas. Loan amounts will vary significantly based on vehicle condition and your financial history, with a minimum loan amount of approximately $1,000. Online title loans are convenient and fast, and you can often complete the application process and get your cash through direct deposit in less than one business day. Although you don't need to show full employment, most Texas lenders still require some form of income verification. For collateral loans over $2,000, you may need to provide references and show sufficient monthly income to qualify for online approval.

How Long Does It Take To Get My Money After Being Approved For Title Loans In Texas

Expect a quick, hassle-free underwriting process, with the ultimate goal of getting your money in as little as one business day after signing the loan documents. The cash can be sent directly to your bank account, whether a checking or savings account. It can take 1 to 2 business days, depending on whether you receive the funds via ACH or bank wire. You can also pick up the cash in person at any lending location throughout Texas. Meeting with a local company offering title loans in Texas may expedite processing, which can sometimes be completed the same day after approval.

Can I Get A Title Loan In Texas If I Have Bad Credit

It's only natural to worry that you'll be turned down for a loan based on your bad credit history. However, unlike someone applying for personal loans with poor credit, we offer options for people with poor credit. We can get the money you need and look past your credit score to find an acceptable loan amount and repayment term. Contact us today to learn more about how Texas Title Loans can get you cash, even with bad or no credit! Most qualified borrowers can access up to 60% of their vehicle's resale value with a bad credit title loan!

What If I Have A Loan From Another Company? Can I Apply For A Second Loan?

There's a chance that you can get another secured loan from a registered title loan company in Texas, but it will likely be bought out or refinanced. A lot depends on how much your car is worth minus how much you owe on the outstanding loan with the other company. If the other loan is more than halfway paid off, the chances of making it work are reasonable. The regulations are constantly changing, so knowing if you're even allowed to have multiple loans simultaneously is essential. Whatever you do, having more than one title loan at any given time is not ideal, as the interest rates and monthly payments will be very high.

The minimum funding amount for most auto title loans in Texas typically starts around $1,000. Title loans are commonly underwritten with repayment terms ranging from 12 to 48 months. The annual percentage rate, or “APR,” for title loans in Texas vary widely, with effective annual costs typically well above traditional loan rates. In Texas, Credit Access Businesses (CABs) are permitted to charge a fee for arranging a title loan. Check with a state-licensed lender for the latest fee schedule and OCCC notice.