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What would you do if you suddenly got a cash windfall? Pay off your mortgage? Buy a new car? Take a vacation? It would probably depend on how much money you received, but the list would probably include some necessities. More people than you may realize are struggling financially, so any help they get will probably go towards paying a few bills, especially those that are past due.

While it's nice to dream of hitting it big in the lottery, inheriting money or coming into a large sum of cash, the reality is that if you need more money, you'll have to find a realistic way to get your hands on it. Living in the Lone Star State, you're fortunate to have the option of car equity loans in Texas. These loans offer you a simple route to fast cash, and all you need is a car to use as collateral.


What are Title Loans?

Title loans are simplified personal loans based on the borrower's vehicle used as collateral. Sounds simple, and it is. As long as the applicant is at least 18 years old, they can apply for financial help. Of course, the applicant does not have to be in a position of need. Auto title loans are available for any reason, including bills and necessities or the things you just really want to buy.

Other than a minimum age, an applicant must have a car, truck, motorcycle or other vehicle to put up as collateral. Why is this important? Because getting a car title loan in Texas is not based on how good your credit happens to be. Many lenders are pretty strict about using what's in a credit report to determine who is worthy of a loan. Title lenders like to offer as many loans as possible to as many people who need them. So, instead of using a credit score, which eliminates everyone without a strong enough number, applicants are allowed to borrow against the equity in their vehicle. Everyone can apply and be approved, regardless of their credit score.

The car used as collateral has to be fully owned by the applicant, meaning no other lien-holders. After receiving the loan, the lender collects the title certificate. It is returned to the borrower when their loan is paid in full. All applicants must have a job or some sort of income so they can afford the loan payments.


Getting a Car Title Loan in Texas

Getting a car title loan in Texas begins with an application. Depending on the lender, you can apply in person, by phone or online. Having applications online makes it convenient for those who don't have the time or desire to visit a loan office or apply by phone. And, applying online gives you an instant answer if you're wondering how much cash you're eligible to receive. Knowing an amount up front shows if it's enough to meet your needs and helps you decide whether or not to proceed with the loan.

As for the application itself, it's so short that you can complete and submit it in just minutes. Choose your car's make, model, year and style from a vehicle options menu. Add the mileage, and give us your name and contact info. That's all you need to start the process of getting a car title loan in Texas. Expect an instant loan quote and a call from a loan representative. During the call, you and the rep will finalize a loan package that includes setting up a payment schedule, getting questions answered and determining when you will collect the money.

Just because auto title loans are easy to get and Texas Approval rates are high, it may seem that these loans aren't on the up-and-up. But, they are, and to make sure they stay that way, the Lone Star State has rules and regulations in place to keep lenders honest and protect consumers. These guidelines are especially helpful because people with cash flow emergencies are often vulnerable to unscrupulous lenders. Per state law, title lenders need to have a state license. Another regulation involves title loan interest rates, which may not exceed 10 percent. Compare that to other states that allow vehicle title loans, and Borrowers get up to five loan renewals, which gives them more time to pay off the debt. Those who don't repay within the state allotted time frame are subject to vehicle forfeiture.


Texas Car Title Loan Benefits


Cash is the reason to apply for a car title loan, so what better benefit is there than getting what you came for? Because these loans are collateral based, anyone can qualify and be approved. Standard loans don't offer than same assurance because they are only approved if your credit score is high enough for you to be deemed credit worthy. With title loans, there is no credit check used to measure credit worthiness. Everyone with a car for collateral is worthy of financial help. And, because title loan processing is streamlined for maximum efficiency, most borrowers get the cash within hours of applying.


Having the option to extend your loan payoff date is unique to title loans. Other loans require you to pay off the debt when it's due, or the loan goes into default. By giving borrowers the option to renew their loans, it removes the pressure to meet a deadline that may be impossible for an individual struggling to get back on track financially. And, that time extension relieves the worry a borrower might feel when they are in danger of losing their loan collateral.

Differences That Work for Borrowers

All short-term loans are not the same. Title loans give you an amount based on how much your collateralized car is worth, while payday loans and cash advances only give an amount based on your paycheck. With title loans, terms average 30 days, and there are renewal options. In Texas, you get up to five loan renewals. With the other loans, the payoff is typically scheduled for your next payday. So, if you're looking for a bigger loan amount and a longer time to pay it back, title loans are the better option.

Less Stress

Money problems are always stressful. Without enough money to pay bills, services could be cut off. You may have to choose which bills gets paid this month and which ones don't, which means late fees and collection calls. Maybe the choice is between paying bills and buying medicine or food. No one should have to live that way, and thanks to title loans, they don't. Being able to apply without the fear that bad credit will ruin your chances of loan approval can lessen stress. Actually getting the loan money and getting it so quickly is a veritable stress buster.


What good is owning a car if you can't use it? No much. That's why you will have full use of your vehicle when you pledge it as title loan collateral. With the number of loans we make daily, we couldn't possibly keep all those cars. So, we prefer you to keep the car. As long as we have the title certificate, you can keep rolling along in your vehicle.

Title Loan Laws in Texas

If you are looking for title loan relief, you have come to the right place. Texas Approval can get you the help you need.

When we lend money to our customers, one of the most important things for us to do is abide by Texas title regulations. We work diligently to provide loans that are transparent and fair.

This is how we work to protect your rights throughout your car title loan process. Here is our guarantee to you.

  1. According to loan regulations in Texas, we must provide you with a written title loan contract. Before you sign a contract, a loan representative will review the application with you. There will be no surprises after you sign a loan contract.
  2. Our APR rates comply with the regulations set forth by Texas legislators. Our loan offers do not exceed the average annual percentage rates in Texas.
  3. We do not charge hidden or excessive fees. You will know about any fees before you sign a loan contract.

At Texas Approval, our title lenders are committed to giving our customers access to affordable loans. Complete a loan application today.