Title Loans Texas

The Myths About Title Loans Part 2

Don’t let the many myths about title loans hold you back from getting the fast cash you need in an emergency.

Whether you’ve dealt with a medical emergency that makes it difficult to work, you’ve just lost your job or you’re in the midst of dealing with a different kind of emergency, chances are, you’re going to need access to some cash, and quick. Luckily, with a title loan in Corsicana from Your Loan Depot, you’ll have the quick cash you need to bridge the gap between paychecks or until the time another source of income comes in. But, the downside is that many people don’t even attempt to take advantage of these kinds of loans because of the many myths surrounding them. That’s why, in our first post in this series, we debunked the top four myths about title loans. Keep reading to learn the truth about more myths:

Myth #5. A title company’s main goal is to acquire your vehicle.

Title loans companies have a bad reputation, and unfortunately, much of this bad reputation stems from false or unfair beliefs about the goals and practices of title loan companies. But, it’s important to know that, while there may be some unsavory players out there, if you’ve found the right title loan company, like Your Loan Depot, you’re working with a lender who just wants to help. Of course, like any company, a title loan company wants to make a profit, but at Your Loan Depot, our first priority is to help you get fast cash and pay off your loan on time. Defaulting on your vehicle is the only way to lose it with a title loan, and we’ll work with you throughout the process to help to prevent a default.

Myth #6. If you get a title loan, you’ll be in debt for the rest of your life.

This is another one of those myths that make title loan companies seem like the bad guy, but you’ll be glad to know that it’s simply not true. A title loan is not designed to put you in a cycle of debt for the rest of your life. It’s simply designed to get you the quick cash you need when you don’t have the time or the resources to go with a traditional loan. And, title loans are designed to be paid back quickly, allowing you to get through the life of the loan faster so that you can get back to your day-to-day life.

Myth #7. Anyone can qualify for a title loan.

As we mentioned in our last blog, when you put down the title of your vehicle as collateral, it provides the title loan company with an extra level of protection, which allows them to open up their requirements for loan approvals. This makes it possible for title loan companies to lend to a wider customer base, many of whom might not be able to meet the requirements of a standard loan from a bank or a credit union. It’s for this reason that title loans are ideal for people who have poor credit scores and cannot qualify for a traditional loan; however, this doesn’t mean that every single person who applies will be approved. Although the requirements are less stringent than traditional loans, and that title loans are easier to qualify for, they are still subject to approval, and you’ll still need to be able to prove that the payments of the loan will be affordable to you and that you’ll be able to pay them.

If you’re unsure about whether you will be approved or not for a title loan, it doesn’t hurt to apply.

When you need fast cash, you need Your Loan Depot.

We hope that this blog series has helped to set the record straight about some of the most common myths about title loans, but if you are still concerned or have additional questions, you can always feel free to stop by our Corsicana location or any one of other other locations in Texas. We’re happy to answer your questions and address your concerns, and our experts can also help you determine which loan will work best for you. Contact us today to take the first step toward getting the fast cash you need.

The Myths About Title Loans

There are many myths surrounding title loans.

If you’re facing a financial emergency of any sort, a title loan may be the right fast-cash loan you need to make ends meet. However, there are a lot of myths out there about title loans that prevent people who could truly benefit from them from ever applying. At Your Loan Depot, we know just how valuable a title loan in Corsicana can be when you’re in a financial bind, and that’s why we’ve set out to reveal the truth about the most common title loan myths.

Myth #1. You’ll have to give up your car for the term of the loan.

Many people believe that, in order to qualify for a title loan, they will need to give up their actual vehicle as collateral for the term of the loan. But the reality is that, when you apply for a title loan, your title is handed over to secure the loan, not your actual vehicle. At Your Loan Depot, we understand that you have to be able to get around, and we will not require you to give up your vehicle. The only way you could end up having to give up your vehicle is if you default on the loan, but rest assured that we’ll work with you to prevent that from happening if you believe you are at risk of defaulting.

Myth #2. You have to have a good credit score to qualify.

With the vast majority of other loan types, you’d need at least a decent credit score to qualify, but luckily, that’s not the case for title loans from Your Loan Depot. Your vehicle’s title give us the collateral we need, which gives us more freedom to offer credit to those who have less than stellar credit. That’s not to say that every single individual who applies for a loan will be approved, but we have the unique ability to lend to people, even if they have a bad credit score. If you need cash, but your credit score is holding you back, don’t hesitate to apply for a title loan with Your Loan Depot.

Myth #3. Title loans have egregiously high interest rates.

Title loans aren’t like regular loans, which are approved based on your credit score, financial history, income, etc. When you put your vehicle’s title down as collateral, you’re providing the title loan company an extra level of protection that allows them to widen the parameters of the loan approval process, allowing people who wouldn’t traditionally be able to get a loan to actually secure the money they need. Because title loans have wider parameters for approval, they do typically have higher interest rates than normal loans, but that’s not the whole story. Title loans are designed to be short-term loans that are paid off quickly, which means that you won’t pay nearly as much in interest over the life of the loan. Plus, there are many factors that determine your interest rate, including the collateral you put down and how much the loan is for.

Myth #4. You have to own a car in order to get a title loan.

Need fast cash for a financial emergency but you don’t own a car? Don’t give up hope, because you might still be able to get the loan you need. At Your Loan Depot, not only do we accept titles for cars and trucks, but we also accept titles for mobile homes. And, if you don’t have a title for a car, truck or mobile home, you may be able to find the cash you need with a payday loan.

Are you in need of a title loan in Corsicana?

If so, look no further than Your Loan Depot. We’re proud to be your go-to title and payday loan company, and we’re confident that we can help you find the cash you need when you need it most. Be sure to stop in at our store in Corsicana, or any one of our other Texas locations, to apply today. You can also apply online!

Would you like to learn the truth about more common myths about title loans? If so, make sure that you stay tuned for our next blog!

Do You Qualify For A Title Loan?

What Are Title Loans?

A vehicle title loan lets you use your car or other big-ticket item, such as your motor home, as collateral to help you secure the loan. Alternately, you can use your truck; title loan companies accept a wide range of vehicles as collateral, from what you use to get to work each day to what you use on your time off for recreational purposes. In other words, you’re using something of value that you own to insure your loan. With auto title loans, you’re free to keep using your vehicle as long as you’re paying back the loan on time and you do not default.

Auto title loans are typically short-term loans. The amount you borrow has to be paid back within a relatively short period of time, usually within a year, and in some cases, as quickly as within 30 days. These types of loans tend to be used for emergencies, when you need funds quickly but you’re able to repay the full amount in the not-too-distant future.

How They Work

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You present the title of your vehicle to the lender, who holds it as a form of insurance until you finish paying back your loan. Once your loan is paid back in full and all the terms are met, your obligation to the lending company is fulfilled, and your title is returned to you.

It’s very important that you make your payments on time and closely follow the terms of your loan. If you fail to meet your obligations, the lending company will not return your vehicle title. In fact, after a period of non-payment on your part, the lender can take your vehicle and sell it to pay the balance of your debt and recover any losses. So, make sure to pay your monthly installments on time to avoid losing your car or other vehicle. As long as you’re fulfilling your end of the deal, the car is yours to use throughout the duration of the loan, and the title will be returned to you once you’ve repaid the loan amount, interest accrued, and any associated fees in full.

You can read more about how title loans work in our previously published post on this subject.

Do You Qualify?

In order to qualify for a title loan, the vehicle you’re planning to use as collateral has to be in your name and it must be free of any liens. Title loan companies would also like to see proof of monthly income to show that you’ll be able to pay back the loan within the agreed-upon terms. You’ll likely need to supply references who can attest to your character and ability to repay.

Other criteria varies from one state to the next, so your best bet is to contact Your Loan Depot to ask about the requirements here in Texas. What’s more, laws change periodically, possibly affecting whether or not you qualify, so check with us if you’re not sure.

During your application process, you’ll need to provide certain documents, including a valid government-issued I.D., your vehicle title, proof of residency, and recent pay stubs.

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How Much Money Can You Borrow?

In large part, this depends on the value of the vehicle you’re using as collateral. The more that your car, truck, or other vehicle is worth, the more money that you can borrow.

Other factors come into play, including your monthly income, to determine a cap on how much you can borrow based on your perceived ability to repay on time. Many applicants qualify for up to $5,000, although they may only need to borrow a fraction of this amount to meet their current financial needs. Since this is a short-term loan, it’s best to borrow only the amount you really need to avoid any hardships in paying it back.

Fill Out Your Title Loan Application

If you’re ready to apply for car title loans online, then take a few minutes to fill out our convenient application.

Your Loan Depot also has other fast-cash loans you may be interested in. We have offices throughout Texas, including Mansfield, Corsicana, and Stephenville. Once you qualify for a loan with us, we’ll let you know what documents you need to provide to complete the process. If you need money fast, don’t delay — apply today!

Debunking 5 Title Loan Myths

If you’re in a situation that warrants applying for a title loan, then you should first educate yourself so you don’t end up in an even worse financial situation. There are many myths out there about auto title loans and how they work, but we’re here to debunk those myths and give you the truth. For title loans in Texas, we can help. If you have more questions after this blog post — about title loans or another type of loan — be sure to contact us. Otherwise, you can apply for a car title loan online with Your Loan Depot.

1. You’ll no longer have a car.

This is one of the more common myths out there, but it’s completely unfounded. Title loan companies don’t take your keys as soon as you finish your title loan application and receive your money — that’s simply just not how title loans work. Though you hand over your vehicle title, you’re still able to drive your car around to get to work or wherever else you need to.

You only risk having your car taken from you when you default on your title loan payments and lenders aren’t just waiting to take your car from you (but more on that later).

2. You need good credit.

If you have negative factors affecting your credit score, you’re not without hope. So many people have gone through negative financial situations in the past that have damaged their credit scores. You don’t have to let your past define you, though, when it comes to seeking help from a title loan company.  

As long as you have the money and resources to buy a car, truck, or RV, we can help you. This vehicle, after all, is your collateral for the loan amount. This means that we don’t even need to check your credit score, let alone require a good credit score. Instead, we evaluate the condition of your vehicle and its current value, and we review documents to ensure you are indeed the vehicle’s legal owner.

3. Lenders are trying to take your vehicle.

Many people believe lenders are preying off of your misfortune and want to keep your vehicle title and vehicle. Here at Your Loan Depot, though, we’re more interested in helping you get back on your feet financially after an emergency than we are with taking your car away from you.

Whether you visit our Rosenberg office, Corsicana office, Pearland office, or another one of our other Texas title loan companies, you’re in good hands. Our title loan service includes easy repayment plans so that you can establish how and when you’ll repay your title loan so you don’t lose your vehicle.

4. Interest rates are too high & you’re penalized for early payments.

There are definitely title loan companies out there that will charge excessive interest rates or penalize you when you try to pay early.

However, car title loans don’t necessarily carry as high of an interest rate as many consumers believe they do. Whenever you’re researching a loan that will work for your current financial needs, look into the title loan company and determine how much you’ll pay in interest. The interest rates will vary from company to company, so you can search around for one that best fits your needs.

You can also check to see if you’ll be penalized for paying your loan earlier than scheduled. Many title loan companies actually like when you repay your loan faster and are on top of your payments, but others will sometimes penalize you. Doing your research beforehand on different title loan applications can save you money and stress later on.

Here at Your Loan Depot, we’ll be forthright with you about your interest rates and payments. And remember — we help you establish an easy repayment plan so that you can go into the repayment process with all the knowledge, information, and resources you need.

5. You’ll never be able to repay your loan.   

This myth plays off of some of the insecurities, fears, and myths present throughout the entire auto title loans process. At Your Loan Depot, though, we want to fill you with optimism for your future and help you repay your title loan.

We offer a 30-day or term payback, and your loan can be up to $10,000 (based on your collateral). We specialize in personal relationships and truly want to help you succeed.

When you work with Your Loan Depot, you’re working with one of the most dependable, reliable loan companies in Stephenville, Tomball, Mansfield, and many other Texas locations. When you’re facing a financial emergency and find yourself asking “Are there title loans near me?”, we hope you’ll think of us. Contact Your Loan Depot for title loans in Texas today!

How Do Title Loans Work?

When you’re in a tight financial situation, it can be hard not to feel alone, anxious, and desperate. At Your Loan Depot in Texas, we’re here to provide you with car title loans and payday loans that can help you can get back on your feet. No matter the financial emergency you’re experiencing, we hope we can help. From our blog, you already know the benefits of using a payday loan in a financial emergency. Because there’s a lot of confusion about title loans, in our blog today we’re going to briefly and simply explain what a title loan is.

What is a title loan?

In a car title loan, you use your vehicle title as collateral in order to get the loan and you pay the lender a fee. You must own the vehicle and have its lien-free title in order to do so. If you were to get a title loan, you would temporarily surrender your vehicle title (this could be to your car, truck, or RV). Once you repay the loan, the vehicle title is returned to you. Your vehicle is never out of your possession. This is important to note, so that you know you can still get to work and other activities even though you used a car title loan. If you default on your payments, the lender is legally permitted to repossess the vehicle and sell it in order to repay the outstanding debt.

  • The amount of money you’re able to borrow will depend on the title loan company and what your vehicle is worth.
  • These are generally short-term loans, meaning that they’re scheduled to be repaid in less than one year and often as quickly as 30 days.
  • Auto title loans typically carry higher interest rates than other credit options.
  • Title loan applications can be quick — at times taking as few as 15 minutes — because lenders don’t always check your credit score or history and primarily considers the condition and value of the proposed vehicle.

How do you pay it off?

Payment terms and options will vary by state, product, and case. Before you hand over your title, make sure that you’re comfortable with the established regulations and that you’ll be able to pay it off on time. You can accrue interest and other fees the longer you wait to pay it off, so be aware of what you’re getting into from the start and make a plan of action. You don’t want to be out of cash and a vehicle a year from now.

Your Loan Depot

When you have unexpected events or need extra cash for a special event, don’t hesitate to work with us. At all of our locations throughout Texas, our title loan services will allow you to borrow up to $10,000 based on your collateral.

  • After you repay your loan in full, your vehicle title will be immediately returned to you.
  • We offer a 72-hour cancellation period if, for any reason, you decide the auto title loan isn’t for you.
  • We require vehicles to be in working condition before we agree to lend you money.
  • We offer a 30-day payback policy.
  • All loans are subject to approval and not all applicants will qualify.
  • We’re licensed by the Texas Office of Consumer Credit Commissioner.

At Your Loan Depot, we specialize in personal relationships. Whenever a need arises, we hope you’ll think of us for payday loans and car title loans. We aim to be a title loan company you can trust. Call, email, or visit any of our locations today to ask questions about and fill out a title loan application. Eliminate stress from your life and get cash now.