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When expenses come up and you don’t have the money to pay for them, the first solution that comes to mind may be to take out a loan. If your credit is bad, you’ll have very limited borrowing options. Traditional lenders view bad credit borrowers as high risk and may not even be able to provide a loan.

One common alternative is a payday loan. If you own a vehicle, you may be able to get a title loan as well. These two types of loans are specifically designed for people with a poor credit history or no credit at all.

Payday loans and title loans are considered legal in Texas. If you’re looking for Texas car title and payday loans, realize that not all companies are created equal. Some of the companies on our list offer both lending options or one over the other. But first, here’s what you need to know when comparing Texas car title and payday loans.

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Title Loan Vs. A Payday Loan

Title loans and payday loans are pretty similar but they also have some key differences as well. A payday loan is a short-term loan for a small amount – usually not exceeding $1,500. The idea is that you’d pay the loan back by your next payday so it almost works like an advance.

The big downside is that payday loans come with extremely high-interest rates. According to the Consumer Financial Protection Bureau (CFPB), payday loan interest rates can be as high as 400% APR. Proof of income is an important factor that is weighed more heavily than your credit so bad credit is often okay when applying.

A title loan is a secured loan where you use your car’s title as collateral. This is also a short-term loan that comes with high fees and interest. Plus, there’s also the risk of losing your car if you don’t repay the loan.

With either a title loan or a payday loan, you should consider it as a last resort and try to keep the borrowing amount low to ensure you can pay it back quickly http://speedyloan.net/bad-credit-loans-wv/.

If you’re looking for a title loan or payday loan in Texas, there is no shortage of options. Below is a list of some of the best companies to consider using.

1. Texas Car Title And Payday Loan

As the company’s name suggests, Texas Car Title and Payday Loan offer both loan options and a fast process. If you need a title loan, you can borrow up to $15,000 and to apply you must have:

• Driver’s license or state-issued I.D.
• Lien-free title to your vehicle
• Proof of income
• Vehicle for inspection

You can start the application process online then you’ll need to meet at a location of your choice to have your vehicle inspected. If your loan is approved before 12 pm EST, you can often receive your funds that same business day.

With Payday loans, Texas Car Title and Payday Loan offers loans up to $1,200. You can take advantage of their phone approval process but you will still need to provide:

• Your most recent pay stub and proof of ability to repay the loan
• Driver’s license or state-issued I.D.
• Blank check from an active checking account in your name

If you get approved for a payday loan, you can get your cash in hand at one of their Texas locations in as little as 30 minutes.

Quick Tip:

Get pre-approved for a auto loan online before you go shopping for your new car.

2. LoanMart

LoanMart services title loans in Texas and offers competitive interest rates. You can get started by filling out a short prequalification form. This will allow LoanMart to quickly tell you whether you’ve been approved.

If you’re approved a loan agent will contact you and discuss the loan terms and how much you’ll be able to borrow. You’ll need to send in documents verifying your identity, vehicle details, and your current income.

LoanMart gives you the option of deciding how you’d like to receive your loan funds. You can choose direct deposit, in-person pickup, or have a check mailed to you.

3. Advantage Finance, LLC

Advantage Finance provides title loans and title buyout loans in the Houston, Texas area. A title buyout loan is a relief option for someone who is stuck in an existing title loan. Most title loan terms are short and only around 30 days.

The team at Advantage Finance believes that’s too short of a term so they offer a title loan buyout option where they’ll pay off your existing title loan and give you a new title loan and 150 days to pay it off.

If you need a new title loan, you can borrow up to $40,000 and Advantage Financial can approve you in as little as 30 minutes.

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4. TitleMax

TitleMax is a nationwide title loan company that has locations in Plano, Texas and surrounding areas. They offer title loans for cars or motorcycles and can get you approved in 30 minutes or less.

To qualify for a title loan, all you need is:

• A car or motorcycle
• Clear car or motorcycle title
• Valid government-issued ID (Matricula Card accepted)

5. LoneStar Title Loans

LoneStar Title Loans provides title loans in Texas for amounts up to $10,000. Just stop in one of their locations and bring your photo ID, vehicle and its lien-free title. Then you’ll complete an easy application and have your vehicle inspected to assess its value. Remember, title loan amounts depend heavily on the value of your vehicle since you’re using it as collateral.

Once you know how much you qualify for, you can review the loan terms and conditions and leave with cash that same day.

6. Speedy Cash

Speedy Cash offers title loans in Texas for up to $25,000 and payday loans for up to $3,000. For title loans they accept most makes and models and a clear title is only required at some of their locations so you’ll want to confirm these details.

Payday loans accumulate interest daily so you’ll want to pay them off early to save. However, you will have up to 6 months to pay off your payday loan since Speedy Cash is a Credit Access Business (CAB) in Texas.

This also means that borrowers will have to pay CAB fees when they take out a loan. Speedy Cash allows you to start the application process for a car title loan or a payday loan online.

7. Check Into Cash

Check Into Cash has 3 locations in Texas and offers flexible payday loans and title loans to borrowers with bad credit. You can borrow anywhere from $50 to $1,000 with a payday loan and up to $25,000 with a title loan.

For a title loan, start the process online and a customer service representative will help you through the loan application and perform a quick evaluation of your vehicle. Your payment schedule will be set up based on your income and once the loan and fees are paid off, your title will be returned to you.

To qualify for a payday loan, you’ll need:

• Be at least 21 years of age (19 years old in Alabama)
• Active checking account that’s been open for at least 90 days
• Be a citizen or permanent resident of the U.S.
• Have a current home/cell and work phone number
• Have a valid email address

Once you get approved for a payday loan, the funds will be directly deposited into your checking account.