Title Loan vs Other Loans

March 2, 2019

When comparing a title loan to other types of loans, there is a vast difference. Title loans are unlike any other type of loan, and they have their own advantages. One such difference is that title loans are much easier to obtain than other loans.

Most loan processes require a long approval duration. And if someone is approved, it can take a week or more to receive funds. With a title loan however, the approval process is quite short because all you need is a valid title and a vehicle in decent condition.

But there is so much more that differentiates title loans from other loans out there. If you want to know more about title loans, keep reading to find out.

Title Loans are Considered Short-Term Loans

Most loans typically have long terms and can last several years. Large loan sums need more time for repayment, but a title loan is considered a short-term loan and as such you cannot borrow more than a few thousand dollars.  A title loan term length is usually no more than 30 days, but there are exceptions.

Title Loans are Not Offered in Every State

Unlike other traditional loans, which can be obtained anywhere in the U.S., title loans are only offered in 20 states.  The reason for this is due to state legislation.  Most states have banned the use of title loans, but there are states that have not made any such laws.

The following states offer title loans:

  1. Alabama
  2. Arizona
  3. California
  4. Delaware
  5. Georgia South Carolina
  6. Idaho South Dakota
  7. Illinois Tennessee
  8. Louisiana Texas
  9. Mississippi Utah
  10. Missouri
  11. Nevada
  12. New Hampshire
  13. New Mexico
  14. South Carolina
  15. South Dakota
  16. Tennessee
  17. Texas
  18. Utah
  19. Virginia
  20. Wisconsin

With connections to lending companies all over the United States, MaxCash could help you get the loan you are looking for in no time. We have agents available 7 days a week with the ability to help connect you to the best possible lender in your area.

Interest Rates for Title Loans Vary Greatly

When getting a more traditional loan, it is often easier to estimate what your interest rate will be.  Rates are based on your credit score, what a lending company decides, or sometimes both.  However, interest rates are not so straight forward when it comes to a title loan.

Some states have put laws in place to cap the interest limit, while other states leave interest up to the discretion of the title loan lender.

If you are unsure if your state has a limit cap, ask your lending company to find out. But generally, caps ensure rates do not exceed 25% to 30%.

MaxCash provides free services, and because of this, we can make our customers experience the best it can be. MaxCash can match borrowers and lenders, guide clients through the entire loan process, and answer any financial questions. Our customer service is second to none.

But there is more to us than what we’ve discussed here. If you would like to know more about MaxCash, check out the About Us page on our website. Or if you prefer, you can always contact one of our knowledgeable agents at (833) 207-9052 or at info@maxcash.com.

DISCLAIMER:
The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

In some circumstances faxing may be required. Use of your cell phone to receive updates is optional. Please review our privacy policy.

Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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