There are times when people need cash in hand fast, and a traditional bank loan simply isn’t suitable. Here’s a closer look at how vehicle title loans fill that financing gap.
To understand title loans in Pearland and the surrounding areas, one has to appreciate the distinction between unsecured and secured loans. Unsecured debt isn’t guaranteed, which means that the requirements are steeper and lending institutions are pickier. Secured debt is guaranteed.
In the case of a title loan, it’s collateralized via a lien on a vehicle. That collateral provides the lender the flexibility to process the loan quickly and to lend small amounts and over short periods.
This kind of short-term personal loan fills an important role in daily finances. Consider that the Texas Advantage Community Bank on Broadway Street doesn’t even offer personal loans, and the Hometown Bank of Pearland generally requires a loan amount of $5,000 or more and a repayment schedule of at least six months.
In addition, you have to deal with an extended loan process, a credit check and perhaps a waiting process. Most title loans in the area, on the other hand, process in less than 15 minutes, can be for amounts as small as $100 and have a period as short as a week.
Perhaps the easiest way to apply for title loans in Pearland is to do so online. You’ll need:
Once you have the information in hand:
You won’t have to wait long. You’ll receive an immediate response that includes a title loan quote of the maximum loan amount available to you.
Later, at a time that’s convenient to you, a loan representative will contact you. He or she will answer your questions, help you explore your options and then assist you in finalizing the title loan if you opt to proceed.
Texas licenses all lenders in the state, and as a consumer, you can contact the state to verify a lender’s license as well as access a complaint history and related information. Lenders who provide title loans in Texas are required by law to explicitly state the interest rate and the total cost of the loan.
The state also dictates what the maximum interest rates of an auto title loan can be, and the exact maximum will vary based on the prime interest rate. Beyond these regulations, Texas is relatively lenient and doesn’t enforce loan amount and term limits and allows consumers to roll title loans over into new loans.
Title loans in Houston and throughout Texas are arguably the best way to secure a short-term loan. Choose the loan amount and repayment schedule that makes sense for your situation, and finalize the loan online or in person in mere minutes.
These loans do require a physical copy of your title and a lien on your vehicle, but you’ll keep full access to your car or truck throughout the repayment period.