If you live in Texas and you’re looking for a loan, you’ve probably heard a number of different terms thrown around, including payday loans and title loans. And you may be wondering to yourself, what’s the difference between these types of fast-cash loans? Do I qualify for them?
You may also find yourself with a poor credit score. In this case, you may be asking yourself: What about loans for people with poor credit? Can I ever get a loan again?
In this blog, we want to address some of your questions and clarify not only the differences between title loans and payday loans, but also who might qualify for one of these fast-cash loans available throughout Texas in one of our many office locations.
Payday Loans
Designed to get you through a financial emergency in between paychecks, payday loans are offered in amounts of up to $1,000. They can cover the emergencies that arise, from emergency dental care, to unexpected car repairs.
If you don’t have much in savings, or you’re unable to access those funds for whatever reason, then a payday loan may be a viable option for you. Individuals with a low credit score may not be able to borrow money from a bank, but they may be able to get a payday loan from one of our offices instead.
In order to get one of these loans, you need to be employed. You will then pay back the borrowed amount, or at least an installment, the next time you get paid. The terms of your loan can be worked out through one of our many offices located throughout Texas.
Title Loans
Also available to those experiencing a sudden financial hardship, title loans can be made typically for up to $5,000. You can use this money for whatever emergency has come up.
To qualify for this type of loan, you’ll need a current driver’s license that hasn’t been suspended. You also have to be the owner of a qualifying vehicle.
The title loan is given in exchange for using the title of your vehicle as collateral. The vehicle can be a car, a truck, or even a motorhome. You have to be the owner, and your name must be on the title.
The good news is that we don’t take your car (and be very wary of any company that tries to do this). We simply use your title as collateral, and you are free to continue driving your vehicle and use it for all your daily driving needs, including for work. Your title is returned to you once your title loan has been repaid and all the terms of your loan have been met.
Where To Turn To In Texas
Your Loan Depot specializes in fast-cash loans for people with all types of credit scores, including poor ones. If you can’t get the money you need anywhere else, turn to us. We will do our utmost to help you.
With several locations to serve you, we’re not far from you! We have offices in Mansfield, Corsicana, Stephenville, and many other locations, including near Houston, Dallas, Fort Worth, and College Station. If you live in Texas and you need money fast, get in touch with Your Loan Depot today!
