What Is a Car Title Loan?

At Title Pro, we receive many questions about the type of financing we provide for our customers. Not everyone is familiar with what we do, so we often hear from consumers, “What is a title loan, and how does it work?” For those unfamiliar with the concept of secured loans such as ours, we’re happy to provide information on what is a title loan, what it is not, and how you can use it to cover unexpected expenses. What’s a title loan? It might just be what you need to help you pay for home repairs or medical bills.

What Is a Car Title Loan?

A car title loan is a loan that is secured by your motor vehicle. The loan amount is based on the appraised value of your vehicle and any current requirements in place in your state. These types of loans are considered to be alternative lending options because they don’t have the same requirements that traditional bank loans do.

What Are Title Loans For?

The primary reason why people seek title loans is for unexpected expenses. Consumers who need funds to manage important bills, such as those for emergency home repairs or medical costs, have a convenient and competitive option with Title Pro. We have revolutionized the online lending process to make it simple for the consumer. We understand that seeking a loan is a big step, and we are firmly committed to helping our customers understand every part of the loan process and making it as straightforward as possible.

Getting a Title Loan

Our streamlined process starts by answering your questions. Representatives are available by phone or live chat. After you get the answers you need, our representatives will guide you through the process of completing your secure online application, submitting loan documents, completing the appraisal for your vehicle, and signing documents electronically. After we collect the documentation from you, the decision process is usually quite fast. Many customers can have funds wired to a bank account or sent via Western Union within the same day. And our representatives continue to be available to answer questions even after the loan is completed, throughout the repayment period.

What are the Requirements?

You don’t need to have perfect credit to receive financing from Title Pro. The main thing you need to get a loan online from us is a car. You must own your own vehicle with a free and clear title. You must also possess valid government-issued identification to apply for a loan. State laws require applicants to be at least 18 or 19 years old, depending on your state of residence. You must also have a valid email address, phone number, and checking account. Proof of residence and income may also be required in some states.

What are car title loans? Quite simply, they’re a valuable option for many people who find themselves in need of quick cash, especially if their credit is less than perfect. Apply with Title Pro now and you could get financing as soon as today!

  • * Loan transactions completed before 4pm CST on the same business day may be eligible for same day funding.

    To qualify for a Title Pro loan, applicants must satisfy all Title Pro eligibility requirements including, without limitation, an unencumbered motor vehicle title, satisfactory vehicle appraisal, verifiable identity, a minimum satisfactory FICO® score, valid and verifiable email address, valid and verifiable bank account and, in some states, minimum verifiable income. Applicants must be 18 years of age or older (19 in Alabama). Title Pro reserves the right to require all applicants to submit documentation to validate loan eligibility requirements. Available loan amounts, repayment periods and applicable finance charges vary by state and are governed by state law and the Title Pro loan agreement. Refer to the States and Fees page for further details on Title Pro’s licenses, available loan amounts, and loan pricing.

    Title Pro currently does business only in South Carolina, Georgia, Alabama, California, New Mexico, and Utah. If Title Pro is not able to approve you for a loan, or if you reside in a state where Title Pro does not currently do business, you may request Title Pro to refer you to another creditor who may be able to assist you with your credit needs.

    In South Carolina, Georgia, Alabama, California, New Mexico, and Utah, all Title Pro loans have a contractual term of 36 months. Following is a representative example of a $3,500 Title Pro loan.

    In South Carolina, Title Pro makes motor vehicle title secured supervised loans authorized by the South Carolina Consumer Protection Code, § 37-3-501 et seq.; Title Pro does not offer short-term vehicle secured loans as defined by South Carolina Consumer Protection Code, § 37-3-413.

    Loan Proceeds Title Fee (amt. varies by state) Finance Charge Payment Schedule+ 36 payments of: Total of Payments Annual Percentage Rate (APR)
    $3,500 $15.00 $2,279.30 $160.96 $5,794.30 35.98%
  • + The loan example above assumes a monthly payment schedule with payments due on the same date of each month – actual monthly payment amounts and APRs may vary depending on the month and date of loan origination. The final scheduled payment amount typically differs from the standard payment amount.
  • - California customers: In California, the minimum loan amount is $2600. Loans are made by TMX Credit, Inc. d/b/a Title Pro, California Finance Lender Law License No. 603 J737. Refer to the States and Fees page for further details.

    The minimum contractual term of a Title Pro loan is 36 months, and the maximum contractual term of a Title Pro loan is 36 months. The maximum annual percentage rate (APR) for Title Pro loans is 35.99%.
  • - New Mexico Consumers: please see important New Mexico Consumer Information and Disclosures.
  • - Utah Consumers: please see Utah QUESTIONS or COMPLAINTS.
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