Best Title Loan Companies in California

Here’s a fun fact about California: if it were a country, it would boast the fifth largest economy in the world. According to Forbes, California has a GDP of $3.1 trillion and accounts for 15% of the entire US GDP.

Naturally, this also makes California one of the highest cost-of-living areas in the entire world. It’s no secret that a big chunk of this is due to high housing costs. A 2015 report from the California Legislative Analyst’s Office showed that the average California home cost $440,000, which was 2.5 times the national average of $180,000.

In general, the Missouri Economic Research and Information Center gives California a cost-of-living index of 138.9, trailing only New York (145.9), District of Columbia (156.5), and Hawaii (193.4).

With such a high cost-of-living, it makes sense that people turn to title loans for financial relief. When used correctly, title loans are a quick and easy way to get funds to pay off emergency bills. High costs can also explain why title loan amounts and repossessions are generally higher in California than any other state, according to a report by the PEW Charitable Trusts:

• The average title loan size in California is $3,659. The next biggest amount among states that reported data was Texas (average of $1,260).
• Among 91,505 reported loans in California in 2013, there were a staggering 13,089 repossessions. This is a repossession rate of 14.3%.

Choosing a reputable title loan company is a crucial step to avoid putting yourself in a loan you can’t afford. Defaulting on a title loan will severely hurt your credit score. Your vehicle may also be repossessed.

That’s why in this article, we’ll share 10 of the top title loan companies in California. To narrow your list of companies, be sure to start your research with this list.

Are Title Loans Legal in California?

Yes, title loans are legal in California. The California Financing Law (AB-2953), last amended in 2018, contains specific guidance on what defines a title loan as well as their various restrictions.

• In California, title loan amounts must be at least $2,500 or greater.
• Together with California Financing Law (AB-539), all loan amounts between $2,500 and $10,000 cannot have an interest rate exceeding 36% APR.

Note that while title loan amounts are generally much higher in California, the maximum APR is considered very low for a typical title loan. Keep this in mind and avoid companies that offer rates higher than 36% APR in California.

Best Instant Title Loans In California

In California, we recommend going to Max Cash Title Loans or LoanMart before considering other options. These are highly reputable companies that can get you your funds as soon as possible.

Top 8 Local California Title Loan Companies

Max Cash and LoanMart are two excellent national title loan companies that do their business primarily online. If you prefer going to a local California-based business instead, here are 8 of the top local title loan companies in the state.

What Do I Need For a Title Loan in California?

In order to apply for a title loan in California, you’ll need to have at least the following official documents:

• Government-issued ID
• Car title

Often, companies may also ask for a pay stub as proof of income, as well as car insurance information. Apart from that, most of the application should just ask for basic information about yourself as well as your car.

Note that having a good credit score is not a requirement for a title loan. In fact, most title loan companies won’t even run your credit. However, you’ll still reap the benefits of paying off your title loan, since those payments usually get reported to the three major credit bureaus.

How Much Can I Expect To Get From a Title Loan in California?

As we saw earlier, the minimum title loan amount in California is $2,500. As such, you’ll notice that California title loan companies usually offer loans of at least $2,510 or $2,600. This is much higher than in other states, and should be more than sufficient to cover most emergency expenses.

However, many of our recommended title loan companies have given out title loans worth upwards of $30,000, and even $50,000. The main factor that determines loan amount is the value of your car, which is influenced by model, make, condition, and mileage.

Can I Get a Title Loan Even With Poor Credit?

Yes, you can get a title loan even if you have poor credit. You don’t have to worry about boosting your credit score before applying for a title loan.

However, this isn’t to say that you should ignore your credit score completely. If you have a low credit score, it’s always a better idea to fix that sooner rather than later. At Credit Help Info, we teach you how to request your credit report for free and help you better understand it.

If you suspect that there are inaccuracies in your report, we recommend looking into Credit Saint’s credit repair services. You’ll have a new and improved score in just a few months.

Are There Downsides To Getting a Title Loan?

The main downside to consider before signing up for a title loan is that they can get very expensive. Interest rates for title loans are considerably higher than other types of personal installment loans.

The good news is that in California, state law limits the interest rate for title loans between $2,500 and $10,000 at 36% APR. This is significantly lower than other states (such as Arizona, where title loans are legally allowed to reach a maximum of 204% APR).

Despite the lower rates, 36% APR still means that a typical $5,000 title loan will cost you $7,085.76 over a 24-month loan, or $295.24 per month. This is no small amount of debt, and it only further emphasizes the fact that title loans should be used on emergency expenses only.

While this is a downside to title loans, there are many benefits to getting one as well. Title loans are one of the quickest ways to get a relatively large loan, and they don’t require a good credit score. Consider this review of Max Cash Title Loans by Sasha:

In a matter of minutes, you could apply for a same or next-day title loan as well. Max Cash’s application is very easy to fill out, and you can submit it online.

Conclusion and Next Steps

Title loans are a great option for quick cash in California. Anyone looking for a title loan should refer to this article for our top 10 companies in the Golden State.

If you’re unsure where exactly to start, Max Cash is a great first company to reach out to. They’re our #1 recommendation and will do all the work of finding a suitable title loan lender for you. The best part is they do it all for the cost of absolutely nothing. Give it a shot. You have nothing to lose.