Best Title Loan Companies in California
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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.
How Do Title Loan Companies Work in California?
Title loan companies in California usually have the following five-step process.
Prepare your documents. You’ll want to have your information ready before filling out an application or visiting a title loan office. Come prepared with your photo ID, car title, proof of income (paystub), car insurance, and odometer reading.
Fill out an application, in person or online. Nowadays, many companies offer a way to apply for their title loans online. You can also visit their physical California location. Double-check your application to make sure all the information is accurate.
Receive and review your loan terms. If the company accepts your application, they’ll send you a loan contract. Read this carefully and take note of your loan terms.
Accept or decline the offer. If you’re okay with the rates and monthly payments, you can accept the offer. You can also decline the offer and start the process again with a different company.
Get your funds. Immediately after signing the contract, you should get access to your funds.
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.
Max Cash Title Loans
If you need instant cash, Max Cash Title Loans is our top recommendation. They lead the pack of California title loan companies due to their long track record of providing competitive title loans to clients.
Max Cash has a variety of certified lenders on their platform. Instead of directly lending you the funds, Max Cash takes your application and matches you with lenders who will be most likely to offer you a good rate. Best of all, Max Cash is completely free to use.
Even if you have poor credit, you’ll likely find at least a few lenders on Max Cash who are willing to offer you a loan. Here is a full list of reasons why we like Max Cash:
- It’s Free
- Quick and Easy Online Application
- Biggest Network of Title Loan Lenders
- Transparent About Rates and Services
- Fair Evaluation of Car Value
- Ability To Compare Interest Rates and Loan Amounts
- Protects Your Personal Information
- Top-Tier Customer Service
- Bank Account Not Required
We go into much more detail in our full review of Max Cash.
If things don’t go according to plan with Max Cash, LoanMart is a great alternative. Unlike Max Cash, LoanMart is a direct lender, which means you could potentially get your funds faster than at Max Cash. However, the tradeoff is that you may have more limited options and a less competitive rate.
LoanMart is also known for their “Three Day Peace of Mind” guarantee, where they let clients opt out of their loan contract within the first three days. Here are all the reasons we like LoanMart:
- Three Day Peace of Mind Guarantee
- Excellent Customer Service Support
- Dedicated to Financial Education
- Protects Your Personal Information
- Competitive Rates
- Secure Funds Quickly
- Multiple Loan Options
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.
1(800) Car-Title is a national title loan agency with locations in 8 states. They were founded in 2001 in Los Angeles, and have been headquartered there ever since.
1(800) Car-Title has provided title loan financing to over 100,000 clients to date. They adhere to the highest standards of professionalism and integrity when it comes to their business. This is shown in the various website resources they offer, which go into great detail about what title loans are and how to get one.
- Address: 4751 Wilshire Blvd, Suite 100, Los Angeles, CA 90010
- Phone: (800) 227-8485
5 Star Loans
Since 2012, 5 Star Loans has provided title loans to thousands of Californians. They have three main branches in Los Angeles, Pasadena, and Northridge, but have additional locations across the state.
It only takes a few minutes to fill out their secure title loan application online to get yourself pre-approved. We also like that 5 Star Loans keeps their blog up to date with all kinds of useful resources. This shows that they are transparent about their business and dedicated to educating their customers about loans.
- Address: 2216 E Colorado Blvd, Pasadena, CA 91107
- Phone: (323) 508-2575
- Email: firstname.lastname@example.org
Bay Area Title Loans
Bay Area Title Loans services clients living in the South Bay, including San Jose, Saratoga, Santa Cruz, and Gilroy. They are also a great option for those living in San Francisco and Oakland if you’re willing to make the drive down.
Bay Area Title Loans works efficiently to get you your money as soon as possible. If you qualify, you could get your money within an hour of completing your application. If you want to pay off your loan early, you won’t be charged a penalty.
- Address: 152 N. San Tomas Aquino Rd #1A Campbell, CA 95008
- Phone: (408) 915-2012
- Email: email@example.com
Car Capital Financial
Car Capital Financial is a title loan provider for residents in southern California. Among 17 Google reviews, they have an average rating of 4.5 out of 5.
We like that Car Capital Financial is fully transparent about their interest rates and all additional fees. They charge 35.9047% APR, which is within the legal California limit of 36%. They also have a handy chart on their website to help you see how much you’ll be paying over the lifetime of your loan.
- Address: 700 W Collins Ave, Orange, CA 92868
- Phone: (714) 838-2513
- Email: firstname.lastname@example.org
Car Title Loans California
Car Title Loans California offers title loans and refinancing services all over California. They have great coverage of the entire state, with locations from Chula Vista in the south all the way up to Yreka in the north.
Car Title Loans California wants you to get your money as quickly as possible. They also want clients to be aware of the many ways they can make their repayments. Clients have many options, including online ACH payments, MoneyGram, Western Union, and the usual cash, card, and check.
- Address: 3055 Wilshire Blvd, Suite 530, Los Angeles, CA 90010
- Phone: (844) 242-7467
- Email: email@example.com
Loan Center is a well-established national loan provider headquartered in Los Angeles. They are one of the highest-rated title loan companies on Google, with an average rating of 4.8 out of 5 among 143 reviews. In addition to title loans, they also offer auto loans, personal loans, and general refinancing services.
Since their founding, Loan Center has supplied over $5 million in title loan funds, with many of their clients coming from California. One of their slogans is “Lending Made Easy,” which they show in their efficient application process and competitive rates.
- Address: 4727 Wilshire Blvd #100, Los Angeles, CA 90010
- Phone: (866) 553-3840
Montana Capital offers title loans to clients in 30 states, including California. They have a number of locations in San Diego, including their main location at 2674 Imperial Avenue. Among 23 Google reviews, they have an average rating of 4.3 out of 5.
Montana Capital has a very organized website with all sorts of information about their title loan services. They offer exceptional customer support, with agents available six days a week. If you’re unsure about whether you need a title loan, a Montana Capital representative can help you assess your overall financial situation.
- Address: 2674 Imperial Ave, San Diego, CA 92102
- Phone: (858) 201-4259
- Email: firstname.lastname@example.org
TFC Title Loans
TFC Title Loans has been helping people get title loans since 1994. With over 25 years of experience in the industry, TFC Title Loans is one of the premier options for Californians.
TFC accepts all types of vehicles as collateral for a title loan, including cars, motorcycles, RVs, and even big rigs. They also offer title loan refinancing services. Depending on the value of your car, you could potentially receive up to $50,000 in a matter of minutes.
- Address: 3055 Wilshire Blvd, Suite 530, Los Angeles, CA 90010
- Phone: (888) 505-3784
- Email: email@example.com
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:
Peder was great! He helped me through the process and it was so nice to just text all my documents over. I was able to get the loan for the amount I needed the next day. Thank you so much and I will definitely recommend!
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.
If you need cash fast, get in touch with
When doing research, Credit Help Info relies on credible and authoritative sites. These research sources are provided so that you can see exactly where we get our information.
About the Author
Chris Morgan is a credit expert, who has been featured in Addition Financial, GOBankingRates, MSN Money, Yahoo Finance, and many other publications. He has read hundreds of books and resources on finance and the credit industry. Because he did this, you don’t have to. As a school teacher for over 20 years, Chris enjoys taking complicated material and breaking it down into manageable information that’s easy to understand.