Best Title Loan Companies in Texas
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Texas, often nicknamed the Lone Star State, is the second-largest state in the US. Within Texas’s borders you’ll find an abundance of unique food and culture, as well as historical landmarks such as The Alamo.
Approximately 29.2 million people live in Texas, which is also the second-highest in the nation. Perhaps one of Texas’s main draws is their relatively low cost of living. The Missouri Economic Research and Information Center gives Texas a cost of living index of 92.6 (the national average is 100).
However, evidence suggests that the cost of living in Texas is on the rise. One major reason for this is due to rising housing costs in Texas, particularly among renters as noted by Comptroller:
- Median rent prices in Texas rose 17.6% between 2011 and 2016. That’s considerably higher than the national average, which was 12.6%.
- A Texas household must earn $18.38 per hour, or $38,234 annually to reasonably afford the average rent of $956 for a 2-bedroom apartment. However, the average Texas renter only earns $17.89 per hour.
Heavy rent payments and other emergency expenses may be the reason why many Texans turn to title loans for financial relief. According to a report by the PEW Charitable Trusts, there are 2,254 title loan offices in Texas, which accounts for 25% of all locations in the country.
Among all these options, there are clearly some title loan companies that are better than others. Working with the right one can be the difference between a high monthly payment and a more affordable one. In this article, we’ll introduce the 10 best title loan companies in Texas.
Are Title Loans Legal in Texas?
Yes, title loans are legal in Texas. Officially, there is no cap on the maximum loan amount. In addition, there is a 10% interest rate limit, according to the Consumer Federation of America.
However, this 10% figure is misleading. Title loan companies can get around this limit by registering as Credit Access Businesses (CAB), which have no regulations according to the Texas Fair Lending Alliance. This is why you see extremely high APRs in Texas title loans, sometimes upwards of 500% or more.
Unfortunately, such crazy rates are still considered legal in Texas. Many realize the need to reform Texas’s title loan laws, but for now, you’ll need to be careful not to accept an interest rate that’s too high. We will take this into account in the companies that we recommend.
How Do Title Loans Work in Texas?
Working with a reputable title loan company in Texas will usually involve these five steps:
- Prepare your documents. You should have certain key documents on hand before visiting a title loan office. These include your photo ID, car title, proof of income (paystub or bank statement), and car insurance.
- Fill out an application, in person or online. Title loan companies will always have an application of some sort. This will require basic information about yourself and your car. You can fill this out at a physical store or online.
- Receive and review your loan terms. A company representative should get back to you soon. If they accept your application, they’ll send you a loan contract. Review the interest rate and monthly repayments carefully.
- Accept or decline the offer. If everything looks good, you can sign the contract. It’s also perfectly fine to decline the offer and repeat this process with another company.
- Get your funds. You should get access to your funds no later than the next business day after you sign the contract.
Best Instant Title Loans In Texas
We’ll now introduce the best instant title loan companies in Texas. The following two companies operate in multiple states across the nation and are mostly online-based, making it easy to get started with them.
Max Cash Title Loans
Max Cash Title Loans has been in the title loan business since 2008. They quickly rose to become one of the most popular title loan companies in the country, serving over 1 million customers to date.
Max Cash offers clients a platform where they match you with one of their partner lenders. All you have to do is fill out their online application, and they’ll do the work of finding you a suitable lender or loan refinance. This quickly opens you up to multiple lenders from just a single application.
Best of all, Max Cash’s services are entirely free. Instead of charging their clients, they charge lenders to be on their platform. Max Cash doesn’t earn a commission until they secure you a title loan, so they’re invested in your best interests.
These are some other competitive advantages of 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
To learn more, read our full review of Max Cash.
LoanMart is another popular alternative to Max Cash. They operate in fewer states, but do cover the state of Texas. Since 2002, they have funded over 250,000 title loans to their various clients.
Unlike Max Cash, LoanMart is a title loan lender, meaning that your loan contract will be with LoanMart directly. This has the advantage of potentially speeding up the application process to get you your funds quicker, since there’s no need to forward your information to other lenders.
One other interesting feature of LoanMart is their “Three Day Peace of Mind” guarantee. Within three days of signing your loan contract, you can still opt out of the agreement for free without any consequences. This extra time can allow you to evaluate whether a title loan was the right move to make.
Here are some other pros of LoanMart’s services:
- 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 Texas Title Loan Companies
If you start your search with Max Cash or LoanMart, it’s highly likely that you’ll find a title loan that suits your needs. However, you may prefer getting your title loan in-person. Most of our next 8 recommendations have multiple physical locations in Texas.
ACE Cash Express
ACE Cash Express has over 900 locations in 24 states, and is headquartered in Irving, Texas. They offer multiple forms of instant cash loans, including title loans, payday loans, and personal installment loans.
ACE Cash Express makes applying for a title loan easy, though you won’t be able to do so in Austin, Dallas, or Fort Worth. Luckily, all their other Texas locations, including ones in San Antonio and El Paso, do offer title loans. We like that ACE offers a 72-hour satisfaction guarantee, where you can cancel your title loan if you find out it’s not for you.
- Address: 231 San Pedro Ave, San Antonio, TX 78205
- Phone: (210) 212-4800
- Email: email@example.com
Advantage Finance LLC
Advantage Finance LLC is one of the top title loan providers in the Houston area. Among 152 Google reviews, they have a near perfect 4.9 out of 5 rating.
Even if you have bad credit, Advantage Finance has a history of offering flexible title loan terms at lower rates than their competitors. You can often get your money in as little as 30 minutes when you visit their office. If you own a motorcycle or big truck, Advantage Finance offers title loan options for you too.
- Address: 616 Farm to Market 1960 West #680, Houston, TX 77090
- Phone: (281) 410-5337
- Email: firstname.lastname@example.org
Check Into Cash
Check Into Cash was founded in 1993 with the goal of providing people with emergency credit solutions. Today, they offer instant title loans to Texans with physical locations in Texarkana, Missouri City, and Pasadena.
Check Into Cash has an extensive blog that they keep up-to-date with general information about loans and other financial topics. This shows that they are dedicated to their clients by providing them with free educational resources, which is always a great sign for a title loan company.
- Address: 1945 Texas Pkwy, Missouri City, TX 77489
- Phone: (281) 499-0181
Loan Center is a highly-rated national title loan provider headquartered in Los Angeles. While their locations page doesn’t explicitly include Texas, they definitely do offer loans to Texas residents. However, this process is done completely online, so this is the only company on our list without a physical Texas location.
Loan Center has been responsible for financing $5 million worth of title loans. They pride themselves on fast approvals for loan amounts ranging between $1,500 and $25,000 at competitive rates. If you need title loan refinancing, they could also help you save big on your monthly payments.
- Address: 4727 Wilshire Blvd #100, Los Angeles, CA 90010 (headquarters)
- Phone: (866) 553-3840
LoanMax/LoanStar Title Loans
For over 25 years, LoanMax has helped clients across the country get title loans. Their location in Victoria, Texas is one of the highest rated loan agencies in the state: among 138 Google reviews, they have an average 4.9 out of 5 rating.
In as little as 20 minutes, you could get a title loan of up to $10,000 with LoanMax. Immediately after submitting your application, a representative will work with you to get your cash as soon as possible. LoanMax also offers convenient ways to make your repayments, including a secure mobile app for Android and iOS.
- Address: 3201 N. Navarro St, Victoria, TX 77901
- Phone: (361) 572-3650
Texas Car Title & Payday Loan
Texas Car Title & Payday Loan has multiple loan options for all Texas residents, regardless of credit score. You could secure up to $15,000 in cash with a title loan, or $1,200 with a payday loan.
Like many other top companies, Texas Car Title & Payday Loan has a streamlined application process that you can start online. After that, a representative will meet you at a location of your choice for the vehicle inspection and contract signing. You’ll have the funds in your bank account the next business day.
- Address: 4150 East Lucas Drive, Beaumont, TX 77708
- Phone: (409) 892-9000
TitleMax is one of the largest title loan providers in the US. 200 of their 1,000 total locations are in Texas, so Texans have many local TitleMax offices to choose from. You can get a quote for your title today by filling out an application, or by bringing your vehicle to a TitleMax location.
Once accepted, you’ll be offered multiple ways to receive your loan, including their Universe Silver Deposit Account. This account comes with a debit card that contains your loan funds. If you don’t currently have a bank account, this makes TitleMax a great flexible option.
- Address: 9147 Skillman St, Dallas, TX 75243
- Phone: (214) 341-2551
VIP Title Loans
VIP Title Loans claims to offer some of the best rates on title loans in Texas. They have a few locations in the state; their Richardson office has an average rating of 4.8 out of 5 among 25 Google reviews.
VIP Title Loans is extremely transparent about their rates and fees, which is a huge plus. They have a sample monthly fee schedule on their website, which shows what a $500 title loan at 164.34% APR would look like. This is certainly lower than other companies, which can offer between 300% and 500% APR. We definitely recommend calling to see if you can lock in a low rate.
- Address: 610 S Central Expy, Richardson, TX 75080
- Phone: (972) 783-6661
How Do You Qualify For a Title Loan in Texas?
To qualify for a title loan, you just need to have a few important documents:
- Government-issued ID
- Car title
If you do not own your car title because you’re still paying off your car, you may still have limited title loan options in Texas. Additionally, some companies may require a paystub as proof of income, as well as your car insurance information.
Can I Get a Title Loan Even With Poor Credit?
Notably, because title loans are a special type of loan that uses your vehicle as collateral, they do not require you to have a good credit score. In fact, title loan lenders typically won’t even run your credit score, so you don’t need to worry about an extra hard inquiry on your report either. This makes title loans the perfect option for those with poor credit.
As an extra bonus, paying off your title loan on time will help you build positive credit history on your report, which can boost your score. Just be careful not to default on your title loan, since this can severely hurt your score and cause your vehicle to be repossessed.
Also, while it’s perfectly fine to use a title loan as a short-term solution for emergency bills, you should still make it a priority to fix up your credit score. This can open the door to traditional installment loans in the future, which have significantly lower interest rates than title loans.
To fix your score, we recommend looking into credit repair by Credit Saint. According to the Consumer Financial Protection Bureau, one in five people have an error on their report that negatively impacts their score. Credit Saint can help you address these negative items.
What Is The Interest Rate on a Title Loan in Texas?
As we’ve mentioned earlier, there is no limit on the interest rate that title loan companies registered as Credit Access Businesses (CAB) can charge in Texas. Unfortunately, most if not all Texas title loan companies fall under CABs.
As such, you may come across huge interest rates (500% APR and above) during your title loan search. Before blindly accepting such a huge rate, we recommend shopping around with different loan providers to try and find the lowest rate. Ideally, you should shoot for a rate between 100% APR and 200% APR.
Are There Downsides To Getting a Title Loan?
The high interest rates are perhaps the biggest downside of title loans. Typically, this is the reason title loans are more expensive than other types of personal installment loans. This is also why you should only turn to title loans when you’re really pressed for funds.
However, there are upsides to choosing a title loan as well. For one thing, the approval process for title loans is usually much faster, and many people are able to get their money on the same business day.
In addition, while you are using your car title as collateral, you don’t actually have to give up your vehicle to receive the loan. You can continue driving your car as usual as you make your monthly repayments.
Conclusion and Next Steps
Hopefully, you found our list of the top 10 title loan companies in Texas useful. All of these companies have multiple years of success in the title loan industry and lots of happy clients.
We recommend that all Texans start by filling out an application at Max Cash as a first step. Before long, Max Cash will match you with multiple potential lenders to help fund your next title loan at a competitive rate.
If you need cash fast, get in touch with
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About the Author
Chris Morgan is a credit expert and founder of Credit Help Info. He 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.