Title Loans FAQs

Considering getting a title loan, but have some questions first? We’ve compiled a list of some of the most commonly asked questions about title loans from the basics, to how loan payments work.

Title Loan Basics

A: A title loan is a loan that allows you to get cash using your car, motorcycle or other accepted automobile as collateral. Loan amounts are based on your vehicle’s value and condition, among other factors.
A: Many people will turn to a title loan when a payday loan doesn’t offer enough cash for their emergency situation because title loans can typically provide more cash.

The maximum amount you can get with a title loan depends on a number of different factors, including:

    The lender you apply with

    Any state laws that apply to title loans

    The condition of your vehicle

    The value of your vehicle

Speedy Cash offers title loans at many of our store locations across the country. Contact your local Speedy Cash to find out if title loans are available near you, and what the maximum loan amounts are.
A: Yes! As long as you have a clear title and your motorcycle is in working condition, you may be eligible for a Speedy Cash title loan. To see if you qualify, bring your motorcycle and your clear title to a Speedy Cash store location. For a full list of acceptable vehicles visit our how title loans work page.
A: A clear title simply means that you fully own the vehicle, with no outstanding loans.
A: It is still possible to get a title loan without a clear title. In some states, Speedy Cash offers 2nd-lien title loans. This means that you could still get a title loan even if you are still making payments or owe money on your vehicle.

Title Loan Process

A: Title loans use your car as collateral to get you CASH! Here is an overview of how title loans work:

    Apply for a title loan by filling out an application

    During the application process, your car will be inspected by the lender

    You are given a lending decision based on your vehicle’s value and condition, among other factors

    Upon approval, the lender is placed as a lien holder on your car

    You get cash for your loan AND get to keep your car

    Your title loan is paid back over a period of payments

    Once you repay the loan, the lien is removed from your vehicle’s certificate of title

A: The title loan process can vary depending on the lender, the amount of paperwork involved, and how detailed the car inspection is. It’s usually a good idea to call your lender prior to going in to apply to make sure you have all of the application requirements, this will help ensure you are in and out as quickly as possible with the money you need.

Some things to keep in mind:

    Some states have laws requiring additional paperwork

    For your security, some lenders may take extra steps to verify your information such as ownership of the vehicle, proof of address and identity

    Plan for a car inspection (which can take a decent amount of time depending on how busy the lender is)

At Speedy Cash, we require very little paperwork so the title loan application process typically takes less than 30 minutes.
A: No. Even though the lender becomes a lien holder, your car remains in your possession and you can still use your car while you repay your loan. Once you pay the loan in full, the lien is released. As long as you make your payments on time, you'll always be the owner of the car.
A: When you apply for a title loan, you use your car as collateral, naming the lender as a lien holder. You still own and keep your car as long as your payments are made on time. If you miss payments or default on your loan, the lender may choose to repossess your vehicle (tip – be sure to carefully read your loan documents before signing to ensure you fully understand when and why your car could be repossessed).

Title Loan Requirements

A: Title loan requirements may vary by location, but you can start your title loan application with the following items:

    • Valid ID (Must meet minimum age requirements)
    • Proof of income
    • Proof of address (Bill or bank statement from last 30 days)
    • Clear title or proof of 1st lien*
    • Vehicle in driving condition
    • Proof of vehicle insurance

Title Loan Payments

A: Title loans typically have scheduled recurring payments to pay back your loan. With each scheduled payment, the minimum payment will be due. Usually, you’re not obligated to pay more than the minimum amount. Speedy Cash recommends paying off your loan as quickly as you can to avoid large interest payments.
A: Title loans are usually paid back over a series of payments. Multiple payment options are usually available, including the ability to setup automatic payments. If you want to pay off your title loan in full before you reach full term, then work with your lender. They may have options available to pay off your loan with a card, bank account debit, or by paying in cash.
A: In most cases, it will be in your best interest to pay more than the minimum payment when you can, which can result in less interest accruing on your loan. Be alert! Some lenders may tack on early payoff fees. Carefully review your loan agreements for such fees. Speedy Cash offers an early payoff option to ALL of our Customers on ALL of our loans – with no penalty fees attached!
A: Try calling your lender before you have any past due payments and see if they will work out a repayment plan with you. If you fall behind on your payments and do not work with your lender to work out a payment plan, then they have the power to repossess your car.

Subject to state regulations, eligibility, credit check, underwriting and approval. Rates, terms and conditions apply. Installment title loans subject to minimum auto value requirements. See associate for details. Lending decisions and funding times subject to system limitations. Same day funding only available for Opt+ cardholders and in-store pickup. Minimum age to apply in Alabama is 19. A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday advances are not recommended as long-term financial solutions. Customers with credit difficulties should seek consumer credit counseling.

NOTICE: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is the Consumer Financial Protection Bureau, 1700 G Street NW, Washington DC 20006 and the Federal Trade Commission, Equal Credit Opportunity, Washington DC 20580.

In Texas, Speedy Cash operates as a Registered Credit Access Business (CAB). The actual Lender is an unaffiliated third party. Speedy Cash engages in the money transmission business as an authorized delegate of Western Union Financial Services, Inc. under Chapter 151 of the Texas Finance Code. Speedy Cash engages in the money transmission and/or currency exchange business as an authorized delegate of MoneyGram Payment Systems, Inc. and Western Union Financial Services under Chapter 151 of the Texas Finance Code.

In Ohio, SCIL, Inc. dba Speedy Cash, is a registered Ohio Credit Services Organization (CS.900174.000) operating pursuant to the Ohio Credit Services Organization Act. The actual lender is an unaffiliated third party. The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

CA: Licensed by the California Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law. California loans other than deferred deposit loans are issued pursuant to the California Financing Law. Installment Title Loans subject to minimum auto value requirements.

Nevada: The use of check-cashing services, deferred deposit loan services, high-interest loan services or title loan services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

Tennessee: The State of Tennessee requires a minimum principal reduction. In order to comply with the minimum state-required principal reduction, Speedy Cash requires that minimum payments include a principal reduction of 2% or $2.50 for Customers who get paid bi-weekly/twice-a-month, or 4% or $5 for Customers who get paid monthly, whichever is greater.

Opt+: This card is issued by Axiom Bank or Metropolitan Commercial Bank, Member FDIC, pursuant to a license from Visa. Visa is a registered trademark of Visa USA Inc. All trademarks and service marks are property of their respective owners. ATM: Free withdrawals at any Speedy Cash or Rapid Cash location. Transaction fees will apply for all other ATMs. No charge loads/unloads at Speedy Cash and Rapid Cash locations only.

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