Payday Loan 
Title Loan 
Personal Loan 
Business Loan What are Title Loans?
Title loans, also known as car title loans, are short-term loans secured by the value of your vehicle. They are designed to help individuals get the money they need quickly, often with little to no credit check. Title loans are legal in Texas, and they can be easier to qualify for than traditional bank loans, giving borrowers with bad or no credit and no other options access to quick cash.
Requirements for Title Loans in Lubbock, Texas
In order to take out a title loan in Lubbock, Texas, borrowers must meet certain requirements. To be eligible for a title loan, borrowers must:
- Own a vehicle that is lien-free.
- Be at least 18 years old.
- Have the title to the vehicle in their name.
- Have proof of income.
- Be a resident of Texas.
How Title Loans Work
To take out a title loan in Lubbock, Texas, borrowers must bring their lien-free vehicle, proof of income, and a valid government-issued ID to a title loan retailer. The lender will then use the vehicle’s value and the borrower’s income to determine the loan amount. Taking out a title loan typically takes less than 20 minutes, and once the loan is approved, the borrower will be given the money they need.
How Much Can You Borrow with a Title Loan?
The amount a borrower can borrow with a title loan is dependent on the value of their vehicle. Most lenders will lend up to 50% of the value of the vehicle. For example, if a borrower has a vehicle worth $5,000, they could borrow up to $2,500.
Risks of Title Loans
Title loans can be a convenient way to get the cash you need quickly. However, there are risks involved with title loans. The most common risk is repossession. If a borrower fails to make their loan payments, the lender has the right to repossess the vehicle. Another risk of title loans is high interest rates. Title loan interest rates can be significantly higher than those on traditional loans, so it’s important to read the loan agreement carefully to understand the full cost of the loan.
How to Repay a Title Loan
Repaying a title loan usually requires that you make regular payments on the loan. These payments will include interest and principal, and they will be taken out of your bank account or paid in cash. Depending on the loan agreement, you may be able to pay the loan off early without a penalty.
FAQ
Q: What is the maximum loan amount for a title loan?
A: The maximum loan amount for a title loan is typically 50% of the value of your vehicle. For example, if you have a vehicle worth $5,000, you could borrow up to $2,500.
Q: Do I need good credit for a title loan?
A: Title loans don’t generally require a credit check, so it’s possible to get a title loan with bad or no credit.
Q: How long do I have to repay a title loan?
A: The loan repayment period can vary depending on the lender, but typically title loans are repaid within 30 days.
Apply Now
If you’re in Lubbock, Texas and need cash fast, a title loan may be the right option for you. At TheGuaranteedLoans, we can connect you with lenders that are willing to give you the money you need. All you have to do is fill out the online application form, and we’ll take it from there. Remember, TheGuaranteedLoans is not a lender and does not provide loans directly. We work with lenders to find you the best loan option available.