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Title Loans vs Installment Loans
Here are some of the main differences between title loans and installment loans.
For a title loan, the collateral for the loan is the customer’s vehicle. Title loans do not require credit and are based off the cars value. A title loan is a secured loan meaning, the borrower is asked to use an asset as collateral.
An installment loan is unsecured and does not require collateral. Many companies go based off credit for installment loans, however, here at Check N Title we go based off the customer’s monthly income. A customer’s credit may be impacted by an installment loan since companies can report to the Credit Bureau default loans.
For a title loan, customers would need a Texas Title, which must be under their name, a car, and an ID. On the other hand, for an installment loan you would need a Texas ID, a checking account, and a Social Security Number. The interest rates and fees for title loans are lower than those of an installment loan. Generally, customers are approved for larger amounts on title loans.
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*Rules and restrictions may apply. This licensed business is regulated by the Office of Consumer Credit Commissioner. 3821 S Buckner, Blvd, Dallas TX 75227
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- Rules and restrictions may apply. This licensed business is regulated by the Office of Consumer Credit Commissioner. 3821 S Buckner, Blvd, Dallas TX 75227
- Customer Notice: Advance of money and extensions of credit should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling. The Website does not constitute an offer or solicitation to offer a loan.
- Not all loan applications or extension requests are approved. Due to state, verification and approval requirements, not all applicants for online loans will be eligible for approval by Check N Title Loans or third-party lenders.
- A 'pre-approval' does not mean that you will receive a loan. For final approval, you must meet certain criteria and verifications.
- Some customers applying for Check N Title Loans or third-party lender loans may be required to submit additional documentation due to state law and qualification criteria.
- We do not perform traditional credit checks as part of our credit transaction approval process, but do verify applicant information via national databases including, but not limited to, DataX and Clarity. If you have defaulted on past obligations, you may be declined for a extension of credit or cash advance from this lender. Maximum funded amount for Check N Title Loans or third-party lender loans depends on qualification criteria and state law. See Rates & Terms for details.
- Check N Title Loans complies with applicable collection laws. Check N Title Loans will contact you using one or more authorized communication methods.