Best Payday and Title Loan Companies
Auto & Finance Contributing Editor
Updated on 07/17/2018
Payday and title loans give borrowers quick access to cash for a short time. With a title loan, lenders place a lien on a car owner’s car title in exchange for a loan. Payday loans are shorter term loans in which the lender essentially advances you one paycheck.
Both payday and title loans are meant to be short-term solutions to help consumers get through a short-term financial crisis. Borrowers should carefully consider their options before taking out a loan and make sure they understand fees and repayment terms associated with these loans before signing any paperwork.
Compare Reviews for Top Payday and Title Loan Companies
Read 1608 Reviews
Provides payday loans up to $1,800, which customers can receive the next business day. They also offer brokered installment loans up to $2,400, a savings program and access to free financial tools.
Read 1414 Reviews
Obtain payday and title loans with maximum amounts that vary by state. Payday loans range from $255-$2,500 and title loans range from $300-$25,000. Check cashing and money orders also available.
Read 1588 Reviews
Consumers can get approved for car and motorcycle title loans up to $10,000 in about 30 minutes with no prepayment penalty. The company has been in business 15 years, has over 1,000 locations and offers competitive interest rates.
|Check Into Cash|
Read 1946 Reviews
Lender with 25 years in business offers payday loans up to $1,000 and title loans up to $25,000 with easy application process. Consumers can get funds the next business day. Installment loans and lines of credit also available.
Read 167 Reviews
Offers title loans with max amounts that vary by state and vehicle make, model, year, and mileage. Max 30% APR. Find fast pre-qualification, same-day approval and easy online and mobile access. Also find prepaid cards here.
|TMG Loan Processing|
Read 76 Reviews
Apply online or by phone for an auto title loan. Max amounts vary by individual and vehicle equity, but could be up to $50,000. Same-day approval possible with funds available the next business day. Also offers business loans.
|LoanMart (formerly 800loanmart.com)|
Read 328 Reviews
Provides auto title loans with max amounts that vary by state, vehicle value and ability to repay. Also offers an Emergency Cash option with your auto title of up to $2,500, which is typically available in 24 hours or less.
Read 37 Reviews
Gives customers access to cash advances through their FLEX loan program up to $4,000 (not available in all states). Features paperless process and same-day or instant funding with bank participation. Also offers free bill pay.
|Ace Cash Express|
Read 371 Reviews
Payday loans in 8 states with max loan amounts $255-$1,500 and title loans in 7 states with max amounts $200-$5,000. Get cash instantly in-store or overnight with online applications. Offers 72-hour guarantee.
|Advance America Cash Advance|
Read 301 Reviews
Supplies both payday and title loans online or at over 2,000 store locations. Amounts vary by state and vehicle specifics. Max payday loans range $100-$1,100 and max title loans range $300-$10,000.
What to consider when choosing a payday and title loan lender
Lending companies often charge people who take out a title loan additional fees for the loan, which can add up quickly. It’s important to read all the fine print before deciding which payday or title lender to use. Get multiple quotes before deciding on a lending firm, and ask what additional fees you will be expected to pay.
- Processing and document fees: Lenders often charge borrowers fees for the paperwork required to get the title or payday loan.
- Late fees: Lenders frequently charge borrowers a late fee if repayments are late or documents aren’t exchanged on time. Make sure to find out what late fees are and on what date your payment will be considered late.
- Lien fees: Many lenders charge fees for processing and placing a lien on a car owner’s car. Some lenders only offer lien-free title loans.
- Roadside assistance program fees: Some lenders offer a roadside assistance program for people who have a title loan, and many companies require this program, charging a fee for it.
- Finance fee: Payday lenders charge a finance fee upfront, which you include on your post-dated check. If you roll your loan over for an extended period, you will be charged this initial finance fee plus an additional finance fee. The fee will continue to grow until you finally pay off the full amount of the loan.
- Interest rates: Lenders are required to tell borrowers the exact APR being charged to the loan before the borrower agrees to the terms of the loan.
All title loan borrowers must repay the amount of money they owe, pay interest, surrender their car title and pay fees. However, some companies have extra requirements when giving out a title loan.
- GPS tracking: Some lenders require a GPS to be placed in a borrower’s car so they can track where the car is. This box also allows the lender to shut the car off if you fail to pay your monthly payment. This device can locate the vehicle and help the lender reclaim that collateral.
- Copy of keys: Many borrowers are asked to surrender a copy of their car keys to the lender when they take out a title loan. If you have a wireless key fob, they may hold one of those as collateral.
One benefit of getting a payday or title loan is that you don’t need to have good credit. There are, however, some standard requirements you must meet in order to qualify:
- Steady income: You don’t necessarily need a job for all lenders (although some do require it), but you need to provide evidence of a steady stream of income in order to qualify for a loan. Without it, lenders have no way to know if you can repay them and are significantly less likely to offer you a loan.
- Checking account: You need a checking account to write a check for your payday loan, and there are penalties if your check bounces when the lender tries to cash it.
- Clear title: You will need to provide a clear title when you apply for a title loan that is in your name. A lien release may be required to be presented with the title to process a loan.
- Proof of address: You will need to provide some valid form of address, such as a recent utility bill or bank statement, for both payday and title loans.
- Credit rating: The lender will run your credit report to see if the agreement makes financial sense for both parties. Even lenders that offer loans for people with bad credit will usually need to see some credit history. Your loan options and APR may be impacted by your credit score.
Maximum loan amount
Title loans are a quick way to get money, but the amount of money a borrower can access is usually very limited. Lenders often have a strict cap on the amount of money they will lend in exchange for placing a lien on a car.
- 50 percent of car value: While the maximum loan amount varies, the amount a person can receive for a title loan is never more than half of their car’s value.
- One paycheck: Payday loans can be for any amount, but they are traditionally only written in the amount of one full paycheck (or less) so borrowers will have the money in their account when their check is cashed.
Length of loan
Title and payday loans are short-term loans, meaning borrowers get the money quickly but also have to pay back the amount they owe with interest in a limited amount of time. The length of time a borrower has to pay back their loan varies from lender to lender, but there are some industry standards.
- 30 days: A common amount of time allowed for title loan repayment is 30 days. Some lenders may give you another 30 days if you cannot pay on time. To avoid defaulting on a loan, see if a relative or good friend can help with the payments. This allows you additional time to pay your friend back without worrying about losing your car or incurring extra interest fees. If you can’t pay back the loan, or won’t be able to, you may have to look at selling the vehicle or other items you own free and clear.
- Longer loans: Some lenders will give borrowers a longer time to repay their title loan. Often, these repayments are structured as interest-only payments.
- Pay period: Payday loans are only for one pay period. You will set up this timetable with your lender, and they will cash your check after you get your next paycheck.
What are different types of payday and title loans?
Traditional title loans
Traditional title loans allow a car owner to get a loan in exchange for having a lien placed on their car by a lender. With a typical title loan, borrowers pay off the entire loan, interest and any fees within a specified amount of time, which is usually 30 days.
Interest-only payment title loans
Title loans with interest-only payments work similarly to traditional title loans, but their repayment strategy is different. With interest-only payments, borrowers first pay off the amount of the interest of the loan. They are then required to pay off the amount of the loan in full. Interest-only title loans usually last for a period of time longer than traditional title loans. It’s best to be careful with interest-only payment options as you may end up paying more than you actually borrowed, and still not pay off the loan.
Traditional payday loans
Traditional payday loans are priced at a fixed dollar fee, which represents the finance charge the borrower will pay. They are meant to be a short-term solution to help consumers get instant cash that they can repay when they get their next paycheck.
Who uses payday or title loans?
Car owners in an unexpected financial emergency
Sometimes financial emergencies just cannot be predicted. People who do not have significant savings and suddenly find themselves in a situation where they need a large amount of cash fast can benefit from taking out a title loan. Title loans are a good short-term solution when money must be borrowed quickly and/or unexpectedly and you have a method to pay it back.
Consumers with unexpected costs
Anyone can find themselves facing an unexpected financial crisis that needs to be paid immediately. Payday and title loans can be good options for people who have a short-term need and can pay their loan back in full within the given time frame.
Expert reviews for payday & title lenders
Traditional Media Group (TMG) Loan Processing is a free online service that helps consumers qualify for title loans up to $50,000. They offer a fast turnaround time and easy online application so you can quickly access cash when you need it. TMG is not a direct lender, and the company specializes in matching consumers with auto title loan lenders.
LoanMart started as a single pawn shop in 1999 in Sherman Oaks, California. Today, the company has branches in California, Illinois and Arizona and services 11 states around the country. They specialize in auto title loans.
The first Speedy Cash store opened in Riverside, California in 1997 by three childhood friends from Wichita, Kansas. The company has since gone global, with operations in the United States, Canada and the U.K. They operate under the name Rapid Cash in Nevada, Washington and Oregon and as Cash Money in Canada.
Finova offers an alternative to title loans by providing qualifying consumers with a Car Equity Line of Credit (C-LOC) as an emergency loan. This gives consumers a reasonable way to get quick access to cash along with access to an ongoing line of credit with declining rates.
TitleMax was founded in Georgia in 1998 and is now one of the largest title lenders in the United States with more than 1,000 locations in 17 states across the United States. The company offers title loans and title pawns for cars and motorcycles.
Headquartered in Nashville, Tennessee, Advance Financial offers check cashing service, bill payment, wire transfers and high interest, short-term FLEX loans. Since 1996, Advance Financial has served the people of the Middle Tennessee area, and the company has expanded its business to offer services to clients in Idaho, Kansas, Utah and Missouri.
CashNetUSA is a payday lender that offers loans to consumers in the United States. It is a part of Enova International, Inc., a publicly-traded company in the financial sector.
CashCall, Inc. is a lender that opened in 2003. CashCall offers personal and business loans via the internet. CashCall has a reputation for having an easy application process, so those who qualify can get their cash fast. Its headquarters are in Orange, California.
MoneyLend.net does the hard work of researching lenders for consumers to provide them with the most accurate information they need to compare interest rates, types of lenders, fees and more. MoneyLend is able to match consumers to the best lender for them in all 50 states. Their lenders offer short-term and installment loans, and many have low APRs. They have information for those needing personal or business loans.
- State licensed lenders: All of the lenders that work with MoneyLend are state licensed, so you can rest assured they will meet all legal requirements.
- Easy comparison: The company shows potential borrowers their loan options in a chart, which allows for easy comparison.
- Educational info: MoneyLend has a helpful blog and financial educational information on their site to help customers make better financial decisions.
- Loan calculator: Figure out how much you can expect to pay on your loan by using MoneyLend’s online loan calculator. Simply input the loan amount interest rate and length of the loan for an accurate calculation of your monthly payment and the total amount of interest you will pay.
- Flexible loan amounts: Loans are available for $100 to over $30,000.
- Easy to search: Searching for a lender is easy on MoneyLend. Input the total amount you want to borrow and your state. Browse through the list of lenders in your state to find the one that best suits your needs.
- Best for: people with unexpected life or emergency costs and people who need a personal loan.
Approved Cash Advance was founded in 2004 and has 186 locations in six states. They offer a variety of short-term lending and financial services, including payday loans, cash checking, prepaid debit cards and title loans.
Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.
Compare Reviews for Top Payday and Title Loan Companies
|Check 'n Go|
Read 177 Reviews
Check n Go is a lending company that offers installment loans and fast pay day cash loans. They also offer installment loans to customers living in California, Florida, Illinois, Michigan, Ohio and Texas.
|Cash Advance USA|
Read 230 Reviews
Get payday loans up to $2,500 with an approved online application. Offers instant approval and fast cash options with no credit check required. Free financial education also available on the company’s website.
|Amscot - The Money Superstore||Read 28 Reviews|
Amscot - The Money Superstore focuses on cashing checks, money orders and cash advances. Customers can also use ATMs and prepaid cards. Some Amscot locations are open 24 hours a day, and other locations have expanded hours.
|PLS Payday Loan Store|
Read 84 Reviews
PLS Payday Loan Store offers single payment, auto title and installment loan services. Headquartered in Chicago, PLS has locations in 11 states. Additional financial and transportation services are available.
Read 78 Reviews
MyCashNow.com is an Internet-based company that matches consumers with lenders who can provide payday loans in amounts ranging from $100 to $1,000. Lenders contact and handle transactions directly with consumers.
|Approved Cash Advance|
Read 13 Reviews
Founded in 2004, Approved Cash Advance has 186 locations in six states. They offer title loans, payday loans and check cashing options. Their online application and loan approval process is fast and free.
Read 37 Reviews
Money Mutual is an online lending marketplace that matches consumers with lenders who can provide them with loans up to $2,500 in as little as 24 hours. Fill out an application online to be matched with a lender.
Read 71 Reviews
Money Mart is owned by Dollar Financial Group, Inc. Their services include payday loans, cash for gold, check cashing, prepaid debit cards and money transfers. Apply for a payday loan online or in one of their 1,335 locations.
Read 13 Reviews
AmeriCash Loans specializes in both installment loans and short-term, pay day loans. The company offers loan products and services to customers in five states: Oklahoma, Missouri, Wisconsin, Illinois and South Carolina.
|One Click Cash|
Read 243 Reviews
Offering a completely online loan application and approval system, One Click Cash is a fast cash advance company. The company is controlled as a tribally owned lending entity by The Santee Sioux Nation of Nebraska.
|Allied Cash Advance|
Read 41 Reviews
Allied Cash Advance offers payday, installment and title loans from $50-$1,500, available as soon as the day after the application is submitted. Complete an application online or at your local Allied Cash Advance location.
Read 203 Reviews
Fast Cash is a company that offers fast cash loans and pay day loans in all 50 states of the U.S. The company also offers a wealth of financial educational resources to borrowers and potential borrowers.
|California Check Cashing Stores|
Read 21 Reviews
Loan products and max amounts vary by state. Choose your state to see whether payday or title loans or both are available. Over 500 locations available nationwide with online applications accepted in some states.
Read 22 Reviews
Apply online for payday advances between $200 and $700 for first time customers. Repeat customers may be eligible for advances up to $1,000. Applications approved by 6:00pm EST receive funds the following business day.
Read 22 Reviews
Provides short term loans with flexible repayment terms and an easy online process. Individual applicant factors determine max loan amounts. Customers approved before 2:30pm CST, will have the money the next business day.
|Broad Street Auto Loans|
Read 16 Reviews
Serves California residents with auto title loans with max amounts based on applicant and vehicle specifics. Offers fast, easy online application process, and if approved customers may have funds within hours.
|Cash Today Ltd.||Read 39 Reviews|
Licensed credit provider supplies payday loans to Australian residents. Apply online and funds may be available the following business day by direct transfer. Approved loan amounts vary by applicant.
|Cashland Financial Services||Read Reviews|
Serves customers in Ohio and Indiana at over 130 locations. Offers payday loans from $100-$1,140 in Ohio and $100-$605 in Indiana. Title loans from $500 to $1,500. Check cashing and gold buying at some locations.
Read 9 Reviews
Easy online and mobile process. Payday loans up to $500 for first time borrowers and up to $1,000 for repeat customers. Cash advances available in as little as one hour (next business day for weekend transactions).
|Fast Access Finance||Read 5 Reviews|
Offers borrowers in Ontario, Saskatchewan and Alberta, Canada vehicle title loans of up to $10,000 CAD. Applications can be done online with approval within 24 hours and funds available within two business days.
|Magnum Cash Advance|
Read 12 Reviews
Gives payday loans of $100 to $1,000, with max amounts dependent on state of residence. Offers an easy paperless application process and quick loan decisions. If approved, funds may be available in as little as one hour.
|MoneyLend.net||Read Expert Review|
Refers borrowers to providers for payday loans and lets you compare different options at a glance. Loan amounts vary by state and applicant credit score. Can also connect customers with lenders for business loans and more.
|Instant Cash USA|
Read 90 Reviews
|Out of Business|
This company has gone out of business.
|Cash Direct Express|
Read 62 Reviews
|Out of Business|
This company has gone out of business.
|Just Military Loans|
Read 18 Reviews
|Out of Business|
This company is no longer entering into new loan agreements. It has partnered with Monterey Financial to service loans.