Best Payday and Title Loan Companies

Payday lending is illegal and unavailable to consumers in some states. Payday loans usually have very high interest rates and carry risk. As with any loan, consumers should have a clear understanding of the fees, terms and conditions of any payday loan before borrowing.

A quick loan comes from a company that approves you and disburses funding within a few days of completing the application. Many quick loans provide access to same-day cash, while traditional loans can take at least a week or longer to approve and fund. Quick loans are sought after by individuals facing an emergency financial hardship who need fast access to cash to cover pressing bills or expenses. There are a few different types of quick loans.

Payday loans

Payday loans are short-term, high-interest loans issued for small dollar amounts, typically less than $1,000. They are meant to be a short-term solution to help borrowers get a quick and easy cash advance that they can repay after receiving their next paycheck.

Car title loans

Title loans are secured by the borrower’s car title, so the lender has a right to take possession of the vehicle if the borrower fails to repay the loan. With a typical car title loan, borrowers pay off the entire loan, interest and any fees within a specified amount of time — usually 15 or 30 days.

Interest-only payment title loans

These loans work similarly to traditional title loans, but their repayment strategy is different. With interest-only payments, borrowers first pay off the amount of interest on the loan. They are then required to pay off the amount of the loan in full. Interest-only title loans usually last for a longer period than traditional title loans. Be careful with this type of loan — you may end up paying more than you borrowed and still not pay off the loan.

Pawnshop loans

With a pawnshop loan, you take a loan out against an asset you own outright, such as jewelry, electronics, instruments, antiques or collectibles. The pawnshop gives you cash and holds on to the item until you pay back the entirety of the loan. If you cannot pay it back within the agreed-upon terms, the pawn shop sells your item to recoup its losses. A pawnshop loan is a quick way to get a cash loan without a lengthy application process or credit check.

Personal loans

A personal loan from a bank, credit union or online lender can often take longer to be funded than other quick loan options. However, some personal loans can be funded with a quick turnaround time, sometimes with money hitting your bank account within a few days. If you qualify, many personal loans have lower interest rates and better terms than traditional quick or fast-cash loans. Typically, the higher your credit score, the better your loan terms are.

Both payday loans and car title loans offer a temporary solution to an urgent financial need. Payday loans are unsecured cash advance loans that are typically issued in amounts of $300 to $1,000. Title loans go as high as $10,000 or more and must be secured by a vehicle.

Payday and title loans have different loan terms and restrictions, and it’s essential to understand the scope of the loan for which you’re applying. When deciding between a payday loan and a title loan, keep in mind that both come with high interest rates and fees and are only recommended to cover emergencies or surprise expenses when no other options are available.

Both also come with significant consequences for failure to repay. Defaulting on a payday loan can result in a lawsuit and wage garnishment, and defaulting on a title loan can result in your vehicle being repossessed.

Use the chart below to compare payday and title loans. Interest rates for payday loans vary based on state laws, and many states have maximum rates lenders are allowed to charge.

Loan qualifications

One benefit of getting a quick loan like a payday or title loan is that you don’t need to have a good credit score or a long credit history. However, there are some standard requirements you must meet to qualify for these loans, like having a steady income and proof of address.

You need proof of income and residency to qualify for a payday or title loan.

For title loan qualification, you also need to provide a clear title in your name. If you’ve ever had a lien on your vehicle, a lien release may be required with the title to process the loan.

Additional fees

Lending companies often charge additional fees for payday and title loans, which can add up quickly. It’s crucial to read the fine print before deciding which payday or title lender to use. Get multiple quotes before deciding on a lender, and ask what additional costs or fees you’re expected to pay. Some common fees include:

• Processing and document fees: Lenders may charge fees for the paperwork required to get the title or payday loan.
• Late fees: Expect late fees and penalties for missed or late payments. Be sure to ask how much late fees are and on what date your payment is considered late.
• Lien fees: Many lenders charge fees for processing and placing a lien on your vehicle.
• Finance fees: Payday loan fees typically include a finance fee, which you include on your postdated check. If you roll your loan over for an extended period, you’re charged an additional finance fee. The fee continues to grow until you pay the full amount of the loan.
• Interest rates: Payday loan interest rates vary by state. The APR on payday loans can be more than 600%, and title loans often have an APR of 300% or more. Lenders are required to tell borrowers the exact annual percentage rate (APR) before the borrower agrees to the terms of the loan.

Maximum loan amount

Title and payday loans are a quick way to get money, but the amount of money you can access is usually very limited. Lenders often have a strict cap on the amount of money they can lend for both types of loans.

Maximum loan amounts are typically one paycheck or 50% of your car’s value.

• Maximum title loan: The maximum title loan amount varies by state. Most title loan amounts are between 25% and 50% of the vehicle's value, or from $100 to $5,000. Some lenders offer title loans of $10,000 or higher.
• Maximum payday loan: Payday loans can be for any amount, but they are traditionally only written in the amount of one full paycheck (or less) so borrowers have the money in their account to repay the loan when their next check is cashed. Some states have a strict dollar limit on payday loans — these limits are typically between $500 and $1000.

Length of loan

Title and payday loans are short-term loans, which means borrowers get money fast but also have to pay back the amount they owe (with finance charges) 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.

• Payday loan terms: A payday loan usually has a term lasting from two to four weeks and a maturity date that aligns with your pay date. Some states let you enter an extended payment plan or roll over a payday loan into a new loan if you can’t repay the original loan by the due date.
• Title loan terms: A common amount of time allowed for title loan repayment is 15 or 30 days. Some lenders will give borrowers more time to repay their title loan. Often, these repayments are structured as interest-only payments.

We compared payday loan companies across the country to help you find lenders in your city.

• Austin
• Bakersfield
• Boise
• Chicago
• Cincinnati
• Cleveland
• Dallas
• Denver
• Detroit
• Fort Myers
• Green Bay
• Houston
• Indianapolis
• Kansas City
• Lansing
• Las Vegas
• Los Angeles
• Milwaukee
• Nashville
• Omaha
• Orlando
• Portland
• Sacramento
• San Antonio
• San Diego
• Tallahassee
• Tampa
• Tulsa
• Waco
• West Palm Beach

Find quality lenders based on our research and consumer reviews with these guides to local title loan companies.

• Bakersfield
• Boise
• Fort Myers
• Green Bay
• Kansas City
• Las Vegas
• Milwaukee
• Nashville
• Phoenix
• San Diego
• Tallahassee
• Tampa
• Tucson
• Waco
• West Palm Beach