Title and payday 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 title and payday 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.

Top 10 Most Reviewed Payday & Title Loan Companies

Founded in 1997, Speedy Cash is now an international company specializing in short-term lending and financing. In Nevada, Washington and Oregon, they do business as Rapid Cash, and in Canada they operate as Cash Money.
TitleMax was founded in 1998 and has about 1,150 stores in 17 states. They offer title loans for cars and motorcycles, and also offer and personal loans. About 3,000 people per day obtain loans from TitleMax.
LoanMart was founded in CA in 1999 and now has branches in multiple states. They provide service in 11 states and offer convenient features like an in-house DMV so consumers can get the cash they need fast and without any hassles.
Finova Financial's Car Equity Line of Credit gets the cash you need! Offering loans in AZ, FL, NM, TN & SC ONLY. No credit check, upfront fees and 24/7 online access to view loan terms and payment schedules.
Tradition Media Group (TMG) Loan Processing works with a wide NATIONWIDE network of lenders to match consumers with the best lending option for their title loans. They offer free, no obligation quotes and fast lending options.
CashNetUSA offers a variety of online loan products to customers, with a promise of cash delivered the next day and 24/7 service. Headquartered in Chicago, IL, the company is now able to offer and service loans in 30 U.S. states.
Cashcall is a company that offers consumers personal loans, small business loans and mortgage loans over the Internet via a quick and streamlined application process. Cashcall's corporate headquarters is located in Orange, CA.
Ace Cash Express is a payday loan and cash advance company that is headquartered in Worcester, MA. The company also offers installment loans to customers located in California, Missouri, Delaware, New Mexico, Ohio and Texas.
Advance America Cash Advance is a cash advance company that was founded in 1997. Since their founding, the company has offered short term and online loans to people across the U.S., and the company now has 2,400 office locations.
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.

Lauren Fix is an automotive expert who earned the title of The Car Coach, and is recognized throughout all forms of media as a woman with in-depth knowledge on vehicles, technology, automotive finance, repair and trends. Founder of Automotive Aspects, Inc., her understanding of automobiles has made her the “go to” person on TV, radio, print and the internet. She writes a column for multiple outlets including Parade Magazine, NewsMax and Car Coach Reports. She is a regular guest on all the major news and morning shows discussing the latest updates on cars that will help drivers of all ages learn to about cars and make smart decisions.

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What features matter most?

Fees

Lending companies often charge people who take out a title loan a fee - or multiple fees – for the loan. Fees for a title or payday loan can add up quickly. It’s important to read all the fine print before deciding on which payday or title lender to use.  Get multiple quotes before deciding on a lending firm.

  • 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. This can be a lien on the title of UCC Filings with your state. Both secure the lenders investment.
  • 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, what the exact APR that is being charged to the loan before the borrower agrees to the terms of the loan.

Extra requirements

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 that 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.

Qualifications

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 will assume that you will never pay the loan back and will choose not to lend you any money.
  • 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.

Maximum loan amount

Title loans are a quick way to get money, but often, the amount of money a borrower can access is 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 amount many banks loan 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 that 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 that borrowers get the money quickly but also have to pay back the amount they owe with interest quickly. The length of time that a borrower has to pay back his or her 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. A good way to avoid defaulting on a loan is see if a relative or good friend can help with the payments, and then you can pay your friend back without worrying about losing your car or incurring extra interest fees. The idea is to NOT keep owing people money. The idea of these types of loans is to pay off the debt without incurring more debt. 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 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.

Why use this type of loan?

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 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.

What does the expert have to say?

  • TMG Loan Processing

    Traditional Media Group (TMG) Loan Processing is a free 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.

    • Fast turnaround: Many consumers receive their loan funds within one business day. Some consumers might even be able to get their funds on the same day that they apply.
    • Free service: TMG Loan Processing does not charge an application fee, and they don’t require any sort of down payment before you can get a loan.
    • Free no obligation quote: Get a fast and free quote online or by calling TMG directly. When you get your free quote, TMG will tell you about any fees associated with your loan from the direct lender, so you always know exactly where you stand. These fees will always be rolled into the total loan amount, so you don’t need to pay them upfront. You are under no obligation to go forward once you get your quote.
    • Wide network of lenders: TMG is not a direct lender. Instead, they work with a wide network of auto title loan lenders, which means they can easily find you the best lending option for your situation.
    • Best for TMG Loan Processing is best for car owners who need access to fast cash.
  • LoanMart (formerly 800loanmart.com)

    LoanMart started as a single pawn shop in 1999 in Sherman Oaks, Calif. Today, the company has branches in California, Illinois and Arizona and services 11 states around the country. They specialize in auto title loans.

    • Fast turnaround: Most consumers can receive their loans from LoanMart within 24 hours of applying.
    • In-house DMV: Consumers can skip the long lines and hassle of the DMV when they work with LoanMart. The company has their own in-house DMV to process paperwork and save you valuable time.
    • Five Day Peace of Mind Guarantee: Consumers who are unsure of whether or not a title loan is right for them can take comfort in the Five Day Peace of Mind Guarantee. Try your loan out for five days. If you change your mind within five days of receiving your loan, simply return the funds to LoanMart. They will waive the application fee and any other charges and fees associated with the loan.
    • Easy document submission: If you are applying for a loan online or over the phone, you can easily submit your documents electronically. Simply send a fax, email or even a picture of them.
    • Payment options: You can choose how you want to receive your money. LoanMart’s options are check, cash and wire transfer. Pick the one that works best for you, and get your cash fast. Your bank may charge for wire fees, so check with them in advance.
    • Best for Car owners who need access to cash fast.
  • Speedy Cash

    The first Speedy Cash store opened in Riverside, Calif. in 1997 by three childhood friends from Wichita, Kan. The company has since gone global, with operations in the United States, Canada and the U.K. They are expected to grow beyond 250 stores.

    • Fast approval: Bring your vehicle to your local Speedy Cash location for fast approval on your title loan. Speedy Cash will inspect your vehicle, determine a loan value and give you a lending decision in a matter of minutes. Consumers can get instant payday loans with a prepaid debit card or by applying online and picking their cash up at their local branch.
    • Quick Money: Once you are approved for your title loan at your local, Speedy Cash location, all you need to do is sign your documents and drive off with cash in hand.
    • Multiple services: Speedy Cash offers a variety of lending services, including cash for gold, installment loans and wire transfers, so you can use them for all of your short-term lending and financial needs.
    • Apply online: If you don’t happen to have a Speedy Cash location nearby, you can still apply for your title loan or payday loan online. Cash can be sent straight to your checking account once you’re approved for your title loan, or your payday loan can be loaded onto a prepaid debit card that you already possess. You will need to have your vehicle accessed by an outside appraiser at your own expense.
    • Security Center: Speedy Cash’s online Security Center is a resource center dedicated to consumer news and information about security and security-related issues. Learn how to protect yourself from scams, how to tell the warning signs of a scam artist and more.
    • Best for Speedy Cash is best for car owners and consumers who need cash fast.
  • Finova Financial

    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.

    • Clear fee structure: You won’t be surprised by additional fees when it’s time to pay back your C-LOC. Finova’s website clearly outlines their fee structure, and their examples offer consumers a realistic depiction of how much they can expect to pay back for their loan.
    • No credit required: Finova doesn’t require credit for approval, making it accessible for people who have little or no credit. Finova uses their own software to determine your loan performance and creditworthiness.
    • Apply online: Applying for Finova’s C-LOC is easy and available online. Simply fill out their online form, get pre-approved, fill out an application form and get your cash.
    • One year payback: Finova’s loans are given at a minimum of 12-month repayment terms, meaning you can take a year or more to pay back your loan. This can give consumers the extra breathing room they need to get a handle on their finances and responsibly pay back their C-LOC.
    • Build credit: Finova reports your successful payment history of their loans to reporting credit bureaus, helping you build your credit score and gain more financial freedom.
    • Best for Finova Financial is best for responsible borrowers who have little or no credit.
  • TitleMax

    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 nationwide. The company offers title loans and title pawns for automobiles and motorcycles.

    • Qualifications: Those with bad credit can qualify for a loan through TitleMax. Applicants must only be 18 years old, or 19 in Alabama, have a government-issued photo ID, have a source of income and own a car or motorcycle without a lien.
    • No penalties: TitleMax does not charge an additional fee if clients make a payment early or pay their loan off early.
    • Speed: TitleMax works to get customers in and out quickly. In many cases, employees can check a client’s qualifications and process her or his loan within 30 minutes.
    • Online application: Individuals who would prefer can apply for a TitleMax loan online. This option may be especially appealing to those who want to work with TitleMax but do not live near one of their locations.
    • Consumer education: Consumers interested in obtaining a title loan can visit TitleMax’s website to learn about the process of applying and qualifications. They can also follow the company’s blog for financial advice, car care tips and more.
    • Best for TitleMax is best for car owners facing unexpected costs or a financial emergency.
  • MoneyLend.net

    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.

    • Best for People with unexpected life or emergency costs and people who need a personal loan.
  • Approved Cash Advance

    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.

    • Best for Approved Cash Advance is best for car owners who need access to cash fast.

11 – 48 Most Reviewed Payday & Title Loan Companies

Cash Advance USA offers payday loans, personal loans, bad credit loans, debt consolidation loans and more to costumers who are in need. They offer customers a simple, easy-to-use online application process.
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.
Check n Go is a lending company that offers installment loans and fast pay day cash loans. The company also offers loans to customers living in California, Florida, Illinois, Michigan, Ohio and Texas.
PLS Payday Loan Store is a company that provides payday loan services to customers in need. PLS, officially headquartered in Chicago, has locations in California, Illinois, Indiana, Mississippi, New York, Texas and Wisconsin.
Money Mart is a company that is owned by Dollar Financial Group, Inc., and they offer services like check cashing, prepaid debit cards, loans and more. Today, the company has a network of more than 1,335 locations.
MyCashNow.com is an Internet-based company that provides customers with payday loans. The company is headquartered in Margaretville, New York, and they offer loans that range in amount from $100 to $1,000.
Cash Today Ltd. offers customers both payday loans and short-term loans for up to $500, deposited directly into the customer's account. The company operates out of Capalaba, which is located near Brisbane, Australia.
One of the leading payday loan and cash advance companies in America, Allied Cash Advance has been providing loans to customers since 1999. Customers can apply for loans from Allied Cash Advance completely via the Internet.
Republic Finance has been offering consumers a variety of loan products and services since 1955. Today, the company has offices in Kentucky, Tennessee, Mississippi, Alabama, Georgia, South Carolina and Louisiana.
Money Mutual offers fast pay day loans in amounts up to $1,000 for customers who are in emergency situations, in as little as 24 hours. The company is also endorsed by Montel Williams, the leading talk show host.
Customers go to 500FastCash for fast, online payday cash loans as quickly as the next business day. The company is owned by Red Cedar Services, a tribally owned corporation that belongs to the Modoc Tribe of Oklahoma.
MyPayDayLoan offers payday loans fast for customers in an emergency. The company offers loans to customers who have a bad credit score and history. They are also able to conduct business in multiple languages, including Spanish.
California Check Cashing Stores has 138 locations in California that get cash to people who need it quickly. The company can offer loans via Western Union money transfer or via an in-person transaction at an office.
Just Military Loans specializes in providing loans to active duty members of the military and their families. The company, which is headquartered in Wilmington, DE, offers customers 12 month terms to repay loans.
Zip19 is a short-term payday loan company that also does business as Northway Financial Corporation, Ltd. The company offers a seamless online application and funding process, so loan requests can be made via the Internet.
City Loan is a company that specializes in giving customers title loans. The company has 10,000 locations across the U.S. where customers can pick up borrowed cash, and the loan approval time takes an average of 20 minutes.
Magnum Cash Advance is a short-term loan company that offers customers loans up to $1,000 by connecting them with reputable lenders in the industry. The company offers service over the Internet and via telephone.
EZPayDayCash is dedicated to providing consumers with short-term loans when they are in a cash crunch. EZPayDayCash offers small loans, in amounts up to $500 per loan, by advancing money against the customer's next paycheck.
Founded in 2004, Approved Cash Advance has 186 locations in six states: MI, AL, OK, LA, SC and VA. They offer several short-term lending and financing options and have an easy online application and loan approval process.
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.
Ace Cash Express is a payday loan and cash advance company that is headquartered in Worcester, MA. The company also offers installment loans to customers located in California, Missouri, Delaware, New Mexico, Ohio and Texas.
Based in Pickering, Canada, Fast Access Finance is a company that provides quick loans to Canadians in need. The company grants loans to a wide range of customers, even those who do not have good credit.
Cashland Financial Services is a short-term loan company that was founded in 1987 in Dayton, OH. They offer a range of financial services and products including prepaid Visa and Mastercards, payday loans, auto insurance and more.
MoneyLend is a company that helps consumers who are looking for the right money lender for them. The company regularly gives out payday loans, peer to peer loans, personal installment emergency loans and more.
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