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Best Payday and Title Loan Companies
Payday and title loans are short-term loans that give you a cash advance on your paycheck or use your car title in exchange for immediate funds. These quick loans are intended to be short-term solutions for unexpected or emergency expenses.
In this guide, we explain terms, fees and what else to look for when choosing the best payday and title loan companies for your situation.
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Compare Reviews for Top Payday and Title Loan Companies
Online lender offering payday loans, installment loans, and line of credit products. Can lend up to $800 with loan terms anywhere between 8 and 31 days. Borrowers apply online and receive an instant lending decision.
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.
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.
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.
This company stopped funding new personal and tribal loans in 2024.
Offers four types of loans, with five additional service options. Available in 15 states. In-store and online applications available. In business since 1993.
Installment loans from $100 to $5,000 or credit services for loans up to $2,500. Maximum APRs vary by state. Specializes in personal loans for bad credit and programs to build or improve credit.
Connects borrowers with nationwide lenders. Find personal loans from $100 to $40,000. APRs up to up to 35.99% or higher. Get funds as soon as the next business day.
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.
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.
Offers installment loans and tax preparation service. Serves residents in Alabama, Georgia, South Carolina, Tennessee and Texas. Apply online, by phone or at a local branch location.
Offers paperless application process available 24/7 online for payday advances between $100 and $5,000. Funds may be available as soon as the next business day.
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.
Find simple payday loans up to $500 with no credit check and possible same-day funds access. Other services include check cashing, prepaid MasterCards, bill pay services, free money orders and a free budgeting guide.
Offers in-store payday loans in 10 states and online loans in Hawaii, California, Louisiana and Kansas. Max loan amounts range from $255-$700 depending on the state. Approved in-store applicants can get funds within one hour.
Supplies cash advances via installment loans up to $4,000 in 12 states, either online or in-store. Max amount varies by state. The money is deposited through a secure transfer, usually within 24 hours.
Supplies payday loans and installment loans in 17 states that are typically available the next business day. Max payday loan amounts vary by state and range from $50-$1,500.
This company no longer services loans. They offer other services, including check cashing, money order, bill pay and prepaid cards and phones.
Offers flex and installment loans. No collateral necessary. High-interest rates and APRs. Apply and get approved for funds online. Only available in certain states.
Provides payday loan alternatives to people with a variety of credit scores. Tribal loan lender. Credit checks may be required in some situations. Loan amounts range from $300 to $5,000.
Secured loans up to $25,000 when you apply in branch. Get pre-qualified online. Payment protection insurance available. Operates 220 locations in eight states. Maximum APRs vary by state.
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.
Get payday advances in-store or with an online application in 5 states. Max loan amounts vary by state and range from $50-$1,500. Get instant access to funds in-store or next business day with online approval.
Personal loans from $600 to $20,000. Maximum APRs vary by state. Includes a seven-day “no worry guarantee” to return any amount. No prepayment penalty. Small business loans also available.
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.
Offers payday and title loans with immediate access to cash in store locations in Alabama, Michigan, Oklahoma, Louisiana, Mississippi, South Carolina and Virginia. Payday loans range $50-$500. Title loans range $100-$5,000.
Provides biweekly or monthly installment loans. Maximum APRs vary by state. Flexible repayment terms. Reports to all three major credit bureaus. Loan amounts and rates vary by state. Not available in all states.
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.
Online loan marketplace. Offers payday, installment and bad-credit loans. Easy online application takes five minutes. Free to use. Get paired with lenders that meet your criteria.
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.
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.
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).
Personal, mortgage, car title and closing costs loans. No repayment penalties. Annual percentage rates start at 9.9%. 12- to 36-month terms. Online application. Funds released in 24 to 48 hours.
Financial broker. Options for secured and secured loans. Loan options available for under $1,000 and up to $50,000. Available in most states. No APRs or fees advertised for specific lender. No fee to use broker.
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.
Payday and Title Loan Companies Buyers Guide
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In this guide
Contents
What is a payday loan?
A payday loan is a type of short-term borrowing where a lender extends high-interest credit based on a borrower's income. Typically these loans are for smaller dollar amounts (i.e., less than $1,000). The principal is typically a portion of a borrower's next paycheck — hence the name, “payday loan.”
A ConsumerAffairs reviewer from South Carolina said she used a payday loan lender for quick cash despite the higher interest rate because it’s intended to be short-term.
“... it shouldn't be used for long-term or it will be difficult to get paid down due to the interest,” she explained. “But this is exactly what I wanted. Access to quick cash for short-term use when I have a paycheck coming and I just can't cover something.”
How payday loans work
Borrowers can apply for a payday loan through a simple application, usually questions about their employment status and income. If approved, the lender presents a loan agreement outlining the payday loan’s terms. These terms include the loan amount, interest rate and repayment date, which is typically the borrower's next payday.
Borrowers can expect to receive funds the same day or next day. When the repayment date arrives, the lender automatically withdraws the loan amount plus interest and fees from the borrower's account. If the borrower cannot repay the loan on time, some lenders may offer an extension for an additional fee.
What is a title loan?
Title loans are a type of secured loan that allows borrowers to use the title of their vehicle as collateral. Since the lender can place a lien on your vehicle, it typically is fast and easy for most borrowers to qualify, regardless of credit score. The biggest risk with this type of loan is that if you default on the loan, the lender can repossess your car and resell it to pay off your debt.
One Mississippi reviewer did not have a good experience with a title loan. He said, “I had to get a title loan for my BMW and wished I had never seen this place. You will pay back 3 to 4 times your loan.”
How title loans work
Title loans work similarly to payday loans. While payday loans don’t require collateral, title loans allow borrowers to use their vehicle as a way to secure fast financing. Many title loan lenders will require borrowers to own their car outright or at least have a significant amount of equity in their car.
Borrowers can expect a fast application — as quick as 30 minutes. Once approved, the lender will detail the terms of the title loan and borrowers can receive financing the same or next day. The loan will need to be repaid within 15 or 30 days.
Payday loans vs. title loans
Payday and title loans have different loan terms and restrictions. 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.
When deciding between a payday loan and a title loan, keep in mind that both come with high interest rates and fees. 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.
| Payday loans | Car title loans | |
|---|---|---|
| Type of debt | Unsecured | Secured with vehicle |
| Average loan amount | $300 - $1000 | $1,000+ |
| Fees | $15 - $30 per $100 borrowed | Varies by lender |
| Repayment timeline | 1 - 2 weeks | 15 or 30 days |
| Common APR (interest rate + fees) | 400% APR, but varies by state | 300% APR |
| Extended repayment options | Payday loan rollover or extended payment plans in some states | Not usually available |
| Default consequences | Account sold to collectors, civil lawsuit, wage garnishment | Vehicle repossession |
» MORE: Payday loans vs. personal loans
What to look for in a payday or title loan
If you decide that a payday or title loan is the best financing option for your circumstances, you’ll want to compare each lender’s terms, rates and fees. Consider the following before accepting any loan term.
Maximum loan amounts are typically one paycheck or 50% of your car’s value.
- Loan qualifications: While you don’t need a good credit score or long credit history, you will need to prove you have reliable income and a permanent address. For title loans, the lender might also require you to have a vehicle with a clear title in your name.
- Interest rate: Expect an interest rate between 300% to 400% — though some states have caps on the annual percentage rate (APR) for these types of loans. It is a good idea to use a loan calculator to see how much your quick loan will cost you and if it is worth it in the long run.
- Additional fees: Lending companies often charge additional fees, such as processing fees and late fees, which can add up quickly. Read the fine print.
- Maximum loan amount: Payday loans can be for any amount, but 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. Title loans will vary by state but the max is typically between 25% and 50% of the vehicle's value.
- Length of loan: A payday loan usually has a term lasting from two to four weeks and a maturity date that aligns with your pay date. Title loans are commonly due within 15 or 30 days, but some lenders will give borrowers more time to repay the loan.
What to avoid in a payday or title loan
Unfortunately, payday and title loans are often associated with scams. Knowing how to spot a bad situation is imperative when considering these types of loans. “There are red flags to avoid,” said Jonathan Feniak, a former financial advisor and general counsel at LLC Attorney.
“For instance, avoid lenders who don't perform credit checks, as responsible lenders need to assess one's ability to repay the loan. Beware of lenders who pressure you into borrowing more than needed or rolling old debts into a new loan. Also, steer clear from loans that have excessively high APRs or those requiring an uncomfortable level of collateral that outweighs the loan's value. While these loans may be attractive in emergency situations, they may lead to detrimental debt cycles if not handled carefully.”
The following are things to avoid in a payday or title loan:
- Sky-high interest rates
- Too many additional fees
- Significant consequences
- Guaranteed approval
- Payment upfront
- Pushy salespeople
- Unregistered lenders
- Poor reviews
- Poor communication
- Requests for untraceable payment methods
- Loan offers over the phone
- Promised debt cancellation
- Unverifiable website, phone number or address
Other types of quick loans
Payday loans and title loans are a type of quick loan — meaning you can get fast cash, typically within 24 hours, without needing to meet strict credit requirements.
Here are a few other types of quick loans that are available:
- 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. Be careful with this type of loan, as 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. If you cannot pay the entirety of the loan according to the agreed-upon terms, the pawnshop sells your item to recoup its losses.
Alternatives to payday loans
The quickest and typically cheapest option to acquire funds is to ask a friend or family member. Keep in mind that option may be more trouble than it’s worth, as it could come with strings attached and the risk of ruining a relationship with someone you’re close to. If turning to family in your time of need is not an option, these alternatives are worth looking into.
- Payday alternative loan (PAL): PALs are offered by credit unions as a safer alternative to costly payday loans. These loans are smaller and shorter term than traditional personal loans.
- Local assistance programs: Depending on your current need, there might be short-term and long-term financial assistance programs available to you through your city or the federal government. Additionally, some nonprofit organizations and charities provide emergency assistance with things like rent or utilities.
- Personal loans: If you have a good credit score and stable income, a personal loan through a lender, bank or credit union will give you better rates and loan repayment terms. Some lenders even disburse the money into your account the same day or within one to three days.
- 0% APR credit card: Again, you will need a good credit score to get approval, but certain credit cards have an introductory 0% APR for up to 18 months.
- Peer-to-peer loans: Peer-to-peer (P2P) lending is not as popular as it used to be, but you can still find a couple of companies that offer this service.
» MORE: 11 payday loan alternatives
FAQ
What are the signs of a payday loan scam?
Signs of a payday loan scam may include guaranteed approval, demands for upfront payment and cold calls. You also want to avoid lenders that are not registered in your state. Walk away if you feel pressured to sign an agreement before you fully understand it.
Can I get a payday loan online?
Yes, you can get a payday loan online but be cautious as there are many scams. Ensure the lender is licensed to operate in your state and check their reputation and reviews on trusted, unbiased websites.
Is it easy to qualify for a payday loan?
Generally, qualifying for a payday loan is easier than other types of loans. Lenders typically require proof of income, a valid ID and an active bank account. However, the ease of qualification does not negate the potential financial risks associated with these types of loans.
Are payday loans illegal?
The legality of payday loans varies by state in the U.S. In some states, they are legal while others have banned them outright or set APR caps that effectively outlaw them.
What happens if I don’t repay my payday loan?
If you don't repay your payday loan, the lender may charge late fees, send your account to a collections agency, report your nonpayment to credit bureaus or even take you to court. This could negatively impact your credit score, making it harder to get credit in the future.
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.
Guide sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page.
- Consumer Financial Protection Bureau, “Payday loans.” Accessed Sept. 13, 2023.
- Federal Trade Commission, “Payday Lending.” Accessed Sept. 13, 2023.
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