Answering Your Questions About Title Loans

David Sung | June 8, 2012

From time to time, we’re asked to clarify our title loan service. With many of our competitors offering similar loans, it’s difficult for potential consumers to determine which company is best for them. We hope to clear up misconceptions and the grey areas that surround this topic.

What is a Title Loan?

Titles exist to show proof of ownership of certain property. While there are titles for land, houses and motor vehicles, title loans almost exclusively deal with automobiles. Your vehicle acts as collateral against the loan. We will assess the value of the car and then provide you with a specific loan amount. Once the loan is paid off, the lien on your vehicle's title is released.

What Do I Need to Secure a Title Loan?

Title loan requirements vary by state and lender. Cash Store requires that you own the car outright – meaning it’s paid off – have a valid driver’s license, and at our Illinois locations, provide proof of income. Other places may require proof of insurance and credit checks. We understand that your credit may be far from perfect and we don’t want to hold it against you if you’re trying to get back on your feet.

What Are the Limits of Title Loans?

Title loan limits are different across state lines. Below is a table that shows the maximum loan amount we will give in the six states where we offer this type of loan.

StateMaximum Loan Amount
Idaho$20,000
Illinois$4,000
New Mexico$2,500
Texas$20,000
Wisconsin$25,000

We’ve made it extremely easy for you to determine the estimated title loan amount for your car with our title loan calculator. Enter in the appropriate values, hit submit, and you’ll be given your estimated maximum title loan amount.

Will I Get to Keep My Car?

We don’t believe in subjecting our customers to situations that will hinder their ability to provide for themselves. We realize that a vehicle is a vital part of a daily routine – unless you’re fortunate enough to be able to walk everywhere you need to go. That’s not always the case in certain cities, so we allow our customers to keep their car while they pay off the loan. It just makes sense that way.

What Will My Payments Be Like?

Payments are evenly spread throughout a set time period. Some states will have slightly different repayment schedules, but we like to keep it manageable for our customers. We’ve taken the extra step to calculate just how much you can expect to pay based on your loan amount. By visiting our APR and Rate Card page, you can discover what you will owe after fees and interest charges.

Are Title Loans My Only Option?

In some situations title loans aren’t the best way to secure cash quickly. In that case, you might want to consider our other two services: installment loans and cash advances. If you’re unsure which route to take, we encourage you to visit your nearest Cash Store location to speak with a trained specialist. Our customers know us for our friendly and helpful service, and if you have a question, we have the answers.

Read more on short term cash services and don’t forget to connect with us on our Facebook and Twitter pages.

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*Loan Amount is subject to loan approval. Loan terms and availability may vary by location.  Approval rate based on complete applications received across all Cash Store locations. Customers can typically expect to receive loan proceeds in less than 20 minutes; however, processing times may vary.

Loans / Advances are provided based on approved credit. Cottonwood Financial uses a proprietary model to evaluate the creditworthiness of each applicant for credit. Vehicle is subject to evaluation for title/auto equity loans. Please see the Licenses and Rates page for additional product details.

Cottonwood Financial offers consumer credit products that are generally short-term in nature and not intended for long-term borrowing needs. In Texas, Cash Store is a Credit Services Organization and Credit Access Business. Loans are provided by a non-affiliated third-party lender. 

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