Open Nav

Pierland Title Solutions - Title Loans in Farmers Branch, TX

No one likes dealing with money troubles, whether it’s the burden of past-due bills or you had an emergency that stretched your savings past its breaking point. Financial stressors can follow you around from when you wake up to the moment you go back to bed, and they only get worse the longer they go on. Fortunately, there’s a quick, easy way to get the money you need with title loans Farmers Branch. What makes title loans so helpful?

Easy to get approved

They rely entirely on your car, which means approval rates are very high

Cash in 24 hours

You can get your cash as soon as today

How it works

Laws and Regulations

Title loans fall into the secured loan category because they use cars as collateral, even though the lender only has the car title over the term of the loan. There are both federal and state laws regarding title loans, but the only major federal law is the age minimum of 18 to get a title loan. Other than that, regulations are up to the states.

Interest rate

Texas hasn’t put a limit on the amount that can be borrowed through a title loan, which means that will depend completely on what your car is worth and the amount that your lender is willing to loan you based on that. The state has put a 10-percent limit on title loan interest rates, but it’s important to realize that Texas title loans may have additional fees besides interest.

Loan term

In most states, title loan terms are set for 30 days, unless state law requires something longer. Texas does not, which means most lenders will go with that 30-day timeframe. If your due date rolls around and you’re a little short on money, you can opt for rolling over the loan instead. This means you’re renewing it, and it requires you to pay the existing interest and fees.

Limits

The unpaid loan principal stays when you start a new term of the same length. This new term will have its own fees and interest. Texas has put a 180-limit on its title loan contracts, and this means once you’ve reached that limit, you can’t extend your loan anymore. At that point, you’ll need to pay it back in full.

Repossession

Even though extending your loan ends up costing you a bit more in interest and fees, it’s a much better option than a default. If you fail to pay at all on your title loan, then you’ve defaulted and the lender can have a repossession agent take your car. Once the lender has your car, they can sell it for the money you didn’t pay back on your loan.

Timeframe

Although some states have minimum timeframes for when a lender can repossess your car after a default, Texas does not, which means the lender could repossess your car as soon as you default. How long it takes will depend entirely on the lender – it could happen in one day, or it could happen in seven. The best thing to do when you’re having trouble making a payment is contacting your lender and seeing what your options are, since you can probably extend the loan and get a lower payment this time around.