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If you have bad credit in Texas, you may think your financial options are limited. But there are plenty of bad credit loan options to choose from in Texas! For example, with a title loan serviced by LoanMart, you could receive affordable terms and competitive rates.1
Keep reading to learn more about your bad credit loan options in Texas.
Loan Options in Texas for Inquirers with Bad Credit
Don’t let bad credit stop you from obtaining the loan you need in Texas. Financial issues can happen unexpectedly and should not be held against you. There are other factors to consider, such as your income, your assets, and your character.
Read about a few bad credit loan options available in Texas below:
- Payday Loans: These are considered one of the most popular loan options in Texas for people with bad credit. Payday loans are meant to help you out until your next paycheck. As a result, the loan is meant to be repaid within two weeks. The loan amounts can be low and interest rates high.
- Bank Loans: You may still be able to qualify for a bank loan if your credit is bad, but be prepared to pay high interest rates and receive a low loan amount.
- Pawn Shop Loans: By going to a pawn shop in Texas, you can use an asset as collateral in exchange for quick emergency cash. But interest rates are high, repayment terms short, and the average loan amount may only be a few hundred dollars.
- Title Loans: By using your car title as collateral, you could potentially obtain a sizeable loan with competitive rates and long repayment terms.1 Some options, such as title loans serviced by LoanMart, can even be obtained online so you can avoid unnecessary travel.
How to Qualify for Title Loans in Texas with Bad Credit?
Having bad credit in Texas should not hinder your ability to obtain a loan. If you have a car in your name, you could use the certificate of title to obtain title loans serviced by LoanMart!1
Rather than having your credit history scrutinized, your qualification for a title loan will be determined by the value of your car and your ability to make monthly payments on time. A car is worth a significant amount of money, and you could potentially receive thousands of dollars in financial assistance with bad credit in Texas when you work with title loans serviced by LoanMart.1
When you inquire, you will be asked a few basic questions about the type of car you drive. You will need to provide the vehicle year, make, model, style, and current mileage. The market value of your car will be assessed using that information, and the loan amount you could receive will be based on that figure.
By using an asset–such as your car–to obtain a secured loan in Texas, you could receive beneficial perks and affordable terms despite having bad credit.1
Can I Get a Title Loan in Texas with Bad Credit if My Car Title is Lost?
If you lost your car title, you will be unable to obtain a title loan in Texas until you get a copy of the car title. Luckily, the process is quite simple and can be done either online or through the mail.
To obtain a copy of your car title in Texas, you will need the following:
- A completed application for a certified copy of title (also called Form VTR-34)
- A government-issued photo ID for all owners listed on the car title (or copy if applying by mail)
- A letter of signature authority on original letterhead, a business card, or a copy of the agent’s employee ID from the lienholder (only if there is a lien on the car title)
- An original release of lien letter (only if a lien is still on record)
- Money for the processing fee
To complete the process by mail, you will need a finalized application, a copy of your photo ID, and a check, cashier’s check, or money order worth $2 made payable to the Texas Department of Motor Vehicles. Mail your items to the Texas Department of Motor Vehicles located at 1601 Southwest Parkway, Suite A, Wichita Falls, TX 76302.
To complete the process online, you will need to book an appointment at a TxDMV regional service center. For your visit, bring your completed application, a photo ID, and $5.45 in the form of a check, cash, or money order for the processing fee.
If you have any questions about getting a duplicate copy of your car title in Texas, you can dial the toll-free number (855) 422-7412. The Texas Department of Motor Vehicles is open Monday through Friday from 8:00 am to 5:00 pm CT. If you prefer to avoid speaking over the phone, you could establish contact by sending an online message.
Start the Approval Process for a Title Loan in Texas with Bad Credit
It is entirely possible to get a loan in Texas with bad credit. One loan option to consider is a title loan serviced by LoanMart!1
With title loans serviced by LoanMart, you don’t need a perfect credit background to be deemed eligible. All you need is a qualifying car, a free and clear title, and a consistent source of income1! Just about any car–from any year–could qualify as collateral, as long as it runs smoothly and has positive equity.
Find out if you qualify for a title loan in Texas with bad credit in just 5 minutes.3 If the vehicle is preapproved for emergency cash, you could also receive a free estimate.1 Just fill out the short title loan questionnaire online with basic details about your car and your contact information.
If you are approved for a title loan serviced by LoanMart before noon, it is entirely possible for you to get your title loan money by the end of the day!3 Why wait any longer for the financial assistance you need in Texas? Don’t let bad credit stop you from inquiring for a title loan.