When a person can pay back a Title Loan in Texas quickly, this form of lending provides an affordable way to borrow money. A company such as Xpress Title Loans has different options available for borrowers to suit their specific needs. The fundamental part of the process involves the lending company placing a lien on a vehicle owner’s title for the amount he wants to borrow, then providing him with the cash. No credit check is involved and the money is typically provided within 30 to 60 minutes. The person can continue to drive his car or pickup truck; the only change is that the title loan company is now listed on the title as it uses the document for collateral.
The borrower must own the vehicle outright and it cannot currently be under financing with any other company. Acquiring a title loan can be a good strategy when a person needs cash for an emergency and does not have credit available. For example, he may need to have his car repaired so he can continue going to work. He may need to have his furnace or air conditioner repaired.
To obtain a vehicle Title Loan in Texas, an individual needs to supply photo identification, proof of residence and proof of income. This proof may be supplied through payroll check stubs or through documentation of automatic deposits from a job, self-employment income, disability payments or Social Security payments. The amount of the loan offered depends primarily on the value of the vehicle, although the company will also factor in the amount of monthly income the person is receiving. Proof of income is intended to show the lender that the person can pay back the loan through the payments as scheduled.
Sometimes a person does have trouble making all the payments on time. The title loan company understands that problems can occur and is ready to work with its clients to resolve the issue. Refinancing might be an option to extend the length of the loan and lower the payments. The company might allow a grace period during which the individual can make a one-time late payment without incurring additional fees.