woman learning title loan facts

5 Myths About Qualifying For A Car Title Loan

If you’re facing unexpected expenses and need money fast, a car title loan in Nevada can be a quick, accessible solution. Yet, many people avoid them because of persistent myths about car title loans. In reality, these loans can be a valuable option for those who need emergency cash loans — especially when traditional loans aren’t an option.

Let’s clear up the biggest misconceptions and explain the truth about qualifying.

The Truth About Qualifying for a Car Title Loan

1. You Need a High Credit Score to Qualify

Many believe that bad or nonexistent credit automatically disqualifies them from getting a loan. This may be true at banks or credit unions, but car title loans work differently. Approval is based mainly on the lien-free title to your vehicle, not your credit history.

Example: Sarah, who had a 520 credit score, was approved for a title loan to cover unexpected medical bills because her car was fully paid off and in good condition.

2. You Use Your Car as Collateral

Hearing “collateral” can be intimidating, but with car title loans, it’s the title, not the car, that secures the loan. You continue driving your vehicle as usual while making repayments.

Tip: If you’ve misplaced your title, you can request a duplicate from the Nevada DMV. To qualify, ensure your title is lien-free — meaning no outstanding loans or legal holds on it.

3. You Must Have Income to Apply

Unlike many personal loan options, we don’t require steady employment, employment verification, or stacks of bank statements.

You only need:

  • A state-issued photo ID (driver’s license, passport, or non-driver ID)
  • A lien-free car title
  • Your car for a quick inspection

That’s it — a simple process that can often be completed in a single visit.

man looking through Nevada title loan

4. The Approval Process Is Lengthy

Some think car title loans take weeks, but in most cases, you can complete the approval process the same day.

Fast Approval Steps:

1. Fill out our online inquiry form.

2. Wait for a quick call from our team.

3. Meet at one of our Nevada Title and Payday Loans, Inc. locations for a short inspection and paperwork review.

4. Receive your funds — sometimes within 30 minutes, or by the next business day.

5. Car Title Loans Aren’t Enough to Cover Emergencies

While some expect only a few hundred dollars, you may qualify for up to $15,000, depending on your vehicle and situation.

People use car title loans Nevada residents can access for:

  • Overdue mortgage or rent
  • Medical expenses
  • Car or home repairs
  • Emergency travel
  • Funeral costs

Example: John used a quick car title loan to repair storm damage to his home, avoiding further costly repairs.

Note: Like most short-term loans, car title loans may have higher interest rates than traditional bank loans. They work best for urgent, short-term needs.

Comparing Car Title Loans to Other Loans

Compared to other lending options, car title loans stand out for their accessibility and speed. They don’t require good credit, and you can often receive up to $15,000 the same day or the next business day. The only collateral required is your vehicle’s lien-free title, and the funds can be used for almost any urgent expense, from repairs to overdue bills.

Payday loans, on the other hand, also don’t require credit checks, but they typically offer smaller amounts — usually under $1,000 — and are meant for very short-term needs. While approval is quick, the borrowing limit is much lower than with a title loan.

Personal loans generally offer higher borrowing limits, sometimes up to $50,000, but they often require strong credit and may take days or weeks for approval. These loans don’t require collateral but can be more difficult to qualify for if your credit history is limited or damaged.

Because of these differences, many borrowers choose car title loans when they need more money than a payday loan provides and faster access than a personal loan allows — without the hurdle of high credit requirements. This makes them a practical option for anyone facing an urgent financial need and looking for a straightforward application process.

meeting for car title loan NV

FAQ About Car Title Loans

Q: Can I get a car title loan with bad credit?
A; Yes. Approval depends on your lien-free title, not your credit score.

Q: Will I lose my car if I can’t pay?
A: Repossession is possible, but most lenders work with customers to find a repayment solution first.

Q: How fast can I get my funds?
A: In some cases, within 30 minutes after approval.

Q: What if I don’t have my title?
A: You can request a replacement from the Nevada DMV before applying.

Q: Are there limits on how I can use the loan?
A: No. Customers use them for bills, repairs, medical costs, and more.

Get Started Today With Nevada Title and Payday Loans, Inc!

Nevada residents can access are designed to be simple, transparent, and fair — so you can handle life’s unexpected expenses without unnecessary stress.

If you have a lien-free vehicle title, our team will walk you through the process, answer every question, and ensure you understand your loan terms from start to finish.

Get started today with Nevada Title and Payday Loans, Inc. online to see your options, and let us help you find a fast cash loan solution you can feel confident about. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.