Frequently Asked Questions
Applying for a personal loan or a car title loan through Discount Car Title Loan Online (dtloans.com) is quick and easy. If you wish to apply in a store or over the phone, Discount Car Title Loan Online (dtloans.com) customer representatives will be happy to guide you through the process. You can also use Discount Car Title Loan Online (dtloans.com) online loan application, which is accessible from desktop, tablet or mobile.
Discount Car Title Loan Online (dtloans.com) lenders offer personal loans (installment loans) and car title loans that range from $125 to $10,000. The maximum amount you can borrow through Discount Car Title Loan Online (dtloans.com) depends on several factors, including your income, existing debts and past payment history.
The term of the personal loan or a car title loan depends primarily on loan size, interest rate, fees and how much we think you can afford for a monthly payment. Discount Car Title Loan Online (dtloans.com) lenders offer terms from 3 to 6 months with the smaller loans generally having shorter terms and the larger loans having longer terms.
For questions regarding your personal loan or a car title loan, you can contact the lender directly or visit one of their locations near you.
A title loan is a type of short-term loan that uses the title of your vehicle as collateral. Discount Car Title Loan Online (dtloans.com) recommends car title loans for consumers who need quick cash but don’t qualify for traditional means of financing. Unlike bank loans, qualifying for a title loan is simple and doesn’t require a credit check. Best of all, you can continue to use your car while the loan is outstanding. A personal loan, also known as an installment loan, is a popular loan option for consumers that want to establish a credit history. No collateral is required for personal loans and the loan terms may be longer than 6 months.
A lien-free car title is a title without any liens. A lien is a legal claim on a property by a creditor. Having a lien-free car title means that you own your vehicle outright without the threat of repossession or seizure.
Yes, you can definitely drive your car during the course of your title loan.
Applying for Personal Loans & Title Loans
The application process at Discount Car Title Loan Online (dtloans.com) typically takes 10 to 15 minutes to complete. If you can provide us all the correct documentation, a decision can be made the same day of application.
Can I apply for a loan from Discount Car Title Loan Online (dtloans.com) if I live outside of a selected market (San Antonio MSA, Laredo MSA, Corpus Christi MSA, Rio Grande Valley MSA?
Possibly. Discount Car Title Loan Online (dtloans.com) is expanding its lending areas rapidly. Discount Car Title Loan Online (dtloans.com) coverage map is updated frequently.
Yes, at Discount Car Title Loan Online (dtloans.com) you can borrow an amount up to the personal loan or car title loan amount for which you’ve been approved. You can change the amount you are borrowing from the time you are notified of your approval up until you are issued your loan proceeds.
Payment amounts are based upon the loan size, interest rate, fees and term of the loan. Discount Car Title Loan Online (dtloans.com) lenders calculate a payment amount they think you can afford based upon your income and debts/expenses. You also have the ability to change the loan amount and/or term, within certain parameters, before the loan is disbursed if you’d like to have a lower payment. Payments are made in fixed installments which means they don’t change over the life of the loan (except the last payment, which may be larger or smaller depending upon whether you made your payments on time).
You may call or visit any retail location to submit the required documentation (proof of identity, income and residence). You may also submit your documents yourself through Discount Car Title Loan Online (dtloans.com) online application, and you will receive a confirmation notice by phone or email. In either case, you will be notified by one of our customer representatives regarding the approval status of your loan shortly following the submission of your application.
You can be assured Discount Car Title Loan Online's (dtloans.com) experienced and knowledgeable agents are processing your application as quickly as possible. Should you have specific inquiries, you can visit or contact one of Discount Car Title Loan Online (dtloans.com) locations. Agents will be happy to assist you.
You can get your loan proceeds, either in the form of a physical check, (at one of Discount Car Title Loan Online (dtloans.com) lender’s retail locations) or via an electronic check which can be e-mailed to you. All you need is the ability to print that electronic check on regular paper and cash it at any bank or check cashing facility.
Discount Car Title Loan Online (dtloans.com) will base the appraisal of your vehicle on your good faith that the car is in working condition and that its condition is accurately represented by the pictures that you send your lender.
Yes, Discount Car Title Loan Online (dtloans.com) regularly have applicants with bad or no credit. We understand that people make mistakes and we believe that poor FICO scores shouldn’t prevent people from getting help when they need it the most.
Discount Car Title Loan Online (dtloans.com) personal loan and car title loan agents use a variety of methods to get you your money quickly. Depending on how you choose to receive your money, it can take as little as a few minutes to a few business days. If you decide to accept an electronic check, you will get your money in minutes.
That’s perfectly fine with Discount Car Title Loan Online (dtloans.com) personal loan and car title loan customer representatives. Discount Car Title Loan Online (dtloans.com) can connect you an agent that can refinance your existing loan and save you money. Refinancing a personal or title loan means finding a new lender that will pay off the amount you owe to an old lender. The balance from the old personal loan or car title loan will then be transferred over to a new car title loan with lower interest.
Lenders in Discount Car Title Loan Online (dtloans.com) network such as Discount Car Title Loan make the title lending process simple, and it only takes a few minutes to get the cash you need. Here’s what you´ll need to do if you prefer to get you loan at a storefront location.
Lenders in Discount Car Title Loan Online (dtloans.com) network such as the Discount Finance & Personal Loan Company make getting an amortized personal loan (traditional installment loan) process simple, and it only takes a few minutes to get the cash you need. Here’s what you´ll need to do if you prefer to get you loan at a storefront location. 1. Fill out an application on-line or at a local Discount Finance & Personal Loan Company location 2. Discount Finance & Personal Loan Company will determine a transaction amount based upon your need, your credit history and what you can realistically afford. 3. Upon approval, you will receive the cash you need that same day.
Automatic payments are the easiest (and free!) way to make your loan payments on time. Enroll today by calling Discount Car Title Loan Online (dtloans.com). You will need your bank or credit union account and routing number (see below) for the one-time setup.
Customers can always make payments at any Discount Car Title Loan Online (dtloans.com) physical locations in person or via debit card.
Discount Car Title Loan Online (dtloans.com) will allow applicants to cancel their loans within 3 days of receiving their advance. If the original principal is paid before the 3-day grace period, you won’t usually be liable for any interest charges.
Personal loans and car title loan terms and due dates vary by state. Discount Car Title Loan Online (dtloans.com) will provide you with this information after you have been fully approved for a personal loan or a car title loan.
Discount Car Title Loan Online (dtloans.com) does not charge prepayment penalties. A prepayment penalty is a fee that is accessed when you pay your loan before its due date.
If you are late with your personal loan or car title loan payment, you may be charged additional fees. The number of fees will vary by state and lender. In addition to being charged a fee, there may be other consequences if the loan remains unpaid. Some lenders may choose to report your delinquency to all or one of the three credit bureaus, submit your information to a collection service, or seize your vehicle and sell it to a third party.
Discount Car Title Loan Online (dtloans.com) will return the vehicle title to you once you have finished paying off your title loan in full. If you complete your title loan with a lender that has a physical location, you will usually receive your title back immediately. If your title loan was completed online, it might take a few weeks to receive your title back in the mail.
Yes. However, the privacy laws limit what information lenders can share about the loan. Therefore, if you’d like someone to make a payment on your behalf, please either provide Discount Car Title Loan Online (dtloans.com) authorization to transact with that person on your loan, or make sure they have the following information in order to make a payment: the name and telephone number on the loan and the payment amount you would like to make.
Questions on Credit Reporting
Discount Car Title Loan Online (dtloans.com) personal loan lenders have the ability to report accounts to TransUnion, which is a major credit reporting agency. Personal loans are typically reported and Title loans are usually not reported by our lenders. When payments are reported, they will be reflected positively in your credit report if you make payments on or before your due date and repay your loan in full. Generally, it takes at least 6 months of positive payment reporting to create a credit score, although this may vary by credit reporting agency and score.
Discount Car Title Loan Online (dtloans.com) personal loan products report accounts, including timely payments, incidents of delinquency, and the payoff of a loan, to TransUnion, a major credit reporting agency, every month.
If I have bad credit, can I still get a loan through a Discount Car Title Loan Online (dtloans.com) lender?
Discount Car Title Loan Online (dtloans.com) work with all types of credit! Discount Car Title Loan Online (dtloans.com) minimum requirements to obtain a loan are as follows: you are at least 18 years old, must have a steady source of recurring income payments, must reside in the state you choose for your loan application and have no active bankruptcies or presently intend to voluntarily file for bankruptcy relief. After filling out a loan application, which can be started here, you will get your personalized loan terms directly from the lender you select. Your loan agreement will show you the monthly payment, your interest and fees, your discounted rate, and your APR.
Discount Car Title Loan Online (dtloans.com) currently does not service active military. Consumers may not not be a regular or reserve member of the Army, Navy, Marine Corps, Air Force, or Coast Guard, serving on active duty under a call or order that does not specify a period of 30 days or fewer or a dependent of a member of the Armed Forces on active duty.
Modifying a Certified Offer
Your certified ready loan offer is based on the information you entered into the loan application. Loan offers are based on your credit history, yearly income, appraisal of the vehicle and other factors. Some options to increase your personal loan or car title loan amount include: 1. Do you have a different vehicle (with a higher value) for the lender to consider as collateral? Discount Car Title Loan Online (dtloans.com) makes credit decisions primarily on “ability to pay” underwriting. However, sometimes what you can afford exceeds the value of your collateral. In other words, the lender might increase the loan amount if the vehicle was worth more (or if you had a different vehicle with a higher valuation). 2. Does someone else work in your household? Or, since yearly income is a factor, do you have any other verifiable income you can add to your loan application? If so, make sure to update that information. 3. Is there something on your credit report (other that your credit score) which might be a red flag to a lender that you have a good explanation for? Everyone goes through rough patches in life. A temporary loss of a job, loss of a loved one, a divorce, incarceration, etc.. Making the lender aware of any of these “life happens” situations may help increase your recommended loan amount.
Your certified ready loan offer is the maximum loan size your personal loan or car title loan lender has determined that you can afford. However, if the payment size is higher than what you feel comfortable with, you have the option of modifying the payment size downwards and the on-line loan optimizer will adjust your loan size accordingly. You could also talk to the lender directly about additional discounts that you might qualify for which would help decease your monthly payments as well.
Certified ready offers
If you received an offer of credit from one of Discount Car Title Loan Online (dtloans.com) personal loan or car title loan products, “certified-ready” means that we will check to see if you continue to meet the criteria used to select you for the offer. All terms and conditions of that offer still apply. If you no longer meet the criteria used to select you for an offer, or if you did not receive an offer from them, “certified-ready” means we will check to see if you meet Discount Car Title Loan Online (dtloans.com) initial credit criteria. To qualify for a “certified-ready” offer, we may request a “soft pull” of your credit report (for personal loans) from one or more of the nationwide credit reporting agencies (Experian®, TransUnion® and Equifax®), which will not impact your FICO® or similar credit score with these agencies. Having a “certified-ready” offer means you may be approved for a loan with any of Discount Car Title Loan Online (dtloans.com) third party lenders, subject to verifying your identity, and confirming the information on the documentation you provide to us. You can have a “certified-ready” offer and still be turned down for a loan. If you receive a “certified-ready” offer, and you continue the process, Discount Car Title Loan Online (dtloans.com) will complete your application over the phone and ask for additional information, such as references, employment information, social security number and debit card information.
Discount Car Title Loan Online (dtloans.com) will need your personal information (name, phone, email, and zip code) and your vehicle information (make, model, year, and estimated mileage) and will require you to have a valid government-issued ID, a lien-free title, and proof of income.
No, you don’t need to be employed to get a personal or a car title loan. However, you do need a source of regular income. Other forms of income such as disability, social security, child support, alimony, unemployment, and self-employment are accepted as long as you can provide proof.
Yes, you can qualify for a personal loan or car title loan without having a bank account. Discount Car Title Loan Online (dtloans.com) will only require a bank account if you choose to receive your money via ACH.
Yes, you may still qualify for a personal loan or car title loan after filing for bankruptcy. Unlike traditional loan options, title loans are not limited by your bankruptcy status as title loans are collateral based loans that rely on the value of your vehicle to secure a loan. In essence, the value of your car is your creditworthiness. Discount Car Title Loan Online (dtloans.com) lenders will be more than happy to process your title advance just like any other applicant.
Yes, the vehicle title does have to be in the name of the person who is requesting the loan. If your title has your name along with someone else, you will need to discuss this with us to determine the procedures required to obtain a title loan in your state. Typically, titles with two names are accepted as long as both names are on the title loan application.
No problem. In most cases, Discount Car Title Loan Online (dtloans.com) is still able to process your application even if your vehicle is registered in a state in which don’t reside. However, there are special instructions that need to be followed on a case by case basis. A Discount Car Title Loan Online (dtloans.com) representative can walk you through them.
Additional FAQ’s & History of Traditional Installment Loans (personal loans)
A traditional installment loan (bad credit loan) is a small-dollar loan that is repaid in equal monthly installments of principal and interest, with no balloon payments. In this sense, traditional installment loans, also known as TILs, are just like a standard mortgage or car loan that you get from a credit union or bank.
Traditional installment loans (bad credit loans) have been a regulated credit option for consumers for over 100 years. They were created by a coalition of consumer advocacy groups and state legislative representatives and commissions in order to provide a safe option for small-dollar credit. These loans were established to offer a regulated and affordable lending option so that consumers would not have to resort to unregulated and illegal lenders known as “loan sharks.” As long as installment loans (bad credit loans) were the only form of small-dollar credit available to consumers, there was no problem in society with “over-lending” or with consumers falling into a “cycle of debt.” This is because traditional installment lenders test the borrower’s ability to repay before approving a loan, and because the installment structure gives the borrower a disciplined debt repayment plan.
Generally, finance companies have made traditional installment loans (bad credit loans) to individual consumers in local communities, while commercial banks have made loans to businesses. Traditional installment lenders have served consumers this way for over 100 years. More recently, new lenders have appeared on the scene claiming to be installment lenders. However, they offer loans that do not resemble or represent traditional installment loans at all. Unlike traditional installment lenders, some of these new companies offer loans through the Internet; some require that borrowers provide the lender direct access to their bank accounts; and some are unregulated offshore lenders. Traditional installment lenders do not require direct access to a borrower’s bank account. TILs are made from brick-and mortar offices and feature fully amortizing terms. In addition, TIL payments are reported to credit bureaus, so borrowers can build good credit for larger purchases like a new vehicle or a home.
Borrowers apply for a traditional installment loan at their local consumer finance office, just as they would for an auto loan or mortgage at a credit union or bank. A borrower is required to submit a credit application to the lender. The lender then underwrites the loan according to established credit standards. The lender reviews the applicant’s credit history and requires verification of income, residency, and ability to repay the loan. If, after reviewing the borrower’s information and current budget obligations, the lender determines that the borrower can safely afford the repayment terms, the lender approves the loan. If the borrower’s current obligations are excessive, or if the borrower has insufficient income, the lender will decline the application, because it does not serve the consumer’s best interests, and there is no benefit to the lender to make a loan that a borrower cannot pay back.
The amount borrowed is paid off over the term of the loan with fixed, equal monthly payments that are structured to ensure that the loan fits the borrower’s monthly budget.
Absolutely. Historically, these loans were created specifically to give consumers a regulated option for small-dollar credit. While each state has its own unique rules, regulations, and licensing requirements, all traditional installment loans fall under the same federal regulations that cover banks and credit unions, including the Truth in Lending Act, which requires detailed disclosures of costs.
No. When it comes to small-dollar loans, a “higher APR” and “high cost” are not the same thing. Because the Federal Truth in Lending Act requires an “annual” percentage rate, APR numbers on small-dollar loans can appear to be high, while the dollar cost in interest for the consumer is actually low. This fact was noted by Jennifer Tescher, Director of the Center for Financial Services Innovation, one of the country’s leading advocacy organizations for the unbanked and under-banked. In her letter to the FDIC concerning the need for protecting and providing small-dollar loans, she writes: “Double-digit interest rates in excess of 36 percent APR can provoke community outrage, yet over the course of a month, what may seem like an overly high interest rate may generate a relatively small cost to the consumer.” This statement is illustrated by considering the difference between a $500 loan with an 18% APR versus a $500 loan with a 69% APR. When paid over a seven-month period under a traditional installment monthly payment plan, the 18% loan carries a monthly payment of $76, compared to a monthly payment of $89 for the 69% loan. The difference is actually only 40 cents a day. The majority of a monthly payment on a traditional consumer installment loan is the repayment of principal. If someone cannot afford an $89 dollar-a-month payment, they most likely cannot afford a $76 dollar-a-month payment. And the ability of the lender to offer the loan often depends on that 40 cents a day.
Shouldn’t we protect consumers by limiting interest rates on traditional installment loans (bad credit loans)?
For small-dollar loans, interest rate limits can actually work against consumers’ best interests, in part because they reduce consumers’ choices. Interest rates are a function of both the size and length of a loan. For example, a 30% rate would be exorbitant for a $200,000, 30-year mortgage, but would not even cover a lender’s costs on a $500 loan for six months.Arguments for across-the-board low rates miss the critical fact that for small-dollar loans, low rates can actually mean that credit becomes unavailable, because lenders simply cannot afford to offer the loans. In addition, loan products like credit cards, which can have relatively low rates compared to traditional installment loans, can often result in a significantly higher cost to the consumer, because credit cards are structured with minimum payments and therefore indefinite terms. Also, if a consumer only needs $500, but the smallest loan a lender can afford to make with a 36% APR is $5,000, the lower rate doesn’t help that consumer. The rate may be lower, but the consumer will have to borrow much more than he needs, pay far more in interest, and will be in debt for much longer. In addition, many consumers may not even qualify for a $5,000 loan. Thus, interest rate limits would deprive borrowers of access to the lowest-cost loans that meet their actual needs. Traditional installment loans are nominally higher-rate loans, but are, in fact, low cost for the consumer. Again, this is because these small-dollar loans are paid in fixed installments of mostly principal over a set period of time. Consumers reasonably want safe, responsible, low cost loans. Traditional installment loans satisfy that desire.
No. Traditional small-dollar installment loans are entirely different loan products, and more like credit union loans or bank mortgages. In addition, they are offered for longer terms and require equal monthly payments of principal and interest, which fully repay the loan at its maturity.Payday loans are short-term loans that are due in either two weeks or one month—the borrower’s payday cycle. Payday loans come with no payment plans, except for the requirement to pay the entire balance, known as a balloon payment, at maturity. This can be difficult for a borrower to manage.Applying for a payday loan does not include a budget review to determine if the borrower has the ability to repay the loan at the two-week or one-month maturity. Instead, to “guarantee” successful repayment of the loan, payday lenders require the consumer to relinquish a postdated check or to authorize the lender to withdraw money from the consumer’s checking account, regardless of the consumer’s financial situation. This may result in substantial overdraft fees for the consumer. Traditional installment loans generally require a loan application, budget review, and a credit check, and are underwritten by the lender to ensure that the monthly payment is affordable in the borrower’s budget. This helps ensure that the consumer can pay off the loan in a responsible and timely manner. TIL lenders never ask the borrower for a postdated check or access to the borrower’s bank account.
No. Because of the “high touch” relationship required in traditional installment loans, there are simply no other options that provide the same service and disciplined, responsible loan repayment terms. Only government subsidies would allow for lower interest rates on this type of loan, and often the difference in cost to the consumer is negligible, while the burden to taxpayers is extreme.
Traditional installment loans require one-on-one service—a process of consideration that ensures that the loan fits the borrower’s budget. Banks rarely provide small-dollar consumer loans because of the significant overhead costs associated with servicing and underwriting installment loans and the relatively small amount of interest dollars earned to cover operating expenses.Recently, the FDIC attempted to encourage banks to explore the possibility of providing small-dollar installment loans through the FDIC’s Small-Dollar Loan Pilot Program. The results from the two-year study, which ended in June of 2010, demonstrated that it was not economically feasible for banks to provide and service these small-dollar installment loans without the support of taxpayer subsidies to cover losses. Even with taxpayer money being used to help cover defaulted loans, the banks’ operational costs could not be met by the relatively small amount of interest dollars earned.The FDIC pilot program was not a financial success. Traditional installment lenders have offered these small-dollar loans effectively and successfully for a century.
While many credit cards certainly have an important role to play, and some carry interest rates lower than most small-dollar installment loans, credit cards are not the best fit for some consumers, as evidenced by the widespread problem of credit card debt. Their minimum-payment terms and the ability to instantly access additional credit can easily trap consumers.Paying minimum monthly payments has become the habit of a large majority of credit card borrowers, greatly increasing the cost of this form of credit. Traditional installment loans are more financially responsible and affordable because of their disciplined repayment schedules.Recent changes in the law require credit card companies to state how long it will take to pay off a balance with minimum payments and the total amount of interest that the consumer will pay. Since credit card terms lack the discipline of the fully amortized repayment schedule required with traditional installment loans, a loan amount that would take one year to repay using an installment loan could take 10 years or more on a lower-rate credit card, at a much greater cost to the consumer.
Borrowing and saving are both useful and financially beneficial. Borrowing allows people to pay for large expenses that would deplete or wipe out their savings if used for that purpose. For example, most Americans could not purchase a car or furniture, pay for college, or even make certain car repairs if they had to pay for it out of savings. Responsible borrowing allows people to meet their needs and goals, as well as emergencies, in a measured way without seriously disrupting their ability to manage their household finances.
No. Traditional installment loans are made only to people who can afford to repay them. The lender carefully examines the consumer’s ability to repay the loan without undue strain on the consumer’s monthly budget. Traditional installment lenders require borrowers to submit a detailed credit application. The lender then underwrites the loan according to established credit standards. The lender reviews the applicant’s credit history and requires verification of income and residency. If the borrower’s current obligations are excessive, or if the borrower has insufficient income, the lender will decline the application. There is no benefit to either the consumer or the loan company to make a loan that a borrower cannot repay.