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Austin

Title Loans in Austin TX Alternative

Use your car in Austin to get up to $10,000 in credit. Perfect credit not required.
In this article
Key Takeaways About Title Loans in Austin, TX
Why you should reconsider getting a title loan in Austin, TX
What's Yendo?

Key Takeaways About Title Loans in Austin, TX

What is a title loan?

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Austin, if you're considering a title loan, perhaps even TitleMax, be sure to research and understand what they are, how they work and how much they might cost you. Here is a guide to help you understand this space before you hop onto I-35 and head to a brick and mortar title loan shop.

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Title loans are often short-term, mostly high-interest rate lending sometimes used by individuals needing immediate cash for unforeseen situations. The distinguishing feature of this loan type is its dependency on the borrower's car as collateral. The lender is legally entitled to take possession of the borrower's vehicle if the loan isn't repaid. To obtain a title loan, an applicant generally needs to go through a process that requires them to provide their car title, identity proof, and proof of income.

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After this, the lender evaluates the car's market value to determine the loan amount, generally a proportion of the car's total value. Title loans carry high-interest rates, making them a costly borrowing option. Furthermore, these loans come with substantial risks due to their collateral nature—the borrower's vehicle could be taken if they fail to make timely payments. This risk should be balanced against the urgent need for cash.

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Thus, title loans should be used with caution and seen as a last-ditch option.

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How much do title loans cost?

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If you're considering a title loan, you should consider the cost of getting one. Here is a brief overview of how Yendo compares to a title loan:

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Title and Payday Loan information in the Comparison tabled is based on the following CFPB Reports (1)(2)

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Why you should reconsider getting a title loan in Austin, TX

5 reasons you shouldn't get a title loan

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You might be looking for options for a quick loan. Perhaps you're considering TitleMax in Austin. Here are 5 reasons to reconsider that option:

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  1. High-Interest Rates: Title loans are known for their exorbitant interest rates, which can often lead to borrowers paying much more than they originally borrowed. [1]
  2. Predatory Lending Practices: Some title loan companies are known for their predatory practices, including misleading terms and hidden fees. [2]
  3. Debt Trap: Due to the high interest rates and short repayment periods, many people struggle to repay their loan in full. This can lead to a cycle of taking out more loans to pay off the original one, creating a debt trap that can be difficult to escape. [3]
  4. Negative Impact on Credit Score: While some lenders might not check your credit score before issuing a title loan, failing to pay it back could negatively affect your credit score. [4]
  5. Expensive Solution for Temporary Problem: While a title loan might seem like a good solution for immediate financial needs, the long-term costs can far outweigh the immediate benefits. Other options, such as personal loans, credit card cash advances, or even borrowing from friends or family, may be less expensive in the long run.

Sources

What's Yendo?

The Yendo Card

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Yendo is the first credit card that's backed by the value of your car.

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The card can provide access to credit for those who might not be able to qualify for other credit cards. It's a real credit card, powered by Mastercard, that provides credit limits from $450 - $10,000.

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The card provides on-going access to money, so you don't need to re-apply, cash advances are available in case you need fast access and the card can be used anywhere Mastercard is accepted. Perfect credit is not required.

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Features & benefits

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  • Credit limit - access up to $10k in credit
  • App - the Yendo app lets you manage your account, wherever you are
  • Virtual card - access a portion of your credit limit prior to getting your physical card in the mail with the Yendo virtual card. Use your virtual card in addition to your physical card
  • Cash advances - ability to do cash advances on your card if you need to access money quickly
  • Access to revolving credit – you’ll have a revolving line of credit that opens up as you make payments‍
  • Credit reporting – all your account activity will be reported to the credit bureaus, giving you the perfect opportunity to build your credit

about

Austin, Texas

Austin, Texas is the capital city of the state, offering plenty of unique and budget-friendly things to do. From visiting the Texas State Capitol to exploring the Zilker Metropolitan Park, there's something for everyone in this diverse city.One of the most popular activities in Austin is visiting the University of Texas at Austin. This university is home to a variety of historic and cultural landmarks, including the UT Tower and the Harry Ransom Center. Admission is free, making it a budget-friendly option.For some outdoor adventure, visit the Town Lake Hike and Bike Trail. This trail is a great spot for hiking, biking, and running, with plenty of scenic views along the way. It's free to access, making it a budget-friendly option for some exercise and fresh air.If you're looking for some relaxation, the Zilker Park is a great spot to lay out a blanket and enjoy the scenery. The park features a variety of hiking and biking trails, as well as a pond and plenty of green space. It's a perfect spot for a picnic or a leisurely walk.For a unique dining experience, check out the Austin Farmers Market. This market is home to a variety of vendors selling a wide range of items, including fresh produce, handmade crafts, and other goods. It's a great place to find unique and affordable items.For some retail therapy, visit the Austin Antique Mall. This mall is home to a variety of antique and vintage items, ranging from furniture to collectibles. It's a great place to find unique and affordable items.Overall, Austin has something for everyone, and there are plenty of unique and budget-friendly options to enjoy. So the next time you're in town, be sure to check out these activities and more. In addition to all these budget-friendly options, using the Yendo Vehicle Secured Credit Card is a great way to build your credit while exploring all that Austin has to offer.

See why our customers love us!

* Real Yendo customers were compensated for their honest review of Yendo

"Yendo was quick and easy.I recommend Yendo to anyone who will listen. I'd say at least try the process. You'd be very happy.”*

Mela M.
Avondale, AZ

"If you're looking for that credit that you've not been able to come up with, Yendo is probably exactly what you're looking for."*

James S.
Dayton, OH

"I heard about Yendo through a friend from the start through the application process, through the funding was very quick and very pain free."*

David T.
Cardiff by the Sea, CA
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FAQs

Does Yendo build my credit?
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With responsible usage, Yendo can help build your credit. We report to Experian, Equifax and TransUnion.

What will my credit line be?
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Yendo Credit Cards have credit limits ranging from $450 up to $10,000. Your credit line depends on the make, model, mileage, and condition of your vehicle in addition to your ability to repay.

How many days do I have to repay?
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You have 25 days after the end of your monthly statement to make a payment. You can make payments at anytime, and you will need to make a minimum payment of 1% of your statement balance or $50 (the greater of). We're here to help, so if you do need assistance making your minimum monthly payment, please give us a call.

Can I get approved even if I have bad credit or no credit?
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You can get approved as long as you meet Yendo’s other approval criteria. Our mission is to offer affordable credit access to everyone.

How soon can I get my credit card?
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Most Yendo cardholders have access to their virtual credit card within an hour of completing their application and mailing their title. The virtual card can be used online or with Apple, Google, or Samsung pay. A physical card will be mailed to you and typically arrives in 3-7 days.'

If I miss a payment, do I lose my car?
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We will always work with you to try to establish a plan that works with your situation. However, as a lienholder, we can exercise our right to recover an outstanding balance, but this is our last option. Keep in mind that with Yendo, your minimum monthly payment can be more affordable compared to other alternatives like title loans.

If I sign up, when and how do I get my title back?
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You can get your title back at any time by paying off your balance and giving us a call to close your account. Once we verify that your balance is $0, Yendo will close your account and remove its lien from your title. We will then release the title to you within 10 days of payoff - please note that there may be some situations outside of Yendo's control, such as DMV processing timelines, that could extend this timeframe. Or you can keep your account open with a $0 balance and pay no interest, so you can have continued access to your credit card when or if you wish to use it.

What are my payment terms?
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While your official due date is 25 days after receipt of your previous monthly statement, you can pay off all or a portion of your balance in advance at any time. The best part? If you pay your statement balance on or before the due date every month, you’ll pay zero interest on purchases. In the event you don’t pay off your full balance, our minimum payment is 1% of your principal balance or $50, whichever is greater. Please note if you have interest or fees charged to your account, these will be added to your minimum payment due.

What is overlimit?
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If your balance exceeds your credit limit, your account is overlimit. You will need to make a payment that brings your balance below your credit limit and make at least a minimum payment to unblock your card.

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