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Title Loans in Houston Alternative | Yendo Credit Card

Use your car to get credit line of up to $10,000. Perfect credit not required. Apply today, Houston.

What to know about title loans in Houston, TX

What is a title loan?

Houston, if you're considering a title loan, be sure to research and understand what they are, how they work and how much they might cost you.

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.

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.

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

How much do title loans cost?

Compare the cost of a traditional title loan with Yendo:

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Why you should reconsider getting a title loan

5 reasons you shouldn't get a title loan

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

  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.

What's Yendo?

The Yendo Card

A smartphone screen displays a financial app with a card balance of $150 and a notification about a virtual credit card being ready.

Yendo is the first credit card that's backed by the value of your car. 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, depending on your value of your car amongst other factors, that can provide people with access to ongoing funds.

Promotional graphic highlighting quick pre-approval, credit limits up to $10,000, and welcoming all credit scores.

So, rather than re-apply or rollover a title loan, you can access funds up to your credit limit on an ongoing basis and, with responsible usage like on-time payments, build your credit too.

Features & benefits

  • Credit limit - access up to $10,000 in credit
  • App - the Yendo app let's 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. You can continue to use your virtual card even after your physical card arrives as well
  • Cash advances - ability to do cash advances on your card
  • Credit building - with responsible usage, you can not only have access to ongoing credit, but also build your credit for potential future financial options

about

Houston, Texas

All about Houston Houston, Texas is the largest city in the state, and while it's known to be a bustling metropolis, there are plenty of unique and budget-friendly things to do. From visiting the Menil Collection to exploring the Houston Arboretum and Nature Center, there's something for everyone in this vibrant city. One of the most popular activities in Houston is visiting the Menil Collection. This museum is home to a variety of art collections, spanning the 15th century to modern-day. Admission is free, making it a budget-friendly option. For some outdoor adventure, visit the Houston Arboretum and Nature Center. This nature center is a great spot for hiking, with plenty of scenic views along the way. Admission is free, making it a budget-friendly option for some exercise and fresh air. Demographics: Houston has a diverse population, with a mix of different ethnicities and cultures. According to the U.S. Census Bureau, the population of Houston was estimated to be over 2.3 million in 2020, with a median age of 33.8 years. The city has a large Hispanic population, making up over 44% of the total population. African Americans, Asians, and Whites make up 22%, 7%, and 25% of the population, respectively. Economy: Houston's economy is driven by several industries, including energy, healthcare, aerospace, and manufacturing. The city is home to many Fortune 500 companies, including ConocoPhillips, Phillips 66, and Sysco. The Port of Houston is one of the busiest ports in the world and is a major contributor to the city's economy. The Houston metropolitan area has a gross domestic product (GDP) of over $600 billion, making it the fifth-largest metropolitan economy in the United States. Overall, Houston 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 Houston has to offer. If you're looking for a credit card in Houston, we're a great option since we accept all credit scores, don't do a credit check, so we won't hurt it when you apply and can provide you with access to the money you need. Yendo is a real credit card, powered by Mastercard, that's secured with the title of your car. We're transforming the way people access the financial system, to help you when you need it. With responsible usage, on-time payments for example, not only will you have access to the money you might need now, but you'll build your credit score just as with any other credit card. That score can help you get better rates on a house, an apartment or a car and more. There are several reasons why getting a title loan may not be the best financial decision, including: 1. High interest rates: Title loans often have very high interest rates, sometimes exceeding 300% APR (annual percentage rate) - https://www.yendo.com/compare-yendo. This makes them significantly more expensive than other forms of financing, such as personal loans or credit cards. 2. Short repayment terms: Title loans usually can have short repayment terms. This could result in borrowers struggling to repay the loan within the given timeframe, leading to a cycle of debt as they renew or extend the loan. 3. Risk of losing your vehicle: A title loan requires you to use your vehicle title as collateral, which means that if you default on the loan, the lender can repossess and sell your car to recover the debt. 4. Cycle of debt: Due to the high interest rates and at times short repayment terms, many borrowers can find themselves unable to repay the loan in full and are forced to roll over or renew the loan, incurring additional fees and interest. This can lead to a cycle of debt that becomes increasingly difficult to escape. 5. Limited availability: Title loans are not available in all states, as some have banned or heavily regulated them due to the high interest rates and risky nature of the loans. 6. Predatory lending practices: Some title loan lenders engage in predatory lending practices, including offering loans to borrowers who cannot afford to repay them. This can exacerbate financial difficulties for the borrower and increase the likelihood of default. Before considering a title loan, it's essential to explore other financial options, such as personal loans, credit cards, or borrowing from friends and family. If you're facing a financial emergency, consider seeking help from a credit counselor or non-profit financial assistance organization to discuss your options and develop a plan to manage your financial situation.

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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.

Apply today

Access up to $10,000 in credit with Yendo.