couple applying for loan online

What’s The Difference Between Title Loans And Installment Loans In South Carolina

If you’re looking for relief while you’re dealing with a financial emergency, both title loans and installment loans share many benefits in South Carolina. They both provide short-term help for short-term financial difficulties, such as an emergency room bill, an expensive home or car repair, or having to pay for emergency travel at the last minute.

At Carolina Title Loans, Inc., both title loans SC and installment loans in SC are easy to obtain, with very few requirements. Both can take as little as 30 minutes to qualify and you can start the procedure for both online.

You also are welcome to come in even if you have poor credit and we do not report to credit agencies at all. And with both loans, you can either get the money on the same day or the next bank business day. There are, however, a few differences between the two loans that are important to know if you decide to pursue the process.

One key difference is you have to come into the store to finish the installment loan process, but you don’t have to come into the store to finish the title loans process. Here are some other differences of each to consider when seeking a loan.

Key Differences Between Title Loans And Installment Loans

The Amount You May Receive

Title loans through Carolina Title Loans, Inc. potentially offer you a larger loan than installment loans. With a title loan, you can qualify for up to up to $15,000 – which is dependent on the condition of your car and other factors. With an installment loan, you can qualify for anything between $601 and $1,500.

Title Loans Can Take A Little Bit Longer

While both title loans and installment loans often can take as little as 30 minutes to qualify for, from beginning to end, there’s a chance title loans may take just a tiny bit longer because of the required inspection. This inspection quickly evaluates the condition of your car and is a factor in the amount of a title loan you may qualify for.

Some Of The Qualifications Are Different

A few required items overlap between title loans and installment loans. You have to be at least 18 years old to qualify for both, and you’ll need a driver’s license or a form of state-issued identification to prove your age.

What are the big differences? Title loans, which use your car’s title as collateral for a loan, require your vehicle for inspection and that you have a lien-free title in your name to your vehicle. That means you are no longer making payments on your car and there are no outstanding loans or judgments against it.

For a signature installment loan at Carolina Title Loans, Inc., a form of collateral is not required. You will need to provide a statement from an open checking account in your name, as well as a recent pay stub to act as your proof of income. Both are not required for a title loan. Employment is also not needed for title loans in South Carolina.

Additional Aspects Vary

While installment loans require an active checking account in your name, there is some flexibility with title loans at Carolina Title Loans, Inc. to get through the process. To qualify for title loans, there can be another name on your title. If the word “and” is between two names – your name and someone else’s – on a title, both you and the other person need to sign off on a loan. If the word “or” is used between the names, either you or the other person can take out a title loan.


woman in chair researching installment loans and title loans in South Carolina on her laptop


The Title Loans And Installment Loans Process

We make both loan processes easy at Carolina Title Loans, Inc. because we make sure our process is both simple and convenient. Here is a quick breakdown of what to expect with either process:

  1. Start the process online for either loan by filling out the associated online forms on our website. This is so that we can get your contact information to give you a call. Your information is kept completely confidential.
  2. A loan representative will call you soon after submitting the form. They will talk about the required materials and can answer any questions you have about the loans. They will also set up the meeting for you.
  3. Either search for ‘auto title loans near me’ or set up a place and time for a loan representative to meet you for a title loan. For an installment loan, you have to come into the store. Be sure to bring the required materials for the loan you’re pursuing.
  4. For each type of loan, your required materials will be reviewed – and for title loans, your car will be inspected in about 5 minutes. The loan representative will assess your information and determine if you qualify for approval.
  5. If you are approved for either loan, we will go over the loan terms and have you finish the paperwork. Once the paperwork is complete, you will get the cash for either loan either the same day or the next bank business day.

Get Started Today

Title loans and installment loans are both options for overcoming any financial emergency quickly and easily. Simply start the process on our website, give us a call, or visit one of our locations most convenient to you today. We’re always here to help.


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

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.