Unsecured Loan vs Secured Loan


 Key Takeaways

  • Secured loans require collateral and include the following: secured auto loans, secured pawn shop loans etc.
  • For those with lower credit, secured loans may be easier to qualify for. Because collateral is needed for approval, secured loans come with lower interest rates and increased loan amounts.
  • Unsecured loans include credit cards, lines of credit, unsecured personal loans, and federal and private student loans.

Interested in a Secured Car Title Loan? Learn More | Inquire Now


• Fast Cash Today • Any Car, Any Year • High Approval Rates • Past Bankruptcies & Bad Credit OK • You Can Keep Driving Your Car •

pile of cash for a car title loan

What are Unsecured and Secured Loans?

Secured loans require collateral, with the amount based on the asset’s value. For instance, car title loans are secured based on how much the vehicle is worth. Unsecured loans, however, do not require an asset to back up the loan and give the lender confidence that it will be paid back.

For that reason, secured and unsecured loans differ greatly.

At Auto Money, we provide car title loans in about 24 hours, making it quick and easy to get the cash you need. In fact, some customers get their money the same day, depending on when they reached out and how quickly they completed their paperwork.

Here at Auto Money, our financing specialists understand that financial emergencies can be an enormous burden – on your budget and on your family. That’s why we work hard to get you approved, no matter your credit score!

Should I Apply for a Secured Title Loan? Or an Unsecured Loan?

If the following apply, we recommend applying for a secured loan:

  • You have fair or bad credit.
  • You have an asset to provide as collateral.
  • You want the lowest interest rate available.
  • You want a larger loan amount or longer loan term.

Consider an unsecured loan if you meet these criteria:

  • You have good or excellent credit.
  • You don’t have an asset to provide as collateral.
  • You don’t need a high loan amount.

Interested in a Secured Car Title Loan? Learn More | Inquire Now

What to Know Before You Take Out a Loan

As a general rule of thumb, we recommend borrowing the amount you need – and most importantly, planning out how you will pay it back. Make sure you feel comfortable with the loan terms, including the interest rate and repayment time frame. Undoubtedly, these loans are great options when life emergencies happen – offering you the funds needed to handle your financial needs in a timely manner.

What Should I Bring When I Apply?


If you have a title loan or title pawn with another company, Auto Money may pay it off at a lower interest rate!


happy customer applying for a secured car title loan, shaking hands with title loan agent


How Do Secured Loans Work?
Secured loans are backed by collateral, like a car or investment account, to get a lower rate or higher loan amount. And the best part, you can keep your vehicle during the duration of the loan.

What to Know About Secured Loans

Qualification Process
Secured personal loans can be easier to qualify for than unsecured loans. To determine your creditworthiness, the lender considers your credit score (good, fair, and bad credit often accepted), income, financial history, and debts. Adding collateral to the equation may add confidence, increasing your odds of getting approved.

Compared to unsecured rates, secured loans often have lower annual percentage rates. Rates are based on the same factors used for qualification, including the value of your collateral. For example, when financing a new vehicle, its value is used to determine your rate. 

Secured personal loans are usually repaid in fixed, monthly installments over a few years. They may have variable rates, meaning that the amount of your monthly payments may change.

At Auto Money, we offer same day loans for a 30-day loan period when life emergencies can’t wait, and you need cash in your hands now.

Where Can I Apply?
At Auto Money, we offer up to $20,000* for a lien-free car or motorcycle. The process is quick and easy, starting with a quick visit to one of our office locations! Just stop by with your government-issued I.D. and lien-free vehicle, and you can receive same-day cash! Check out our store locator to find the office closest to you or inquire about title loans now!

Examples of Secured Loans

  • Auto loan
  • Boat loan
  • RV Loan

Interested in a Secured Car Title Loan? Learn More | Inquire Now


How Do Unsecured Loans Work?
Because unsecured loans don’t require collateral, approval is based on your credit. After a credit check, some borrowers may need to pay more interest than they would with a secured loan.

What to Know About Unsecured Loans

Qualification Process
Borrowers with good or excellent credit (690 or higher FICO) have the highest chance of qualifying for an unsecured loan. Lenders qualify borrowers based on credit score, history, and debt-to-income ratio. Some even use other data, like education level and place of residence.

In most cases, unsecured loans have fixed rates between 6% and 36%. The most qualified borrowers get the lowest APR, while borrowers with fair or bad credit scores (689 or lower FICO) make pay higher rates.

Unsecured loans are repaid in fixed, monthly installments, usually over a loan term of two to seven years.

Examples of Unsecured Loans

  • Credit cards
  • Personal (signature) loans
  • Student loans
  • Home improvement loans


• Fast Cash Today • Any Car, Any Year • High Approval Rates • Past Bankruptcies & Bad Credit OK • You Can Keep Driving Your Car •

happy family driving on road


  • A lien-free car title is used as collateral for the loan, making them less risky and easier to get approved for. 
  • Borrows often enjoy lower interest rates— a great benefit!
  • Car title loans are a good option for those without more significant assets, like a home.
  • Unlike traditional lenders, Auto Money will give you a fast cash loan based on your car’s title and ability to repay the loan. Good, fair, and bad credit check accepted!

Car title loans are secured loans guaranteed by car titles, often with a larger loan amount and more comfortable repayment terms. As compared to unsecured loans, car title loans have lower interest rates as well.

Car title loans also allow you to use the value of your vehicle to get approved for fast cash. Your monthly income and budget will be considered when determining the best option for you. We’re here to help!

That’s right, Auto Money’s car title loans provide the funds you need easily and efficiently. Get approved for up to $20,000* so you can face the future with confidence.

If you already have a title loan through another company, no problem! We can still help, so contact Auto Money today to find out what we can do for you! We may be able to buy out your title loan, offering more affordable payments than other lenders. Plus, you can keep your vehicle and refinance to possibly lower your payments and secure more favorable rates.

Because we understand that emergencies can occur at any moment, our team remains ready to serve our valued customers six days a week! And don’t forget to ask about the $50* you can earn through our Auto Money Referral Program

Interested in a Secured Car Title Loan? Learn More | Inquire Now


If you have a title loan or title pawn with another company, Auto Money may pay it off at a lower interest rate!



Ashley W.

Amazing customer service and very sweet employees. They helped me through the process for the first time and was able to get me as much as they could so great full to them.

Lakisha S.

I came in asking for a certain amount & they met that price. Very nice, very professional. Even gave my children a snack. Highly recommend them. 

Shannon B.

Great service! Appreciate Amanda for all her help!

Zackary L.

Great crew, great people. Wish I could give 10 stars!

Donte H.

I came in when the store was about to close, but the ladies at the store stayed after their shift and assisted us with such kindness. They were very courteous. Please go see them at the north main location.

Brittney A.

Amazing customer service. Made me feel right at home. Easy to communicate with and Shaina is the BEST and QUICKEST to go to. In and out in about 45 mins.

Stanton M.

Good people to do business with.


Shatasia S.

Only place I will ever come and get a title loan. Quick, Easy and Honest.


• Fast Cash Today • Any Car, Any Year • High Approval Rates • Past Bankruptcies & Bad Credit OK • You Can Keep Driving Your Car •

Title Loans in South Carolina

A title loan is a quick and easy way to get the cash you need, using your vehicle’s title for collateral instead of your credit score. The amount will be determined by our expert appraisers. Auto Money offers competitive interest rates and gives you the most money for your title with instant approval. And the best part is, you get to keep driving your vehicle!

SC Consumer Loans: Your Rights and Responsibilities

Disclaimer: This is a high interest loan. You should go to another source if you have the ability to borrow at a lower rate of interest. You are placing your vehicle at risk if you default on this loan.

Title Pawns in Georgia

A title pawn is a quick and easy way to get the cash you need, using your vehicle’s title as collateral towards borrowing money. At our Georgia Auto Money stores, you have 30 days to repay the title pawn. If you are unable to pay off the balance within 30 days, Auto Money’s professional and courteous staff is available to discuss repayment options with you.

Title Loans in North Carolina

Disclaimer: At Auto Money, we uphold all federal and state laws related to Title Loans. Title loan transactions are prohibited within the state of North Carolina.

Disclosure: This website is a solicitation for an auto title loan or pawn. This solicitation is not a unilateral contract or a guaranteed offer. All title loans and title pawns and the amount of the title loans or title pawns are subject to Auto Money’s approval that is contingent on several underwriting factors such as a completed loan or pawn application, your employment status, monthly income, and a vehicle evaluation.

* $20,000 instant approval loan or pawn amount is the maximum an applicant can receive. Actual amount of title loan or title pawn is subject to vehicle appraisal by an Auto Money employee and a complete application is required to be submitted and approved in-person by the party requesting a title loan or title pawn. Certain limitations apply. All title loans or title pawns issued by Auto Money are subject to the customer's ability to repay the title loan or title pawn.

** www.automoneytitle.com is not an online lender. Applications are not processed or approved online. Personal information other than resumes that you submit to this website is an inquiry to receive more information regarding a title loan or title pawn from Auto Money. Any information you submit to this website will be forwarded to the Auto Money office closest to the ZIP code you have provided for the purposes of contacting you about a title loan or title pawn. Once your information is received and processed, you will be contacted by an Auto Money representative. Submitting your application is an agreement to be contacted by a member of our staff.

To see more of our Terms & Conditions, click here. For any further details, speak with us directly in-store