Not exactly. Actually, people with a regular income of any kind, such as social security disability, workman’s compensation payments, unemployment benefits as well as income from a regular job can get a title loan. In most cases these applicants would not qualify for an installment or payday loan. Besides, a Payday loan has a maximum limit – usually around $1,000 to $2.000. An auto title loan is based on the amount that your vehicle is worth and can be significantly more. Finally, Payday loan contracts are written so that you have to pay the entire loan back the next time you get paid. If you fail to pay the contract off in full, there are additional fees and interest rates added on until you eventually are in a trap and cannot pay it back. Car title loans have specific payment plans with a set interest rate that is mentioned in your contract.