I am trying to figure out the difference between the two, as I live in AZ and payday loans are no longer legal so they have title loans and registration loans. I don't understand what the difference is. My husband and I have 5 registration loans total, there is nothing on my title that shows any of them as a lein holder other than the finance company I got my car from, my question is what will happen if we don't pay? We can't afford it as I am off work due to illness and with the cost of my meds and now no insurance we can't afford the payments any more.