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Payday Loans VS Title Loans

Which is better?

There's nothing better than fast pre-approval and instant cash. Guess which loan option provides both? Car title loans, and you qualify solely based on your paid-off car title. You don't have to explain your credit history or your current employment status. It doesn't matter how much you take home in a paycheck. All that matter is you own your car, and you can use it as leverage when hammering out loan benefits.

Now, we're not completely knocking payday loans. It's a useful tool to be able to get cash based on the fact that you are employed and bring home a certain amount of money every week or month. However, there's a few situations that specifically require a lending option with a bit more flexibility.

What if you were just laid off from your job? You shouldn't be completely disqualified from a loan due to that fact. It's not your fault the economy is tanking. Title loans online offer approval even for the unemployed. What if you need more money than a payday loan can provide? Car title loans give you top dollar for your car title - as much as your car is currently worth. Here's a hint: it's probably more than your most recent paycheck.

Are Payday Loan Interest Rates the Lowest They Can Go?

Now let's talk interest rates. What can you expect from a payday lender? Well, depending on how your credit history has fared in the past, you could be looking at rates that would make your loan payment skyrocket if you don't pay it back as soon as possible - like a few weeks.

But since car title loans have security built in in the form of your lien-free car title, you're guaranteed a much lower, more manageable interest rate that won't change over time. You can pay the same low monthly amount of interest for the entire length of the loan.

Do Car Title Loans Offer More Flexibility?

Speaking of loan repayment lengths...car title loans have many different payment options. If you know you're coming into a windfall of cash and desire a short repayment cycle, it's possible to get one, but more popularly, many clients typically opt for an extended repayment option. You can take a long period of time - up to a couple of years - to repay the cash. Lenders appreciate your character and hard work ethics, as evidenced by your paid off car, so they're comfortable writing up loan terms that allow you maximum flexibility in monthly repayments. You definitely can't say the same about payday loans.

To get a car title loan, you only need the following:

  1. A lien-free, paid-off vehicle that you own free and clear
  2. A government-issued ID
  3. Proof of income - if you have it
  4. A few references

From beginning to end, you will have a helpful team working with you step by step if you decide to get a car title loan. Why not start with a simple phone call? Give our specialists a ring and let us know what we can do to make sure your financial needs are taken care of - we're here to serve you.



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