Is A Payday Loan Or Title Loan A Better Option For Your Finances?

Are you struggling with your finances and looking for the right option to help you out? Well, here at Texas Car Title and Payday Loan Services, Inc. we offer you the chance to get a title loan or getting a payday loan online.

Either of these loans can help you quickly when it comes to handling your emergency expenses. But which one works best? Well, there are certain things you need to know about each loan in order to choose the right one for your situation. Keep reading to learn more.

Here Are The Differences Between Title Loans And Payday Loans

Which Option Is Better For You?

Both title loans and payday loans are designed to help you with emergency expenses, but it is worth being aware of the major differences between them to know which loan you should choose in certain situations. A title loan requires you to have collateral, but you can borrow significantly more money if you are successful in getting one. We offer as much as $15,000 for title loans, which can be suitable for bigger emergencies such as medical bills or emergency home repairs.

A payday loan doesn’t require any collateral, but you can only borrow as much as $1,200 with one. We base how much you can get on your income and ability to repay. Since it’s a smaller amount, you could use this for smaller emergencies like late utility bills or late rent or mortgage payments. Either way, both loans will be paid to you in a short period if you are successful. If you need money urgently, either option could be suitable for your needs.

What Do You Need For A Title Loan?

If you’re thinking of getting a title loan, it’s important to understand how this works and what you will need in order to be eligible. With this loan, you are using your vehicle’s lien-free title as collateral for the money.

This means you will need the title for the vehicle registered in your name. If you don’t currently have the vehicle registered in your name, you will need to get this sorted with the DMV before you can start the process of getting a title loan.

It’s important to note too that the title must be lien-free (have no other existing debts on it). The next thing you need is a suitable vehicle. This means you’ll need either a car, pickup truck, SUV, or a minivan.

While we won’t keep your vehicle, you’ll need to have it for an inspection by our title loan representatives. Last of all, you’ll need proof of income such as your most recent pay stub and your state-issued photo ID or your driver’s license.

What Do You Need For A Payday Loan?

In contrast, a payday loan doesn’t require you to have any collateral and it this loan helps bridge the gap between pay periods when you need to handle an emergency right away. While we don’t require collateral, we still require you to have your state-issued identification or driver’s license. And since we look at your income to determine if you qualify, you’ll need your most recent pay stub. Lastly, you’ll need a blank check from an active checking account in your name.

How Do You Get Either Loan?

If you’re interested in getting either a title loan or a payday loan, you can learn about both options from Texas Car Title and Payday Loan Services, Inc. by filling in our online form and getting in touch with one of our agents, who will guide you through the rest of the process. Whether you settle on a title loan or a payday loan, our services are quick and straightforward, and you can complete the whole process in very little time, even if you don’t have a great credit rating.

But while our processes for either loan are simple, they are slightly different. If you want a title loan, remember that you need to meet with one of our loan representatives so that they can inspect your vehicle and assess your title. This meeting can happen at one of our stores – which we have locations all throughout Texas. If you are getting a payday loan, you will need to come to the nearest store with your required items to finish the process.

Get The Loan You Need Right Now

Whether you choose a title loan or a payday loan, we here at Texas Car Title and Payday Loan Services, Inc. are here to help you. By now, you should be able to choose which loan will help you the most for your specific situation.

So, don’t struggle with your finances alone when you have these loans as options. Whether you choose a title loan or a payday loan, we will help you out. So don’t wait and go fill out the online application for either loan right now.

 

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