The Borrower’s Guide: Choosing The Right Loan Option
When you have several loan options – like a title loan, payday loan, or installment loan – it could be difficult to know which one of the three can help you the most. Well, we here at Texas Car Title and Payday Loan Services, Inc. can help you decide between our three loans.
There are quite a few similarities, but also key differences between the three, and if you’re thinking of taking one out, it’s important to understand them. Keep reading this article to let us help you make your decision easy.
How Do You Choose Between Our Three Loans?
Payday loans are a loan that helps you while you are waiting for your next paycheck to come in. The way a payday loan works is it bridges the gap between pay periods when you need money.
It's based on your salary and is repaid promptly, usually on the next pay cycle, rather than over a longer period of time. To get a payday loan, you will need to present some required items to us at the nearest store. The good thing is all you need to bring in is the following:
- Your state-issued ID or driver’s license.
- A blank check to a checking account in your name.
- Your most recent pay stub as proof of your income.
If you have all of these things, fill in our online form, organize to come to one of our handy locations, and we will check if you are eligible for a loan. You can borrow up to $1,200 with our payday loans, representing a pretty significant sum of money, which will allow you to deal with any urgent expenses you may have. It doesn’t take long to complete our process, and if you’re eligible, we send the money the same day or the next business day.
Installment loans are not repaid as fast as payday loans, meaning that you can get an installment loan today if you’d like a longer loan repayment period. You will still be using your proof of income to help us assess your eligibility, but your credit is more important with an installment loan, which means we will check your credit before we can determine if you qualify. You need similar required items to see if you can get this loan, including:
- Your state-issued ID or driver’s license.
- Your most recent pay stub.
- A blank banking statement from an active account in your name.
If you have all of these things, you can get in touch, and we’ll be glad to check your eligibility for this kind of loan. Again, you will have to gather up all of your items and head to the nearest store to find out if you can get this loan.
An installment loan can provide you up to $1,500, so it can be preferable if you need a bit more money and a payday loan isn’t going to be sufficient. It is also a good option if you can’t provide us with the collateral needed for a title loan.
A title loan uses your car’s lien-free title as collateral to secure the money. The way a title loan works is you must have your car paid off and the title free of any loans and in your name, before you can see if you qualify for approval.
This means that your source of income isn’t as important – meaning you can still get this loan if you are unemployed and are using some other source of income. With this loan, you can qualify to get the highest amount of the three loans – up to $15,000. All you need is:
- Your driver’s license or state-issued photo ID.
- The car for a quick inspection.
- Your lien-free title in your name.
- Proof of your income.
Once you have all of these items, we can tell you if you qualify for approval. Now, unlike the other two loans, we must inspect your vehicle before we can make any decisions.
Also unlike the others, you don’t have to come to the nearest store location just to find out if you qualify for approval. In fact, we can schedule to meet you anywhere you choose to do the vehicle inspection and finish the loan process.
Which Loan Is Right?
Choosing which of these loans is right for you may be challenging. There are a few key differences that should help you out – with one of the biggest being the repayment time that would suit you.
The amount of money you need to borrow may also have an impact on what you get. If you’re in need of a bigger loan, getting a title loan might be the option for you. If you only need a few hundred dollars, a payday loan or an installment loan might be better options.
Finally, it’s important to consider your credit rating, because installment loans are more dependent on your credit score than the other two loans. Either way, whichever loan you go for can get you quick money and the process is simple.
Get Started Today
Whether you’ve made your decision or you’re still deciding between a title loan, payday loan, or an installment loan, we here at Texas Title and Payday Loan Services, Inc. will be able to assist you. These loans are suitable for different circumstances and may attract different individuals, but they are all options we offer to our customers, and they can help if you’ve got urgent bills to pay.
Hopefully, you now have enough information to decide which kind of loan is right for you, but if you’re still struggling, you may want to get in touch with us. Our agents can give you more details about the three loan options, making it easier for you to come to a decision and move forward. You’ll then be able to fill out the online form to begin our simple process as soon as possible!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.