August 06, 2019People often find themselves in serious financial situations. There are many reasons this can happen. Unexpected expenses of all kinds, including medical expenses, bills, or even something situational, such as a temporary layoff, can put you in a financial bind. When this happens, having some money tucked away in the bank can help you get through the crisis. Unfortunately, many Americans live paycheck to paycheck and don't have the savings set aside to get them through difficult situations. Many of those same Americans either don't have the time it takes to go through a traditional lender when they need a loan, or they don't have the credit many traditional lenders require. This makes using alternative loan methods a great idea for so many Americans in financial crisis.
Two Popular Loan AlternativesPayday loan is a term we've heard for decades. Payday loans are often the go-to loans when you find yourself in need of money and unable to get a traditional loan. The payday loan looks like a good alternative on the surface and is used by many consumers who need to get money fast.
Differences Between Auto Title Loans and Payday LoansPayday loan companies lend you money for the length of a pay period, whether that is one week, two weeks, or a month. The payday loan is expected to be paid off at the end of that pay period, hence the name "payday loan." This is a loan meant to get you from one pay check to another. If the payday loan cannot be paid off at the end of the term you will need to pay it off and take the loan out again. Either way, the payday loan has to be settled. Something else to remember when you are dealing with payday loans is the interest rates. Due to the nature of these loans, interest rates need to be high and they can make it difficult to pay off the loan, which is why so many consumers continue to take these loans out time after time. Unfortunately, most payday loan companies are not that flexible. Sure, there's no credit check, but you will have a bit of trouble finding a payday loan that will work with customers to find a loan tailored to their needs and to their ability to pay back the loan. With a payday loan, it's easy to get caught up in a vicious cycle of taking out the loan, paying it off, and taking it out again. A payday loan is basically like getting an advance on your paycheck time after time.
TitleSmart is the Smart ChoiceThere's no better way to get money fast than with TitleSmart. All you need is your original vehicle title, a government-issued I.D. a car title that's free and clear of any liens, proof of residence (utility bill, cable bill, or credit card statement), proof of insurance, proof of income or proof of your ability to pay the loan back, a few personal references, photos of the vehicle, and photos of VIN and odometer. That's all there is to it. We can assess your car quickly to determine your loan amount, then have your loan in hand the same day. The good news is, you don't even need to leave your car with us.