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Is an Auto Title Loan Better than a Payday loan?

August 06, 2019

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People 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.

Auto TItle Loans

Two Popular Loan Alternatives

Payday 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.

Another popular loan option is the auto title loan. While a lot of consumers lump the auto title loan and the payday loan together, they are two different types of loans altogether. An auto title loan is a loan you secure by using the equity in your vehicle. Both types of loans are easier and quicker for consumers to get than traditional loans, but there are some distinct differences that make an auto title loan better than a payday loan.

Differences Between Auto Title Loans and Payday Loans

Payday 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.

Payday Loans
An auto title loan, also known as a car title loan, is an entirely different way to get the money you need when you need it. Is an auto title loan better than a a payday loan? Absolutely. There are several differences between a payday loan and an auto title loan that make auto title loans a better choice. Most importantly, auto title loan companies use the equity in your vehicle to secure a loan. The amount of loan is based on the value of your car. You don't even need to leave your car with an auto title loan company to get your loan either, which means you can continue to drive it while you have the loan out. This makes it easy to continue to get back and forth to work and do the other things you need to do on a day to day basis.

Another big advantage of a car title loan over a payday loan is that interest rates for auto title loans are typically lower than payday loan interest rates. That's because the length of the auto title loan is longer than payday loans. This is great because you can pay the loan off over a period of time rather than on payday. This makes auto title loans less stressful than payday loans. You can get on with your life and not spend time worrying about whether you can pay your loan off on pay day. When there is a financial crisis, chances are good you won't be in a position to immediately pay back a lump sum, like you would have to do with a payday loan. With an auto title loan, you have more time to pay off the loan. This means you can make payments on the loan over time, letting you pay the loan off in a more convenient and reasonable manner.

Interest Rates for Payday Loan

TitleSmart is the Smart Choice

There'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.

At Title Smart, we value our customers and work hard to get you the money you need fast. Our auto title loan experts work with our customers to get them a loan based on their individual needs and circumstances. Our loan experts understand your needs, so when you visit us, you can expect service above and beyond other companies. We put value on giving our customers the highest level of customer service possible and the best auto title loan experience anywhere.

Are you in need of a loan fast? Come visit TitleSmart. We will assess your vehicle and get you a loan within 30 minutes in most cases. When you are in need of a car title loan in Florida, TitleSmart is the car title loan company you've been looking for. Don't let a financial crunch get you down. We're here to help. Fill out the form on our web site or give us a call at (954) 404-7306.

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TitleSmart INC makes use of the phrase "Auto Title Loans" for the sole purpose of advertising. We provide auto equity loans. TitleSmart INC is licensed under the "Florida Consumer Finance Act" under Florida Statute 516. For this reason, lender's loans are exempt from licensing requirements under the "Florida Title Loan Act." This lender's approval of loan is based on the consumer's ability to repay the loan and the condition of the vehicle being used to acquire the loan.

Fees: $89.00 Lien Fee, $25.00 Application Fee, and a Document Stamp Tax which changes according to the amount of the loan. The fees are built into the life of the loan. APR: Annual interest rate ranges from 18% to 30%, depending upon current market.

Repayment: Our convenient payment options are designed to fit the consumer's ability to repay a loan. Those options currently range from 6 months to 24 months.

The table below represents an example of the overall cost of a loan. If you have questions or need further information, we are always happy to be of assistance. We want you to fully understand the terms and cost of your loan before you get one.

Loan Amount$1,000$6,000
Interest Rate(APR) 30% - $214.7318% -$733.25
Lien Holder
(One Time Fee)
$89$89
Application
(One Time Fee)
$25.00$25.00
Doc Stamps
(One Time Fee)
3.8321.33
Term 12 months 14 months
Monthly Payment$109.40$489.24
Total of Payments$1,312.81$6,849.33
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