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Title Loans or Quick Payday Loan? Which is best?

When you find yourself short on cash and in need of fast cash, two types of loans probably come to my before any others. Those two types are a quick payday loan and a title loan. Each provide easy cash options in your time of need. But which should you choose as your source of cash? You decide.

Title loans offer higher dollar loans than a payday loan, but on the downside the title to your vehicle is used as collateral. As long as you make all of your loan payments on time you are oaky, but if not you risk losing your car. You must have a clean title in order to get the title loan as well. Title loan lenders oftentimes want references but payday loan lenders do not ask you for any. A title loan is repaid over the course of several months. A payday loan is repaid in full on your next payday. Most often this is one week but sometimes it can be two weeks or a month. The loan is considered a short-term loan.

Payday loan lenders love to say yes to their customers. They provide an easy approval process which requires only a checking account and reliable and regular source of income. Both types of loans are available to U.S. residents 18 years of age or older. If you are crunched for time, the payday loan is usually faster approval than a title loan, with cash in hand in under an hour in some cases.

Both a title loan and a payday loan have exciting benefits for you to enjoy when you need cashing a hurry. But, if you do not want to risk your car and want an approval faster without long term commitment, the quick payday loan is your best choice.