Should I Get Payday Loans Or Title Loans In Las Vegas, NV?
When facing a financial emergency, you may wish to seek a fast cash loan to get the emergency cash you need to pay for urgent expenses. However, you can choose from many types of emergency cash loans, such as payday loans and title loans, available in Nevada.
This guide from Nevada Title and Payday Loans, Inc. will explain the differences between payday loans and title loans in Las Vegas. We will give you the necessary details to choose payday loans vs title loans in Las Vegas for your financial emergency.
Payday Loans Vs. Title Loans In Las Vegas
At Nevada Title and Payday Loans, Inc., we offer borrowers the choice between payday loans and title loans. While these emergency cash loans have similarities, especially in the speedy process of getting approved, there are differences that will make one a better choice for your financial situation.
Learn about the differences in title loans vs payday loans to decide which can help you. We will explain each loan, how you can get approved, what requirements are necessary for each, and the pros and cons of title loans and payday loans.
What Are Payday Loans?
Payday loans are unsecured emergency cash loans that allow borrowers to receive up to $500 after they prove they have income. This type of loan allows Nevada residents to borrow from a future paycheck to help pay for a smaller, short-term financial emergency.
Payday loans in Las Vegas do not require you to have high-value collateral. All you need to do is prove your income, including using pay stubs from a salaried position or an earnings report if you work as a freelancer.
What Are Title Loans?
Title loans in Las Vegas are secured quick cash loans that work best for those facing larger financial emergencies. You can get approved for up to $15,000 by using your lien-free car title as collateral.
A lien-free car title is one that has no outstanding liens, debts, or judgments. Nevada drivers can get approved for title loans in Las Vegas when they have fully paid off their vehicles. They can use their car title to secure the loan while still being able to keep their vehicle.
How Do Loan Values Differ For Title Loans Vs Payday Loans?
As mentioned above, title loans allow you to borrow up to $15,000, whereas payday loans will enable you to borrow up to $500. The loan amounts are not the only difference; how we will determine your loan amount also differs based on the quick cash loan you choose.
When getting a payday loan, how much you can borrow will depend on your income. Those who make more money can borrow more because they will be able to pay it back more easily.
With title loans, the value depends on the value of your car. During an in-person meeting, one of our loan associates will inspect your vehicle to determine its value using a nationally recognized pricing guide. They will look at its year, make, model, condition, and mileage. The more valuable your car is, the more you will be able to borrow.
The Differences In Requirements For Payday Loans And Title Loans In Las Vegas
When comparing payday and title loans in Las Vegas, you must consider the differences in requirements for each. While borrowers must be at least 18 years old for both quick cash loans, what items you need to get approved is different.
For payday loans in Las Vegas, you need to bring in:
- A government-issued photo ID
- Your most recent pay stub to show us proof of your employment
- A blank check from an active checking account in your name
For title loans in Las Vegas, you need to bring in:
- A driver’s license or state-issued photo ID
- A lien-free title to your vehicle in your name
- Your fully paid-off vehicle for inspection
Is Repayment Different For Title Loans And Payday Loans In Las Vegas?
The repayment process also differs between these two types of quick cash loans. Since payday loans pay less than title loans, the repayment process doesn’t take as long. In most cases, borrowers repay the full amount for payday loans with their next paycheck.
For title loans, the repayment process takes much longer because the loan amount is higher. Most borrowers take a few months of payments to repay their loan amount fully.
The Pros And Cons Of Payday Loans
Each of these loans has pros and cons you should consider. For payday loans, some of the advantages include not needing collateral and quick repayment. These pros make payday loans in Las Vegas better for those facing smaller financial emergencies who wish to clear their debt quickly.
However, the main con of payday loans is the small loan amount. It makes this type of fast cash loan a poor choice when you have expensive expenses. You also must have a job to get approved for this type of loan, making it unavailable to those unemployed or those without checking accounts.
The Pros and Cons Of Title Loans
The major pro of title loans is the amount of money you can borrow. It’s a great quick cash loan for those who need a lot of emergency funds to handle a huge financial emergency. You can also get approved the same day you apply, gain access with bad credit or nonexistent credit, and keep your vehicle during repayment.
The cons of title loans have to do with owning your vehicle outright. Many people don’t have the excess cash to pay off their vehicles, and it may take them years to clear their debt. This means access to title loans is more limited than payday loans. The long repayment process can also be a burden for those who wish to clear their debt quickly.
The Process For Getting Approved For Title Loans And Payday Loans
The process for getting title loans and payday loans with Nevada Title and Payday Loans, Inc. is relatively the same. You can start by filling out our online form. One of our loan representatives will review the form and call you shortly to review your information and answer any questions about our payday loans or title loans in Las Vegas.
You will also agree to a meeting location, such as your home, office, or a Nevada store location. Gather your required items and head to the meeting to have your items verified by a loan representative. If you are interested in a title loan, your car will undergo a quick inspection to determine its condition and how much of a title loan you may qualify for.
We will also review the associated terms and conditions if you are approved. Once you complete our paperwork, you can receive the cash you need on the same day or the next business day for either loan.
Frequently Asked Questions About Payday Loans And Title Loans
Are title loans good for short-term financial emergencies?
You can get title loans for short-term financial emergencies, as you can borrow less than $1,000. Payday loans are more designed for these types of financial issues, but both can work when facing short-term financing needs.
Do you need a checking account for payday loans?
Yes, you need to have a checking account because one of the requirements is having a blank check from an active checking account in your name. If you don’t have a checking account, a title loan would be the better option for you.
Will you need a credit check for these title loans or payday loans?
No, we do not require borrowers to go through a credit check for our loans. We do not have a credit requirement, meaning you can borrow both with bad credit or nonexistent credit.
Apply For Payday Loans Or Title Loans Today!
Both payday and title loans offer options for help to overcome life’s major unexpected financial curveballs. At Nevada Title and Payday Loans, Inc., we’re committed to working with you to receive the help you need through a payday loan or title loan.
Give us a call, visit one of our locations, or start the process on our website today by filling out our online inquiry form!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.