How Are A Payday Advance, Car Title Loan, And Installment Loan Different?

October 21, 2021 | June Mckaig

payday advance, car title loan, installment loan

 

If you’re looking into getting a short-term loan sometime soon, the options for either a payday advance, car title loan, or installment loan may have you a little hesitant as to which one would work best in your particular situation.

At Nevada Title And Payday Loans, Inc. you can get all three types of fast loans from us to help you out with your emergency expenses – which either of the three can do. Here are some key differences between the three loans you need to know so you can make the right decisions.

Key Differences Between Nevada Loans

What Is A Payday Advance And When Should I Get One?

A payday advance loan is a type of unsecured fast loan. Unsecured means you provide no collateral or guarantor for the loan. This, in turn, means your eligibility for the loan depends on your ability to prove you can pay it off down the line.

Payday loans online are typically only a few hundred dollars. At Nevada Title And Payday Loans, Inc. the maximum cash amount you can get for a payday loan is $500. It is usually paid off at the borrower’s next payday – hence the name.

Considering the cash amount and payoff strategy, payday loans are best suited for smaller emergencies and/or helping with patching budget holes while you’re waiting for your next paycheck – think urgent doctor’s visit, overdue bills, or emergency travel.

How To Get A Payday Advance

To qualify for a payday advance, you’ll need a valid state-issued ID or driver’s license, a blank check from an active checking account in your name, and your most recent pay stub. Keep in mind that if you’re unemployed, you may be able to use alternative income means as long as you provide the correct documentation.

If you have all the required items, you can easily start the process online by submitting the online form found right on our website and waiting for the loan representative from the nearest location to get in touch with you.

After talking the details over with the loan representative, you’ll have to take the required items to the meeting they’ll set up for you at the nearest location. The loan representative will assess everything to determine if you qualify, and if they approve you – you’ll get the cash possibly on the same day.

What Is A Car Title Loan And When Should I Get One?

A car title loan is a type of secured fast loan. This means you provide the lender with collateral that protects their assets until you’re done paying the loan off. With car title loans specifically, it’s your car title that will act as collateral. This means you need to outright own your car and it must be in your name and have no liens placed against it to qualify for a car title loan.

The maximum loan amount – as determined by the value and state of your vehicle – you could get for a car title loan is $15,000. This makes auto title loans Nevada more suitable for slightly more expensive emergency expenses than the other two loans. Think continuous house repairs you have no final tally for, urgent need to move, or continuous health issues.

 

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How To Get A Car Title Loan

The process for a car title loan is similar to that of a payday advance. You choose the correct online form and submit it on the website to get started. We will give you a call and set up a meeting for you to come in.

It’s the list of required items that differ. To qualify for a car title loan you’ll need a state-issued ID or driver’s license to prove you’re of legal age, your car for inspection, and the car’s lien-free title in your name to use as collateral.

You’ll take these items to the meeting the loan representative sets up for you during the phone call. The representative will inspect the car and the documents to determine if you qualify for the loan and for how much. If you do get approved, they will go over the loan terms and help you finish the paperwork. Once done, you’ll get the cash possibly the same day or the next bank business day.

What Is A Signature Installment Loan And When Should I Get One?

A signature installment loan is, similar to a payday advance, an unsecured type of loan. However, unlike the payday advance, it’s usually paid off in installments. This allows for a slightly larger maximum loan amount – which can be anything up to $1,500.

A signature installment loan is more suitable to situations when you need a larger cash amount than a payday loan can provide, as well as would prefer to pay off the loan in installments instead of in one fell swoop. It’s also worth considering if you need to cover a larger expense, but aren’t a car owner and thus cannot apply for a title loan.

How To Get A Signature Installment Loan

The process for a signature installment loan is similar to that of title loans and payday loans. You choose the form online, fill it out and submit it. Then you wait for the loan representative to contact you with further instructions.

The required items you’ll need for an installment loan are a government-issued ID, proof of income, and a blank check from an active checking account in your name – similar to payday loans. The loan representative will go over the terms of your loan after assessing the required items, and, if approved, you’ll receive the cash the same day as with the other loans.

Get The Loan You Need Today

Now that you know the differences between our payday advance, car title loan, and installment loan, you are ready to make your decision. Fill out our online form and come to a Nevada Title & Payday Loans, Inc. location to finish the process for either loan.