Is A Title Loan Or Payday Loan The Best Option For You?

A lot of people are curious about the pros and cons of payday loans and title loans, and Nevada Title and Payday Loans, Inc. offers both forms of borrowing to its clients. However, if you’re not sure which might suit you best, you’re probably looking for a bit more information – and that’s what we’ve put together.

You’ll find all the basics of these two types of loans below, so read on to learn more!

When Should You Get A Payday Loan?

In most cases, you might want to consider a payday loan if you need to borrow a relatively small amount of money for a short period. Our payday loans go up to $500, which means that they’re smaller than some kinds of borrowing, but still represent a decent amount of cash that could get you through a financial emergency.

Payday loans are generally suitable if you just need some quick funds to tide you over until your next payday. In most cases, a payday loan will be repaid when your next pay cycle starts, meaning that this is a form of short-term borrowing that suits certain situations. If you’d like to get the loan repaid quickly and you’ve just got an emergency bill you need to cover, payday loans may be appropriate.

A payday loan can also be an option if you have few assets that you can use as collateral, such as vehicles or other sureties. If you don’t have many tangible assets, you may find it difficult to borrow money, but payday loans use your paycheck as collateral, and therefore you don’t need evidence of other assets to take one out.

When Should You Get A Title Loan?

A title loan may be an option for you if you have a vehicle that you would like to use as collateral. These loans allow you to borrow more money (up to $15,000 in some cases) over a longer period, meaning that you get more and you pay it back more slowly. Some people prefer this approach.

You will retain use of your car provided you meet the terms set out in your agreement, and you can leverage pretty large amounts of cash with this kind of loan. All you need is some identification, the title for the vehicle, and the vehicle itself.

This may be an option for you if you’re grappling with big bills and you don’t have access to other kinds of funding, such as savings accounts. You will receive a lump sum of cash very quickly, allowing you to take care of your finances. Some people prefer these loans to payday loans because of the larger amounts and the longer payback period, but not everybody does.

Which Kind Of Loan Is Better?

Neither of these loan types is inherently better than the other, but one might be a better option depending on your situation. If you need to borrow a relatively small amount of money and you’d like to pay it back pretty quickly, a payday loan could be more suitable, especially if you don’t have much other collateral.

However, if you would like to borrow more money and have longer to pay it back, a title loan is likely to be preferable. Additionally, it may be preferable if you’ve got a vehicle that you’d like to use as collateral, rather than using your paycheck. If you’re still not sure and you need further information before you can make a decision, you can call us and we’ll be glad to offer any more details you require.

Neither of these loan types requires you to have great credit in order to be eligible for them, as both use other forms of security. That means you might be eligible for either one even if your credit rating isn’t good or you’ve been bankrupt in the past.

Check Your Eligibility Today

Regardless of which kind of loan you’ve decided might be best for your needs, Nevada Title and Payday Loans, Inc. is here to offer you assistance. We work with people with poor credit ratings and in difficult financial situations, and we may be able to offer you either a payday loan or a title loan. If you want to find out more about your options and how they work, you just need to get in touch.

We will help you throughout the process, guide you in finding the right paperwork, and answer any questions you have, so there’s no need to hesitate to reach out. If you’re approved for a loan, you’ll have the money transferred to your account within two working days – making this a quick and simple way to get some funds in an emergency.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.