Are you facing an emergency that you cannot afford? Unexpected emergencies, such as medical bills, auto repairs, and travel costs, are common and can leave you with few options to afford them before their due dates. That is where emergency loans like title loans and cash advances can help.
When comparing title loans vs cash advances, there are a few important things you need to be aware of, and we at Nevada Title and Payday Loans, Inc. will tell you everything you need to know. Read on below to understand which loan is the best choice for your financial situation.
Explaining Title Loans And Cash Advances
At Nevada Title and Payday Loans, Inc., our two most popular loan options are title loans and cash advances. Both let you borrow money within one business day to resolve your financial emergencies quickly. Despite a similar process, some differences can separate them. Different situations will call for different loans, so it’s essential to understand both before borrowing.
Learn more about title loans vs cash advances below:
1. What Is A Title Loan?
A car title loan is a secured loan option you can use to access a relatively large sum quickly using your car’s clear title as collateral. Even though the title will be the thing used as collateral, the loan amount would depend mainly on the market value of your vehicle. The exact sum would be determined during an in-person car inspection. Overall, you might end up qualifying for up to $15,000.
You can only get approved for a title loan if you have fully paid off your vehicle. Only cars, trucks, and vans are accepted. As long as you can prove your age, identity, car ownership, and vehicle value, you have a good chance of getting same-day title loans.
Here are the required items for a title loan in Nevada:
- A state-issued photo ID that displays your full name and date of birth
- A lien-free vehicle title in your name
- Your vehicle for a quick inspection
By the way, you’ll get to continue using your vehicle while repaying, so no need to make any major adjustments to your day-to-day schedule. However, this loan may not work for you if you haven’t paid off your car yet. In that case, a cash advance may be the better financing option.
2. What Is A Cash Advance?
A cash advance, otherwise known as a payday loan, is a borrowing option that lets you receive money from a future paycheck. You can get approved for up to $500 as long as you can prove you have current income.
How much you can borrow depends on your income level and ability to repay the loan. Remember, you will need to pay back your Nevada cash advance with your next paycheck, so only borrow as much as you can afford to repay.
Cash advance approval is simple with our small list of required items:
- A state-issued photo ID that displays your full name and date of birth
- Your most recent pay stub
- A blank check from an active checking account in your name
Which Loan Option Should You Choose?
The first question that you should ask yourself before making up your mind is whether or not you have a clear title. If you own a car outright and there are no outstanding liens on it, you can choose a title loan if you want to. Do bear in mind, however, that the title must be in your name.
This can become a convenient borrowing option for those who need access to a large amount of money fast. You might be able to qualify for quite a few thousand dollars by using your title as collateral. Title loans are great for larger emergencies, like medical bills or home repairs, because you can get approved for more money.
If you don’t have a paid-off vehicle but you do have a job, a cash advance in Nevada will better fit your situation. It’s also more suitable for those with smaller emergencies, like overdue bills or travel costs. You take on less risk with a cash advance, and repayment is faster, allowing you to pay for a small emergency and get back on your feet.
Nevada Title Loan Vs Cash Advance For Bad Credit
Can your credit score affect your decision on which loan to choose? Both title loans and cash advances are available to bad credit borrowers, but the impact on your loan value may change your mind on which to choose.
Bad credit will not affect your title loan. How much you can borrow is based on your vehicle’s market value. You don’t need to prove your credit score to get approved since you are securing the loan with high-value collateral. You can get title loans for bad credit to afford urgent emergencies.
Getting a cash advance with bad credit is a little more complicated. While you can still get approved, you will likely receive less than good credit borrowers. We will conduct a soft credit check to verify your financial status. We won’t reject a borrower for bad credit, but you may get approved for less.
How To Get A Loan From Nevada Title And Payday Loans, Inc.?
With our company, taking out a loan of your choice would be a breeze. Our friendly representatives are always available to answer your questions and help you choose among the various lending options. Furthermore, you will be treated with the respect that you deserve from start to finish.
You can also get approved the same day you apply, with our in-person process taking less than 30 minutes. Get access to emergency funds within one business day with our straightforward process.
Here is the approval process for our title loans and cash advances:
- Fill out our online inquiry form with your basic details
- Answer a phone call from one of our loan representatives to discuss loan terms
- Visit our nearest Nevada store location to get your required items verified
- If you’re getting a title loan, have your vehicle inspected to determine its value
- Sign the loan agreement to finish the approval process
- Receive your loan funds later that day or by the next business day
As you can tell, getting approved for one of our loans is simple and gets you quick access to funds. Whether you choose a title loan or a cash advance, we can get you the money you need within 24 hours. You can pay off your costs quickly to avoid late fees and service disruptions. Apply with our online form today to get approved within 30 minutes!
Get A Nevada Title Loan Or Cash Advance Today – Receive Same-Day Emergency Cash!
With Nevada Title and Payday Loans, Inc., you can qualify for a title loan or a cash advance in just 30 minutes and receive the money as soon as the same day. We are ready to consider all sorts of income and credit situations, and we only require a few items. Our specialists are committed to helping you receive the urgent financial boost you need and will walk you through the entire process.
Ready to get your emergency loan? No need to wait any longer; fill out our online loan form today. We will contact you shortly and explain how to get approved in person within half an hour. Apply for a title loan or cash advance in Nevada today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
