Payday Loans Online vs. Title Loans Online – What’s Right For Me?

If you need to get some quick emergency cash for an unexpected bill, or because of personal or family reasons, you may be wondering what the best choice is for your particular situation. Payday loans online and title loans online are often popular choices. Both options allow you to get cash within just a day or two so that you’ll have the money you need – fast! But which one is better, and which one is right for me? Let’s look at the details of each type of loan now, to help you make the right choice!

Online Payday Loans 

Online payday loans are a reasonable way to get quick emergency cash. A payday loan is just what it sounds like – you borrow a set amount of money, with the intention of repaying it within two weeks to one month, the next time you get paid. 

Online payday loans have a number of advantages, such as:

  • Instant approval – You can often get approved in just a few minutes, allowing you to get money quickly.
  • No waiting around at an office– Paperwork is simple and minimal, and you complete an online application which allows you to spend less time getting your loan.
  • No traditional credit checks required â€“ Most payday loans require no traditional credit check, so anyone can qualify.

However, online payday loans are not perfect. Here are some drawbacks:

  • Low borrowing amounts– You can usually only borrow $200-$1,000 the first time you get a payday loan, which may be less-than-ideal if you need a larger amount of money. 
  • Bankruptcy may disqualify you– Some payday lenders won’t work with individuals who have recently declared bankruptcy.
  • High APR – Payday loans have a higher APR than most traditional loans because they’re “unsecured” by any collateral.

Online Title Loans

Online title loans are often a better way to get cash. The way it works is simple. You sign your vehicle’s title over to a lender, who gives you a cash loan. They maintain possession of the title until you repay the loan (and don’t worry, you get to keep driving your car). Once you repay the loan, you get your title back! Here are the benefits of online title loans. 

  • Higher loan amounts– Because your loan is secured by the value of your car, you can borrow more money.
  • Lower fees in most cases– Because the lender has “secured” the loan with possession of your car, their non-payment risk is lower, which means a lower fee for your loan.
  • You don’t have to go to a loan office â€“ Online title loan lenders can send out inspectors to your property to look at your car, so you still don’t have to worry about driving over to a loan office! 

Naturally, online title loans also have some disadvantages, such as:

  • You could lose your car (but only if you don’t pay) â€“ As long as you repay your loan, your car isn’t at risk. However, it is important to note that the lender is legally allowed to take your car if you fail to repay your loan.
  • Somewhat slower than a payday loan â€“ You need to have your car inspected, which means that it may take a few hours to be approved, compared to just a few minutes for a payday loan.

Understand The Pros (And Cons) Of Payday Loans Online vs. Title Loans Online – Make The Right Choice! 

With this guide, we’re sure you’ll make the right choice next time you need emergency cash. Consider these pros and cons, and you’ll be able to easily decide between payday loans online and online title loans online.

 

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