4 Reasons To Choose Personal Installment Loans Online Over Online Title Loans

When it comes to getting emergency cash with bad credit, you have a few different options – from personal installment loans to online title loans, and even payday loans. It’s hard to know what’s right for you, and which option will help you get the cash you need without putting you in a bad financial situation.

In this article, we’ll take a look at installment loans vs. online title loans and discuss why personal installment loans for bad credit are often a better choice, compared to online title loans. Read on and find out more about your options! 

1. You Don’t Need A Paid-Off Vehicle

If you don’t own your car outright – that is, if you are still making payments to a financing company like a bank, you can’t get an online title loan. 

Title loans are offered because the value of your vehicle acts as collateral. This means that, if you don’t own your car and have a “free and clear” title, you can’t use your car as collateral, because you don’t truly “own” it.

Persona Installment loans typically require no collateral, which makes them a good option if you need quick cash, but you haven’t yet finished paying off your car.

2. You Don’t Have To Risk Your Car

When you get an online title loan, you authorize a lien on your car, in exchange for your loan. This means that, if you don’t repay your loan, the online title loan company can seize it and repossess it – then sell it to recoup the money you didn’t pay.

Obviously, nobody would take out an online title loan without the intention to repay. But if you end up struggling financially and can’t repay your loan on time, your car could be taken – depriving you of transportation that you may need to go to work and do other day-to-day tasks.

3. Your Loan Isn’t Tied To Your Car’s Value

Most online title lenders provide you with a loan that’s closely tied to the value of your vehicle. If your car is only worth $1,000, for example, you’ll only qualify for a loan of a few hundred dollars, in most cases.

However, you can often get a personal installment loan for $3,000 or more, regardless of how much your vehicle is worth. This means an installment loan is a better choice if you don’t think your vehicle is worth very much money.

4. You’ll Have More Time To Repay Your Loan 

Title loans, like payday loans online, are meant to be short-term “stop-gap” solutions to help you get emergency cash. This means they usually must be repaid in full – with interest and service fees – in just a few weeks, or a few months. 

If you are struggling financially, it may be hard for you to repay the loan that quickly. This is another area where personal installment loans have an advantage. You can negotiate longer repayment terms – up to 24 months, in some cases. This means you’ll have lower monthly payments, and an easier time repaying your loan. 

Consider Personal Installment Loan – The Best Alternative To Online Title Loans 

Online title loans may be right for some people with bad credit, but they’re expensive and quite risky – you could lose your car. In most cases, an installment loan is a better choice for folks who are struggling financially. With an installment loan, you can still get emergency cash, but you don’t have to worry about losing your car or paying sky-high rates to get the money you need.

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