Complete our short, risk free application now and one of our reliable auto equity loan online professionals will be happy to give you a free quote and walk you through the differences right away.
While both types of loans are able to get you extra cash in a matter of hours, there are major differences you should be aware of.
First let's walk through the payday loan process.
- You provide proof of employment
- Established terms of the loan
- You write a postdated check or give a debt authorization for the day the loan ends
- Receive your cash
Due to the fact that these loans are so short lived the interest rates or fee per hundred borrowed is extremely high and many states don't have restrictions on how much they can change. According to a 2013 article on consumerist.com, the average APR is just under 340%, which by anyone's standard is ridiculous.
The typical person taking out a 2 week payday loan (averaging $350) ends up being indebted to that lender for about a year by continuously taking out more loans or being unable to pay on time and accrues over $450 in additional fees. That is the average. The potential for greater financial disaster than when one started is overly apparent and unnerving.
Car Title Loans vs. Pay Day Loans
Then there are car title loans which EZ Title Loans specializes in.
- Fill out and submit a 2 minute application
- Speak with a title loan expert and establish terms that are customized for your situation
- Arrange a quick vehicle inspection at a location of your choice
- Meet the inspector, let them quickly check out your car and trade them your title on the spot for cash
While there are no credit check with either type of loan, an auto title loan does not require a bank account and can even offer options to those without stable income. We use your vehicle as collateral so as long as you have a car title in your name it is almost impossible to be rejected.
Next, car title loans are paid off over a much longer period of time, in some cases as much as 2 years, so we are able to offer you more money and flexible payment options. Depending on the make, model and mileage of your car you can get between $2k and $25k, with interest rates as low as 3%. There are also no hidden fees if you decide to pay your loan off early since we never charge you for being a responsible consumer.
How we make title loans even better
Best of all, we are a bridge company. What that means is that we have sought out the most reliable auto loan provides in the area to work with and are then able to assist you in figuring out which one fits your needs like a glove. We can offer you diverse options in payment plans, interest rates and financial compensation.
Now that you understand benefits you getting from not only an auto title loan, but those that come with using our services, why wait? Apply now to see how much cash your vehicle can put in your pocket today!