Why a Car Title Loan is Better Than a Payday Loan

Payday LoansIf you are one of the millions of Floridians who are struggling to make ends meet, you may be considering some type of loan. There are two main types of loans you can get if you don’t have good credit: a car title loan and a payday loan. Many people lump these two loan types together, but the truth is, they are very different.

A payday loan is a loan that you can get on a very short term basis that can hold you over until your next paycheck. The problem? The interest is astronomical, you must have a job in order to qualify and you are definitely going to find that you can only get a few hundred dollars at a time in most cases. Though this can help, it certainly won’t be enough for many people’s needs.

A car title loan on the other hand is available for longer periods, and it will have some perks that a payday loan will not offer. For instance, you don’t need a job when you get a car title loan. All you need is a car that is paid off and in your name. That will be your collateral. Another positive thing about a car title loan is that they are highly regulated in Florida. Though this isn’t the case in all states, here…you can go into them with confidence. Finally, you will be able to get a lot more money with a car title loan when compared with a payday loan..thousands as opposed to hundreds.

When you choose a car title loan, you will be able to get the money in a matter of hours. You will simply need to fill out a very short application, you will need to provide your car title to the agent you are working with and within hours, in most cases, you will have the money in your wallet. No credit is needed, no job is needed…just that car title.

If you are interested in learning more about car title loans, wanting to find out if this may be an option for you or you are interested in applying, contact Embassy Loans.