Consumers often become dumbfounded when it’s time decide which short-term option they should choose. They need the money fast, but they often have a difficult time deciding whether to choose a title loan or a payday advance. A payday loan is a better option for a consumer even if he or she does own a vehicle. The following are four reasons that that express why it is wiser to choose a payday loan than it is to consider a title loan.
The first benefit of getting a payday loan from a place like http://mypaymentsavvy.com instead of applying for a title loan is that payday lenders do not require a collateral submission for their advances. Therefore, you have nothing to lose. A title lender will require you to put your car up for collateral. You’ll have to allow the lender to put a lien on your car just in case you do not pay back the loan. That may not sound like it’s such a big deal to you, but it could be. You will have a lot less stress by just dealing with an advance that doesn’t hold your vehicle hostage. Payday loans are unsecured loans, which means they will not cause you any grief.
Less Extensive Verification
Another benefit that you have with the payday advance over the other title loans is that you have fewer verification processes to go through. The process of getting a title loan sometimes requires applicants to list more references than the number of people they’ve known in their entire lives. It can be rough coming up with that many references and the rest of the extensive amount of paperwork you need. For a payday loan, you only need to show that you work, that you make enough money, and that you have a valid bank account.
Faster Turnaround Time
Because the process of getting a payday loan is much slower than the process of getting a title loan is, the turnaround time is faster. You may be able to get a payday loan in one hour whereas it may take you all day to get a title loan. You want to collect your money as quickly as possible, thus the payday loan is the better option.
Title lenders have a tendency to lend applicants more than they need. That is not always a good thing. To ensure that you stay within the range of what you need, it is best that you take the payday loan option. That way, you have less to worry about when it comes time to make the repayment. If you pay your loan back on time, you will be able to get another advance in the future.
Now you know a little more information about payday loans and title loans. You will hopefully make the right choice and choose the best option when it comes time for you to request funds. Apply today and get your funds today.