Car Cash Loans or Payday Loans: Which Is Right for You?
Car cash loans and payday loans are both heavily advertised options for consumers with low credit scores, but which one is the better deal for you? The right decision could make the difference between barely scraping by and improving your credit score for a better quality of life!
PayDay Loan Vs Car Title Loan
If you’re wondering what the difference is between payday loans and car title loans and which one is right for you, read below to find out.
Payday Loans
A payday loan uses a paycheck as equity (equity is basically proof of your ability to pay back the loan). This means the payday loan will have to match the value of a paycheck, and it must be paid back immediately. It is essentially like trading one paycheck for another.
Payday loans can lead to a chronic, unhealthy cycle of spending and borrowing. In addition, if you’re unable to repay the loan on time, you will be charged with additional fees, which can continue to accumulate and result in your original loan costing much more than you intended!
Car Cash Loans
At Get Loan Approved, a car cash loan is the best solution when you need money in a hurry. For one thing, in terms of equity, a car is much more valuable than a weekly or monthly paycheck. In addition, car cash loans are secured loans, so you can pay them back over a longer period of time and with a lower interest rate.
Best of all, you can keep driving your vehicle! The ownership of the vehicle is temporarily held by Get Loan Approved in exchange for a lump sum of anywhere from $1,000 to $50,000. As soon as the cash advance is paid off, the title is returned to you free and clear.
In short, car cash loans don’t take anything away from you. The cash advance is larger because the car is valuable, and you don’t have to pay back the loan in full upon your next paycheck. As a result, car cash loans tend to be much more secure and less stressful solution to quick cash needs.
The Get Loan Approved Advantage
When you choose Get Loan Approved you receive superior customer care and a few extra perks. Here are just a few ways we make getting an auto title loan easy:
- Customer-friendly and comfortable atmosphere
- Up to 70% lower interest rate than most other lenders
- Doesn’t check your credit
- No prepayment penalties
- No job requirements
- Keep driving your vehicle as you pay back the loan
- Get cash instantly
- Low monthly interest rates and payments
- Flexible payment options
Call us or apply online today!
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