From time-to-time everyone experiences an occasional setback. Whether it's an unexpected bill, auto repair or just some extra cash for the holidays, obtaining a short term loan can be difficult, especially for people who have experienced credit problems in the past. Given the state of our economy and the high unemployment rates, traditional lenders like banks, credit unions or credit card companies, have increased their qualification standards, leaving more and more people in the lurch when seeking credit.
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Which type of loan is best for you? Well, that's not an easy question to answer since all lenders are regulated and state requirements can differ dramatically. Here's a brief comparison of the features and benefits of these types of loans.
*Income Requirements: In most cases, borrowers applying for a payday loan or cash advance will need to substantiate their income. Most borrowers will usually qualify if they can demonstrate as monthly income of at least $1,200. Obviously, the higher the amount borrowed the higher amount you may qualify for, up to the State limit. Borrowers can usually verify their income through bank statement or paystubs.
Generally speaking, auto title loans are easier to qualify for than payday loan or cash advances because they are secured by the value of your car or truck. While most auto title lenders would prefer borrowers with verifiable income, many are not as concerned about income requirements since they're holding the title on your car as security. In fact, some don't require any income at all.
*Interest Rates and Repayment Terms: The repayment terms of payday loans and auto title loans may differ substantially. In most cases, payday loans are designed to help borrowers in need of short term cash bridge the gap between paydays. Hence the name "payday loan." So, depending on your pay cycle, payday loans are usually granted for a period of less than thirty days. Some lenders will allow borrowers to renew their payday loan, giving the borrower the option of just paying the interest or the interest combined with a partial principle reduction or the entire loan in full. Renewing your loan is referred to as a "roll-over." However, some states prohibit roll-overs in an attempt to protect borrowers from falling into a credit pit. Auto title loans differ in many ways. First and foremost, since the loan is secured by your car or truck, interest and fees can be substantially lower than payday loans. The duration of the loan may be anywhere from one month to many months, making monthly payment more affordable for the borrower. Remember, since you are pledging your car or truck as security, should you fail to meet your repayment obligations the auto title lender can repossess your vehicle, sell it, and use the proceeds to satisfy your obligation.
In every type of borrowing there are risks and like any other industry some businesses can be predatory. So shop around for a lender you feel comfortable with and make sure you live up to your credit obligations.
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