There are many ways to get quick cash, but one the best, if not the best, is a title loan. If you are not familiar with a title loan, it is simply a personal loan you get by using your car as collateral. There are many advantages to getting the cash you need today by this type of loan.
The interest rates are lower
Compared to the alternatives, a title loan will be lower in interest rates. The reason for this is that the lender has an asset that they can sell to get their money back. There is always the risk of default, but because the loan is secured by the car, the interest rates are lower. This is much different than a payday loan. These loans are not secured, so the interest rates are very high.
A title loan is convenient
A secured loan often means that a lender takes possession of the collateral. The traditional way of getting quick cash is to pawn something. A pawn shop will take your valuable item and lend you money against it. As long as you make your payments, you will not lose your item, but they do take possession of the item. This is much different with a title loan. All they want is your car’s title. Once the papers are signed and you receive the cash, you can drive away in your car. A title loan allows you to drive your car just like you would always do. Some people don’t understand this. They believe that a title loan means you will be riding the bus until the loan is paid off, but these loans are not like that.
A title loan can be financed for several months
A payday loan can provide you with quick cash, but it also means a quick payback. The most you will ever get is 30 days, but a couple of weeks is more common. The problem with this is it may take longer to recover from a financial emergency, so you will still be in the hole when your payday loan is paid off. It is possible to finance a title loan over several months, so you will have a chance to get back on your feet.
If you need fast cash and own an automobile free and clear, a title loan is the best way to get the money you need. The interest rates will be lower than other fast cash loans, and you are likely to have the option of longer financing. JAX car loans can easily be applied for online.