Should you get a car title loan or payday loan?

A car title Loan is a loan which lets you borrow fast instant cash using your car as collateral even with bad credits. You car title is used as security which lets you borrow cash on the value of your car for a period of 4-6 years without any credit checks or job requirement. There is no pre-payment penalty on repaying the loan earlier.

Basically everyone owning a vehicle qualifies for a car title loan if the title is in the lenders name and the lien is fully paid off. The interest rates are also low since it is a secured loan. It is the most convenient of all loan types.

Whereas in the case of pay day loan you are required to have a job and need to repay back within a short period of time, maximum 30 days and minimum of 7 days accompanied by very high interest rates. The paper works and documentation are also more compared to car title loans.