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6 Differences Between a Title Loan and a Payday Loan

Nadir Yousaf by Nadir Yousaf
May 4, 2023
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When you’re strapped for cash and need to borrow money quickly, you may consider taking out a title or payday loan. While both options provide quick access to funds, they have significant differences that can impact your financial stability. Here are six differences between title loans and payday loans:

Table of Contents

  • 1. Collateral
  • 2. Loan Amount
  • 3. Repayment Terms
  • 4. Credit Requirements
  • 5. Application Process
  • 6. Risk of Losing Collateral
  • Choosing Between a Title Loan and a Payday Loan

1. Collateral

A title loan or car title pawnrequires the borrower to use their vehicle as collateral. The value of the vehicle will determine the loan amount. A payday loan is based on your next paycheck and does not require collateral, making it easier to obtain. The lack of collateral also means that payday loans are unsecured. An unsecured loan can come with higher interest rates for the borrower.

2. Loan Amount

Title loans can offer borrowers higher loan amounts than payday loans. This is because a borrower can secure the loan based on the value of the borrower’s vehicle. Loans on car titles and payday loans come with high annual percentage rates. Payday loans are smaller and are typically $500 or less. Borrowers should consider the amount of money they need to borrow to help them decide which loan option is suitable.

3. Repayment Terms

Lenders that offer loans on car titles usually give the borrower up to 30 days to repay the loan. Payday loans require borrowers to repay the entire amount on their next payday, usually within two to four weeks. Some car title lenders offer longer repayment terms but often have higher interest rates. Borrowers should consider their financial situation and how much time they’ll need to repay the loan before choosing between title and payday loans. 

4. Credit Requirements

Poor credit scores don’t necessarily disqualify borrowers from securing financing with their car titles. This is because the vehicle’s value secures the loan, not the individual’s borrowing history. Payday loans are based on the borrower’s ability to repay the loan, which is reflected in their credit score. Payday loan lenders may check borrowers’ credit scores as they determine loan eligibility.

5. Application Process

The application process for a payday loan is generally straightforward. Potential borrowers can fill out forms online, in person, or over the phone. Applying for a title loan is generally more complicated because the potential borrower has to visit a physical location. During the visit, the lender inspects the vehicle, checks the title for existing liens, and determines the vehicle’s value. While this may require more time on the borrower’s part, it can lead to a higher loan amount after the lender calculates the collateral.

6. Risk of Losing Collateral

There’s a higher risk associated with title loans because they’re secured with the collateral of borrowers’ vehicles. If a borrower defaults on their payments or can’t repay the loan, the lender can seize the vehicle and sell it to recover the loan amount. With payday loans, there’s no collateral securing the loan, but there are consequences if borrowers default. Late fees and additional charges can accrue quickly, making repayment challenging.

Choosing Between a Title Loan and a Payday Loan

A title loan may be a good choice if you need a large loan and own a vehicle. If you don’t own a vehicle or don’t want to use it as collateral, a payday loan could be a viable option. Take the time to consider each loan option’s repayment terms and interest rates before applying. Remember to borrow responsibly and repay the loan on time to avoid additional fees and damage to your credit score.

Nadir Yousaf

Nadir Yousaf

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