Differences Between a Title Loan and a Personal Loan

 
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Differences Between a Title Loan and a Personal Loan

Title loan, personal loan, consumer loan, signature loan … what’s the difference? Don’t worry, we got this, your questions will be answered soon …
When life comes at you hard with bills and payments you need to act quickly, or risk digging yourself in a deep hole of debt. Getting a loan may the best choice for you.

There are several different borrowing options: title loans, personal loans, consumer loans, signature loans, it is important to know the difference. Being informed is the first step towards being in control, and now is the time to start. Don’t worry, you got this.

Title Loan and Personal Loan Defined

Title loans and personal loans are two common borrowing methods, so it is vital you know what they both are.

A personal loan, also called a consumer loan, is money borrowed for personal, family, or household needs. Often, there will be a co-signor, or guarantor, on the loan in order to secure it.

When a personal loan is unsecured, it can also be called a signature loan. This is because your signature alone is what finalizes the loan. Lenders grant these kinds of loans based on credit history and the borrower’s ability to pay back the loan from their own income.

A title loan is a way to use your qualified free-and-clear vehicle title as collateral, so you can borrow funds. A title loan can also be referred to as many other names including:

  • Auto title loan
  • ink slip loan
  • Automobile title loan
  • Car equity loan
  • Auto equity loan
  • Car title loan
  • Auto collateral loan

Money from a title loan can be used to purchase virtually anything you need, be it medical bills, home repairs or a family vacation.

An auto title loan is a wise choice because you are using money you already invested into your vehicle to secure your loan, so you have essentially already done the difficult part. All that’s left to do is contact one of the best auto title lenders in the business, like LoanMart.

How to Get a Title Loan

When you are looking for a title loan, you want to go to LoanMart. LoanMart has been a leader in non-traditional lending for over 10 years.

There are multiple ways to start, all you have to do is go online, call over the phone, or try the convenient live-chat feature to begin. This should take about 5 minutes, and there are absolutely no fees or obligations to start.

There are experienced LoanMart agents available 7 days a week with extended hours, because we know that life doesn’t stop on the weekends. Life can hit you with expensive surprises at any time, it doesn’t matter if it’s a holiday or a Saturday.

After you have applied for the loan online or in person, all that’s left is to:

  • Receive a pre-approval estimate
  • Gather your documents for funding
  • Take pictures of your car
  • Sign your loan and receive your money

Here at LoanMart we run an efficient business, if you fill out your application late in the evening or night, you will be one of the very first people contacted the next morning when we open for business.

How to Pay Back a LoanMart Title Loan

LoanMart has your best interest at heart, that’s why when you are approved, we work with you. You have enough to worry about with your bills and payments, you shouldn’t have to unsettle yourself about having to up with a hefty sum of money all at once.

We offer terms ranging from 12-48 months, which means your payments can be conveniently spread out. Don’t stress and scramble, take your time to really get your finances under control once and for all.

You can also say good-bye to pesky early payment fees and balloon payments, because LoanMart doesn’t have any of that. Why would we charge you a penalty fee for being responsible and on top of your game? That wouldn’t be very helpful.

Benefits of a Title Loan from LoanMart

For over a decade, people across the United States have come to LoanMart for an auto title loan, and we have been happy to help them. LoanMart is proud to have over 150,000satisfied customers, they have made us a leader in non-traditional lending.

Without the hassles of a traditional lender, LoanMart is able to maintain a high approval rating as well as highly competitive rates. Don’t let your credit stop you, because LoanMart doesn’t define you by your credit score. We look at other factors like the equity value of your vehicle and your ability to repay the loan, rather than just at your credit1.

Just in case you’re not convinced, here are a few more reasons why people across the United States have come to LoanMart:

  • All types of credit encouraged to apply
  • No balloon payments or penalties for paying early
  • Terms ranging from 12-48 months
  • Competitive rates
  • Reputation as a trusted lender since we started in 2002

http://www.businessdictionary.com/definition/personal-loan.html

https://www.800loanmart.com/title-loans-faq

https://www.800loanmart.com/about-loanmart

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