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Title Pawn vs Title Loan vs Cash Advance

When it comes to your money, you always need to be on top of your game. The more you know, the better informed you will be when making important decisions.

What is a Title Pawn?

A title pawn is a way to use your vehicle’s title as collateral, so you can borrow money. There is no need for an in-depth credit check when you get a title pawn because your title is being used as collateral. A title pawn may be the option for you if you are willing to part with your vehicle title for a while.

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What is a Cash Advance?

Cash advances are usually offered through a credit card issuer. As a borrower, you would need to have a credit card or some sort of open credit line in order to qualify for a cash advance.

When you get a cash advance it is just like making any other purchase, but instead of buying goods or services you are essentially buying money.

What is a Title Loan?

A title loan is also a way to use your vehicle title as collateral, in order to borrow funds. Similar to a title pawn, you don’t need perfect credit to receive approval for a title loan. Title loans are an option for almost everyone with a car. You don’t have to have a credit card or even a bank account in order to qualify for a title loan1.

Did you know that auto title loans go by many different names? If you didn’t, you should get acquainted with them now. Here are some of the other names that auto title loans can go by:

  • Car title loan
  • Pink slip loan
  • Auto equity loan
  • Title loan
  • Title loans with bad credit
  • Automobile title loan
  • Car equity loan
  • Cash for car title loan
  • Auto collateral loan

Yup! All of those names are talking about the same thing. The auto title loan industry can seem overwhelming at first, but with a little guidance you can easily get all the information you need. The key is to find the perfect lender, one who REALLY has your best interest in mind.

Should You Get a Title Loan or Cash Advance?

So now that you know what a title loan is and what a cash advance is, it’s time to decide which one is right for you.

There are both pros and cons to getting a cash advance. A big pro is that you can get funded quickly. Many times, when you get a cash advance through your credit card issuer, you can extract the money from an ATM just like you would if you were taking the money out of your own checking account.

BEWARE though, there are some definite CONS IF YOU DECIDE ON A CASH ADVANCE. Unfortunately, cash advances can bog you down with fees, fees, and more fees. There is almost always an initial borrowing fee when you take out the money, and you begin acquiring interest the moment you get your funds. So, while it’s good to be funded quickly, you are also being charged extra money from the second you receive your cash advance. You are left on your own to figure out how you are going to repay your cash advance; the longer it takes you to figure it out, the more money will be charged to the overall balance you owe.

When you inquire about a TITLE LOAN there are ABSOLUTELY NO FEES. After you fill out our quick information request form you will receive your quote completely free of fees and obligations.

Also, when you get an auto title loan we will provide you with a payment plan, so you don’t have to take out the time to create one. It is essential to keep your finances organized, we won’t leave you on your own to figure it all out.

When you think about it, a cash advance is more of a quick-fix with lots of fees and strings attached. An auto title loan is more of an investment in your future. Which one would you prefer?

Changes in the Car Title Loan Industry to Protect Borrowers

Unfortunately in the past, there have been title loan lenders that have acted in a predatory manner towards those who need to borrow money. Although there are steps that borrowers may take to protect themselves from these types of lenders, the government is also there to help.

Government agencies such as the Consumer Financial Protection Bureau, regulate the loan industry so that lenders cannot practice deceptive tactics or take advantage of potential borrowers.

  • Limiting the Loan Amount a Person Can Obtain– The government has recently introduced a maximum amount of lending that an individual can borrow. Lenders must set a maximum for their loans and inform their borrowers. This limit protects borrowers from becoming overwhelmed by the high costs that are associated with having multiple loans.

What Are the Factors that Determine the Amount I Receive for My Title Loan?

If you’re unfamiliar with what equity actually means, it is essentially what the value of something is. So, when someone has equity in their vehicle, it means that it is worth more than what they still owe on it—equity tells you in dollars how much of the vehicle you actually own.

Let’s look at how to figure out the math and we will us an example. You purchased a brand-new car from a dealership. We will say for $40,000. The second you drove it off their lot, the value went down. It is no longer a new vehicle. it is a used vehicle. The value just dropped because when you purchased the vehicle, you also had in the price the salesman’s commission, the dealerships commission and all the other fees and additional items that had nothing to do with the actual value of the vehicle. So the value went down a few grand at this point.

Let’s say it went down $5000. Now you have a loan from the bank for $40,000 but the vehicle is only worth $35,000. You are upside-down on the value by five thousand at this point.  You start making payments on the vehicle but the vehicle starts depreciating as well as each month goes by. So in theory, what you owe on the vehicle is what the vehicle is really worth. Basically, you are paying each month for a lowered value. The only way to reverse this is to pay MORE or pay OFF the vehicle to the bank early before the vehicle gets too old or has too much mileage and not worth much.

So if you have a loan out on your vehicle, the age, mileage, condition and how much it is selling for right now in the market determines its cash value. Typically, with no value (meaning equity), you have nothing on your side to get a car title loan against. See it’s not like a house mortgage, we’re the house will have value higher over time then what you owe on it (typically).

Value and Equity has no emotional parts. You love your car but it does not mean someone else will. So to know the true value of a car is to sell it. If you get a taker on your car for say $25000 and you owe $25000 you had no equity in it, even though you made payments all this time.

Since you are not selling it right now, we use the auction value which like Kelly Blue Book (books dealers use) to figure out what people right now in your area is paying for your type car and mileage.

What is the Difference Between a Broker and a Direct Lender?

A broker is someone with a wide range of options, and the reason they have so many options is because they compare different businesses, and they allow the consumer to decide which deal is the best for them based on quality and pricing.

  • The benefits of brokers are of course the options they display, but what they possess in convenience, the customer may lose in accountability.
  • Brokers are not accountable for what the consumer buys; their primary responsibility is to make its clients, the lenders, as much money as possible, and sometimes that means giving consumers loans that they cannot afford.
  • Also, many brokers charge a fee for their services, and the service that is purchased the broker does not have any control over; there may be hidden fees, or service fees that may be undesirable to the consumer. The broker may not issue a refund to customers who are not satisfied with the lender they chose.
  • Direct Lenders can have a more personal relationship with its customers and is responsible for the well-being of its customers.
  • Direct Lenders know about lending money, and they know about the benefits that they can provide their customers.

Where Can I Get a No-Hassle Title Loan?

Being in the middle of a financial emergency can be stressful. If you are thinking about getting a title loan, the last thing you want is for it to be a complicated process. Some title loan companies advertise that they offer easy title loans. How do you know if their title loans are as hassle-free as they are claiming? Here are some of the things you should expect from a title loan lender committed to giving you a no-hassle title loan:

  • Online Application
  • No In-Person Inspection
  • Documentation Submission by Text
  • Mobile App
  • Extended Hours
  • Same Day/Next Day Funding
  • Multiple Channels to Receive Money
  • Simple Loan Terms

Many title loan lenders can give you things like same-day funding or extended hours of operation. However, only larger companies will have the infrastructure necessary for things like a mobile app or being able to provide your money through multiple channels.

Title Loan Myths Debunked

Many consumers are turning to Auto Title Loans online for a way to get help when it is most needed. We offer Auto Title Loans to consumers that own an automobile, who have an income & the means to pay off a loan. We are here to help our customers avoid the lengthy and frustrating process of applying for a loan from a bank, and offer an alternative solution to borrowing money.

There are many myths about Auto Title Loans, and some are created simply because consumers are lacking information about the process. We are here to provide you with valuable information about auto title loans and how they can benefit you and your family.

Myth: You’ll Lose Your Car with an Auto Title Loan

Our purpose is to help you gain access to funds and still keep your car. Without an Auto Title Loan, you may be forced to sell your car to access the money you’ve invested leaving no transportation.

We simply hold the title to your car until the loan is paid off, at which time it is returned to you, free and clear of any obligation. If you are unable to make payments on your loan, we’ll work with you to find a plan that helps you to avoid the repossession of your automobile.

Myth: You’ll Never Pay Your Loan Back

It’s a common misconception that Auto Title Loans are difficult to pay back and may lead to a cycle of borrowing and debt.

Your repayment terms are explained from the beginning, and can be easily calculated how long it will take to be paid back. We want you to go into your loan with your eyes wide open, fully knowing what to expect.

Anyone Can Apply for a Title Loan

People who can qualify for a car title loan include:

  • Self-employed business owners/consultants
  • Employed individuals with full time jobs
  • People on government benefits

You could get cash within the same business day depending upon the time you applied3A title loan can really help you out of a bad situation.

Can Federal Employees Get Title Loans?

Part of being a federal employee is the ability to use Federal Credit Unions for their financial needs. These institutions can expedite the loan process because the employee’s information is already on file. While some people might find that highly intrusive, you should compare what is at stake when you borrow from a federal credit union vs borrowing from a non-traditional lender, such as a car title loan.

Federal Employees VS Non-Traditional Loans

When you are facing a monetary crisis, you might want to handle it with a certain sense of discrepancy. It’s not exactly your proudest moment but you are doing your best to get help. We understand that you didn’t plan on being in this mess, so by using a non-traditional lender, such as car title loans, you can avoid having to inform your employer of your personal financial business.

Many times, with a Federal Credit Union, they give you the option to “repay easily” by simply deducting the monthly payments from your wages. That might not be ideal if you want to use different accounts or payment methods towards your car title loan. Plus, the idea that you won’t have control over your payments might be a bit unsettling.

There are also personal loans you can get as a federal employee. You borrow from your TSP, which is your retirement contribution. You are only allowed to borrow the amount of money you have contributed, and not the money your agency matches. So, if you have only contributed $3,000 dollars, and your account says $6,000, you can only borrow from the $3,000 from what you have contributed. The worse part of these loans is that they take money out of your pension. The interest you would have gained “reset” when you finish paying off the amount and you gain interest as if you just started paying into your pension.

If you don’t feel comfortable making loans against your pension, or notifying your employer of your monetary crisis, you can turn to non-traditional lending. With non-traditional lending, such as a car title loan, you won’t have to notify your employer, and you won’t need to use your direct wages to repay your loan.

What Are the Benefits of Applying for Cash Title Loans?

Quick Money1

The process of approving a loan with us is quick and simple. Only a few things are needed in addition to the car title. Our team will process your paperwork fast and if you are approved, the money will be available to you in as little as one business day3. You will be asked to choose the payment method that you are comfortable with to receive the funds as soon as possible.

Best Customer Service

Our team is devoted to providing quality services to all clients without any discrimination regarding social class or credit history. Application times are short and involve multiple necessary steps. Our team is available to help you understand services we offer. This also helps identify support you may need. You are free to make inquiry concerns about loans without obligations.

Transparent Process

We conduct our business in a very transparent way for current and future clients. Our employees avail all of the information concerning the nature of loans and what we expect from our customers before they sign any contracts. Customers can decline the offer at any time before it is signed. There is no pressure to accept if you feel a cash title loan is not convenient for you.

Refinance an Existing Loan

It is our pride to support you through tough times. Refinancing your existing car loan could help get the cash you need fast (state restrictions may apply).

What is a Virtual Title Loan and Why Are they Better?

We are fortunate enough to live in a nation where we have the internet at our fingertips. We have had the opportunity to travel the world through a 4.5 inch screen, and connect with love ones that are over 1500 miles away, instantly because of this machine called the internet. The internet ecosystem has brought people together and have made their lives so much better. There are people who live in rural areas or that are home-bound who rely on the internet to communicate. While the internet has become a tool for everyone’s use, many lenders have used this innovation to make getting a loan possible for people who couldn’t find a storefront loan store.

There are many instances that you might not be able to, or want to leave your house to run an errand such as getting take-out, buying household goods, or even walking your dog. Luckily, there are so many services online that make it easy to do anything these days. Online services make it so that you can flourish in your daily life. Being able to do something at the click of a button allows you to use your time for other things like developing a hobby, spending time with your kids or going for that walk with your dog. Getting a virtual title loan uses convenience to make getting a title loan better than any other form of lending.

For instance, say you need a title loan to pay for some medical bills and services. You broke your leg and now you can’t go to work full-time, and your dog looks at you pitifully, and knowingly. Years ago, you would have been at the mercy of friends and family. They have their own lives and you really don’t want to inconvenience them. How can you continue with your life, while still being stuck at home? A virtual loan is a quick solution to your money problems and a safe and convenient way to solve most of your problems.

Convenience

How amazing is it that in our hands, we have this little device that can connect us everywhere, and show us everything without leaving the comfort of our homes. We can use the internet to do research for school or for your new woodworking hobby. We can use the internet to check on loved ones with things like video chat and group messaging and to make plans with friends and family. We can use the internet to make and share videos of memorial moments, like when your cat got stuck in a paper tube and no one was around to see it, well, now you have it on video, for everyone on your social media circle to see.

Did you know you can also get a title loan for extra cash online, too? This is known as a “virtual title loan” and it works the same as a physical title loan. You apply like you would, in person, except you use an online outlet, such as a website or an app. Just click, click, swipe, send, accept. How convenient is it that you can use your smartphone- or computer, to make money off your car? You can use that income to pay someone from a verified dog walking app to take your dog out while you’re stranded at home. You can keep in touch, so everyone knows you’re doing okay. You can even manage a few decent meals with your online food order.

Security

Getting a car title loan online can be very safe, as with most online purchases if you know what to look for. There are ways that websites ensure that your information is secure. There is a standard kind of encryption used throughout to make sure a connection between a browser and web server is secure. As long as a web page shows that it’s using a SSL certificate, you can be assured that your information is safe, and you can trust the site to protect your information. By having that peace of mind, you can use virtual title loans with no shortage of confidence. Just make sure that when you submit an inquiry, that no one is trying to sell you an empty promise. If your virtual title loan is asking for an application fee, go back and make sure it’s a licensed financial lender.

Speed

The best part of getting a virtual title loan is how quickly and conveniently you can submit your documents. Being able to email, text or send your documents online is super-efficient. The faster you can turn in your documents, the faster your application is updated and the sooner you can get back to your daily life. Getting things done on your time can be so satisfying. Getting your leg broken is probably the second-best thing that happened to you. Getting your dog, would be the first. A virtual title loan can take care of all your financial problems. Now that you’ve gotten paid, had someone walk your dog, and got your food (from an online order), you can work on that new hobby, with your newfound peace of mind. Guess who has the most resources and video for woodworking enthusiasts like yourself? The internet.

Not that you plan on breaking your leg anytime soon, nor do you need an excuse to order food online, you can see the benefits of the internet and how easy it is to get a virtual title loan. They are better than a storefront title loan because they are more convenient, safe and fast. All the things we look for in many aspects of our lives. From our food, hobbies, pets, and now, money lending needs.

How Long Will it Take to Get Paid?

Once you decide to borrow funds, you can get the loan within 24 hours or as little as one business working day3. You may continue using your vehicle without any restrictions. Terms range and there are no penalties for paying early.

After signing and completing your paperwork, you can choose how you get paid –

  • Electronically
  • With a check

What Makes the Best Place to Get Auto Title Loans?

Follow just 3 easy steps to get the money you need1.

  1. Click, Call or Visit

Here are ways to find if you qualify for a loan.

  • Send us your information online by filling out the forms that are provided
  • Give us a call at 1-855-422-7412

Getting a quote is free! Find out how to make a title loan work for you today! We’ll ask you a few questions and you will find out in minutes if you qualify. This is when your experienced title loan agent will give you your free quote and explain some of the details about your loan agreement.

  1. Submit Your Documents

After speaking with your title loan agent about your quote and loan details, they will request a few documents from you. These will include:

  • Government-issued form of photo ID: Your driver’s license or a state-issued ID will do. It just needs to be an official form of photo identification that is government distributed.
  • Proof of residence: If you get mail delivered to your home, you’re set for this one! All you need is a piece of mail such as a utility bill.
  • Proof of income: This can include many different forms of personal revenue. A pay stub from your job, your checking account if you are self-employed, disability, social security, unemployment benefits, retirement, and much more qualifies as proof of income. Talk to your title loan agent if none of these work for you, they can help you find the proof of income you need.
  • Title to your vehicle with your name on it: But, don’t fret if you cannot find your vehicle title or if your name is not on your title.

You can fax, email or text us pictures of your documents to us, and our helpful agents are available to assist you, wherever you are. Next, we will need to appraise your vehicle. The vehicle equity is only a part of the decision process but still an important one. We will check the car tittle that you applied for, so we know how much we can pay you, and we will check the title against the state you are living in, to see how much, by law, we can give you.

The last form of documentation we need are some pictures of your car. If you want to take the best possible pictures of your car, take them outside during the day. The natural sunlight will make your car look the best. Also, take multiple pictures from various angles, the point is to showcase as much of your car as you can.

You can even take the pictures from your mobile device and send them by texting the pictures to 1-818-315-8741.

  1. Get Your Money

After we have your paperwork, it is time to sign your contract! We make sure that you know your terms because we go over them with you and let you pick what works best for you. When you are ready to make your payments, you have different options to make your repayments. We won’t ever garnish your wages during loan repayment.

You can send your payments:

  • Via Mail
  • Through the phone by calling 1-855-422-7412
  • Via Text at 1-818-315-8741
  • Setting up electronic payments
  • Going on our website and using the My Account tab
  • Using the Mobile App

We look forward to helping you whenever you are ready and get you cash when you need it.

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