Are you thinking about getting a title loan or a cash advance? Well then you should definitely know which one is better …
Title Loan Vs. Cash Advance
Are you stuck between choosing to inquire about a title loan or a cash advance? They are both similar ways to borrow money, but you need the best choice for your financial situation.
The first step is to learn about both options. 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 Are Title Loans and What is a Cash Advance?
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.
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.
A title loan is a way to use your free-and-clear vehicle title as collateral, so you can borrow money. There are many different names that title loans can be referred to as, some of these names include:
- Car title loan
- Auto title loan
- Automobile title loan
- Pink slip loan
- Car equity loan
- Auto equity loan
- Cash for car title loan
- Auto collateral loan
Title loans with bad credit
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 WITH LOANMART 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 with LoanMart 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 from LoanMart is more of an investment in your future. Which one would you prefer?
What Makes LoanMart the Best Place to Get Auto Title Loans?
At LoanMart we have a streamlined process designed for your convenience. Follow just 3 easy steps to get the money you need1.
1. Click, Call or Visit
Start by giving us a call, going online, or visiting our location or a participating store. We’ll ask you a few questions and you will find out in minutes if you qualify. This is when your experienced LoanMart title loan agent will give you your free quote and explain some of the details about your loan agreement.
2. Submit your Documents
Your LoanMart agent will also request a few documents from you, these will include:
o A car title to a qualified car in your name
o A government issued photo ID
o Proof of income
o Proof of residence
o If you need to provide any other documentation, your LoanMart representative will notify you
3. Get your money
After we have your paperwork, it is time to sign your contract! Then, pick the way you want to receive your money; get it electronically, through a check, or by visiting a partnering store in your neighborhood.
It’s that easy! Be like one of the 150,0002 customers who have come to LoanMart over the past decade and get the money you need in as little as one business day3!
Be Empowered by an Auto Title Loan with LoanMart
LoanMart is on your side, that’s why we do everything we can to make sure your auto title loan experience is the best. Here’s some of the ways we work the process for your benefit:
- Keep your car and drive it like normal when you make your monthly payments. LoanMart doesn’t want to take your car away from you, we know it is important to you both financially and personally.
- Spend your money how you like, LoanMart will never require you to disclose how you use your money. We appreciate the trust you showed us when you chose LoanMart as a lender, we want to reciprocate that trust.
- We’ll make a payment plan for you, so you don’t have to make one. With LoanMart’s convenient terms your payments can be spaced out, so paying back your auto title loan is stress-free and manageable.
Check out our website here and see why LoanMart has been a leader in non-traditional lending since 2002!