A loan is always there in a pinch. But just as there are many reasons for needing a loan, there are also several different types of loans. Two popular types of loans are payday loans and car title loans. Let’s look at the difference between the two to help you decide which one better fits your needs.
What is a Payday loan?
A payday loan is a type of short-term loan where the borrower simply writes a post-dated check to the lender for the amount of money needed plus some interest. The loan is paid out to the borrower immediately, and the check is not cashed by the lender until the agreed upon date. The agreed upon date is typically the day of or the day after the borrower’s next paycheck.
A payday loan can be executed very quickly, often in a matter of just minutes. You will generally need:
- A checking account and your most recent statement
- A driver’s license
- A Social Security card
- A checkbook
- Your most recent pay stub
What is a Car Title Loan?
Taking out a car title loan means you’ll use your car as collateral to secure the loan. When you take out the loan, a lien will be placed against the title of your car. When you repay the loan, the lien is removed. It’s that simple.
You can still drive your car as much as you want while the lien is in place, so you are free to use your car to get to work to earn the money needed for your loan payment. And it’s also typically okay if you do not have full car insurance.
To take out a car title loan, you’ll generally need the following items:
- Car title
- Car registration
- Driver’s license
- Most recent pay stub
- Social Security card
- A piece of mail with your name on it to verify your address
Get Your Loan at Cash Fast Loan Centers
There are two things generally needed to put money in your pocket: a job and a car to get you there. Car title loans and payday loans are different ways of getting money that only require one of those things.
Visit a Cash Fast Loan Center location in North or South Carolina to secure your car title loan or payday loan and get the money you need today.