Payday loans are fast and easy to get with just a pay stub and ID, which makes them attractive to desperate borrowers. Employees are trained to encourage customers to borrow more than they can afford, and often insist the customer take out more and more loans each time they return to make their payment on the old loan.
Car title loans are harder to get approved for. A title loan requires a customer to have a clean car title on a vehicle that is rather new and is worth something, though some companies offer title loans on virtually any vehicle. The more the car is worth, the more a person can borrow. Loans are typically worth $2,000 to $4,000.
-The same customer who needs quick cash can’t get a loan from a bank, but has a car free of liens and worth a ount. -The customer uses the car as collateral. -The title loan company lends a few thousand dollars with a loan ranging from 90% – 400%.
Unlike payday loans, car title loans have a deadline – either when the loan is paid off, or when the company repossesses the car. Still, many car title loan companies lend to anyone who walks in the door.
This opened up an opportunity for Max Cash Title Loans to let borrowers have reputable, trustworthy title lenders compete for their business. Max Cash will deny a customer if the vehicle doesn’t qualify, or if the customer doesn’t have the means to pay back the loan. Max Cash also refuses to do business with title loan companies who charge obscene interest rates.
Car title loans aren’t for everyone, and it’s easy to fall into a slippery slope of debt if they’re not managed properly. Never borrow more than you can afford, and read and understand all the terms and conditions of your title loan or other bad credit loan before signing. If you feel uncertain, ask the loan agent. If your loan agent is hiding something or rushing through jargon like a prepared speech, run.
Car title loans should be a last resort. Max Cash Title Loans helps ideal loan applicants connect with reputable lenders who work for the borrower, and never the other way around.
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-A person who needs quick cash to avoid an embarrassing or life-changing crisis can’t find a loan because of bad credit or financial history. -The payday loan store will lend a few hundred dollars at 400%, which doesn’t seem that enormous considering the loan term is no more than 2 weeks. -The customer routinely takes out subsequent payday loans to afford the original loan because of the high interest, eventually spending hundreds or thousands of dollars on a modest initial loan.
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