When unexpected expenses arise, securing quick funding becomes crucial for borrowers. In Alabama, title pawns and payday loans are two popular resources that are used to address financial emergencies. But how do you choose between these fast cash loans to get the instant cash you need? 

This guide compares the two to help you review and decide which loan type best suits your need for fast cash for emergencies.

Urgent Expenses Loans: How To Choose Between Title Pawns And Payday Loans

When you visit Alabama Title Loans, Inc., you have two options available: title pawns and payday loans. These options can provide you with fast cash for emergencies, when your savings accounts can't cover the cost, as soon as today. And while having options is a good thing, that also means you need to consider certain things before you can decide which financial option you should choose.

To help you out along the way, here are four considerations when choosing between urgent loan options, like a title pawn and a payday loan:

1. The Process For Either Of Our Urgent Loan Options

The first thing you should think about when choosing between our two options is the process. The good thing is that our process for both our title pawns and our payday loans is simple and quick. However, there is a difference between the two processes. Knowing this will make choosing between the two easier for you. When you get a title pawn, you will fill out the online form on our website and then set up an appointment to meet the representative either at the store or at another location.

When it comes to getting our payday loans, you will fill out the online form like for our title pawns, but for this loan, you have to come into the store to finish the process. This means the loan representative is not able to meet you at another location to finish the payday loan process. But we have plenty of store locations in Alabama that you can choose from, so there is a good chance that there is a store near you.

2. Amount Of Money You Could Get From Quick Loans In Alabama

The next thing you need to keep in mind when considering the quick loans in Alabama and their lender terms, is how much money you could get with them. Unlike traditional banking institutions and credit union, our title pawns, you can get between $300 to $15,000, regardless of credit. With a pawn, we use your car’s value and overall condition to determine how much money we can lend to you, even if you have a poor credit score. In fact, we welcome all credit to apply for this type of secured loan. As for our payday loans, you can get between $100 - $500. For this one, we use your income to help us determine if you are eligible and how much we can lend to you.

3. Required Documents For A Title Pawn Vs Payday Loans

When it comes to us determining if you qualify for a title pawn vs payday loan, there are required items we need to see. And as with everything about these two financial options, the required items differ. When it comes to payday loans, you need your most recent pay stub, your driver’s license or state-issued photo ID, and a blank check from an active checking account in your name. For title pawns, you need your car’s title, the car, and your driver’s license or state-issued photo ID.

4. Do You Need Collateral For Either Of These Fast Cash Loans?

The last thing you need to know about these fast cash loans is whether or not you need collateral. You see, some loans and financial options require you to put up a personal item of value to secure the money. When it comes to our title pawns, you must use your vehicle’s lien-free title – that is in your name – as collateral. Now, if you happen not to have this collateral, you can get a payday loan instead because this loan doesn’t require any collateral to secure the money. This is what’s called an unsecured loan.

What Makes Title Pawns Different From Payday Loans?

Now that you know what considerations to keep in mind, you should know more about each of these emergency personal loans options to be able to make your decision. Of course, you want to keep all of the above considerations in mind, but there are some more things about each option that would help you to know to help you make a decision. So, to learn more about each option, here is what you need to know about each one:

Title Pawns

A title pawn is a way to borrow money by using your car title as collateral. The amount you can get will depend on how much the car is worth and its condition. And while we will hold onto your title while you repay the loan, you can keep your car and use it as you normally would. Just keep in mind that we will need to inspect your vehicle. The best part, we welcome you even if you have poor credit. If you’re approved, you can get your money as early as the same day or by the next business day.

Title Pawn Benefits

If you’re considering title pawn benefits, here’s what you need to know:

• You can borrow larger amounts of money using your car title as collateral.
• Keep your vehicle while you repay the loan.
• Bad credit? No problem. Title pawns are accessible even if your credit score isn’t perfect.
• Receive your money as quickly as the same day or the next business day.

Payday Loans

Payday loans are different because they’re unsecured loans, meaning you don’t have to provide any collateral to qualify. Instead, what you’re doing is borrowing money against your next paycheck. This means we will look at your income to determine if you can repay us on time, which is usually by the time you get your next paycheck. If you can’t provide your paycheck to us, you can use another source of income. Just call us so we can discuss it further with you.

What About Payday Loans Near Me?

For smaller financial needs, seeking payday loans near me might be a better fit:

• No collateral required.
• Borrow money based on your income or other sources of repayment.
• Ideal for short-term emergencies that require smaller sums of cash.

FAQs About Our Same-Day Loan Options

How fast can I get a title pawn in Alabama?

From the time you enter one of our Alabama Title Loans, Inc. locations, it could take as little as 30 minutes to be approved for a car title pawn.

All you need is your vehicle, the title, and photo ID. At Alabama Title Loans, Inc., we make the title pawn process hassle-free, unlike our competitors. We are committed to providing all our customers with unsurpassed customer service. The process is simple:

• Bring your car with a clear car title to Alabama Title Loans, Inc.
• Fill out the simple paperwork while a loan representative does a quick vehicle appraisal.
• Our store representative will assist you in qualifying for a title pawn amount based upon your need, the appraised value of your vehicle, your ability to repay the auto title pawn, and applicable state law.
• Once approved, you will receive the cash you need and keep driving your vehicle. This process could take as little as 30 minutes.

What’s required to get a payday loan?

The only items you need to qualify for a payday loan are:

• Your most recent pay stub
• Be 18 years of age or older
• A government-issued ID
• Social security card
• A recent 30-day bank statement from your checking account
• A blank check in your name 

Choosing Short-Term Loans For Your Emergency Expenses

Now that you understand the differences with these short-term emergency loans, consider one of these as your emergency financing solutions:

• Need a larger loan amount and have a vehicle? Go with a title pawn.
• Need a smaller amount with no collateral? Opt for a payday loan.

At Alabama Title Loans, Inc., we make it easy to apply for either of our urgent expenses loans. Simply start with our online inquiry form, and we’ll guide you through the process.

Get A Title Pawn or Payday Loan Today!

The next time you need help with an emergency loan, don’t forget that we are here to help you! Whether you need a title pawn or a payday loan online to handle your urgent expenses, Alabama Title Loans, Inc. has got you covered.

Just reach out by completing the online form on our website to let us help you get started on our easy process to find out if you can get a fast cash loan payment today!

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.