With the recent push to crack down on predatory lenders, authorities have worked hard to put payday loans out of business. Payday loans are small dollar loans with sky high interest that have to be repaid out of your next paycheck.
Title loans are not payday loans.
While title loans do have higher interest than banks and credit unions, they have absolutely nothing in common in the much maligned payday loans. The two should never be confused, and here is why…
How Title Loans beat Payday Loans
A title loan is money you borrow against the value of your car. You are using your vehicle;s title as collateral. This gets you much lower interest rates than a payday loans, and a lot longer time period in which to repay it.
At PR Title Loan, our loan repayment window is flexible depending on your needs. You can take up to 18 months to repay the loan, or you can pay it off as quickly as you choose to save money on interest.
Using your car title as collateral does not cost you the use of your car or truck! We simply hold onto the title while the loan is outstanding. At no point do you ever surrender your vehicle.
What Do You Need for a Title Loan?
For title loan approval, you need the title paperwork for your truck, car, or motorcycle. You also need your drivers license, and the vehicle license.
Just so there is no confusion, remember
The vehicle title must be in YOUR name. Not a spouse or family member, but you.
The vehicle must be paid off. You cannot borrow money against a vehicle you are still paying off.
For anyone who owns their vehicle, never even consider taking out payday loans! A car or truck title loan is superior in every way.
If you still aren’t convinced, call or click to contact us today!
Our loan experts are in the office, ready to answer any questions you may have and show you why PR Title Loan provides a top notch borrowing experience.