Title loans are usually for larger amounts of money, where your vehicle is used as a tangible asset in exchange for loan assurance. While the title loan model seems similar to any other collateral loan, they typically carry higher costs than payday loans, according to a recent Pew study. In addition, there are the additional risks of losing a major asset if the debt cannot be repaid. This might leave the customer paying more in fees than the amount borrowed.
This isn't to say that thses types of can loans wouldn't work for some individuals. However, a pawn shop loan will open up alternatives on other valued items, as well as offer longer terms with better interest rates.
When searching for cash advance alternatives on collateral loans the sale of your items of value, call Gems N' Loans in Dana Point!
The good news is, yes, you can get a title loan without a job or even proof of income! That's one of the great things about this option. The only thing they require is your title (proof that you own your car).
ReplyDeleteThanks