Car Title Loan vs Payday Loan 


Which Fast Cash Loan Option Is Best For You? Let’s Examine!

Key Takeaways

  • Both car title loans and payday loans both are common options for people who need quick cash for life emergencies. 
  • Secured title loan lenders typically offer more money than payday loans, for instance Auto Money Title Loans offers up to $20,000*.
  • Auto title loans and payday loans each offer funding with a shorter time period to pay it back. 

Interested in Applying for a Secured Title Loan Now? Learn More | Inquire Now

 

• Fast Cash Today • Any Car, Any Year • High Approval Rates • Past Bankruptcies & Bad Credit OK • You Can Keep Driving Your Car •

compare money, title loan vs payday loan

While similar in name, car title loans and payday loans have some major differences. To ensure you choose the option that’s best for your financial situation, we’ve outlined the most notable features of each in the chart below. Read on to learn more, and if you have any questions, don’t hesitate to ask!

Here’s a comparison chart for car title loans and payday loans:

Loan Type

Car Title Loan**

Payday Loan

Security

Uses the equity of your lien-free car as collateral

Uses the promise of your next paycheck as security

Loan Amount

Up to $20,000*

Usually $100 to $1,000 (based on next paycheck amount)

Loan Term

Up to 30 days

Usually, 2 weeks or until the next pay period

Credit Approval

Bad, fair, and good credit – all accepted

Bad, fair, and good credit – all accepted

Employment Requirement

Not required

Employment is typically a requirement

Bank Account Requirement

Not required

Usually, must have a bank checking account

Collateral

Title of your car (you can keep driving your car during the duration of the loan; title will be returned once loan is paid in full)

None. Typically, must show two most recent pay stubs

**Note – Information on Car Title Loans Based on Products & Services Offered at Auto Money Stores

Interested in Applying for Up to $20,000 for Same Day Cash? Auto Money Can Help!

For fast cash loan, try a secured car title loan today! Learn More | Inquire Now

ALREADY HAVE A TITLE LOAN WITH ANOTHER COMPANY, AUTO MONEY CAN STILL HELP YOU!

If you have a title loan or title pawn with another company, Auto Money may pay it off at a lower interest rate!

Interested?

apply for car title loan, title loan requirements

What is a Car Title Loan?

Car title loans are secured loans that utilize the equity of your car as collateral for the funds borrowed.

With a car title loan, you can typically borrow between $700 and $50,000, depending on your state and the amount of equity you have in your vehicle. A variety of vehicles can be used as collateral, like cars, motorcycles, trucks, work trucks, RVs and more. And the best part? You can keep driving your vehicle! In these instances, the lender places a lien on the vehicle’s registration as security – and assurance that you will pay back the loan.

At Auto Money, you can apply for up to $20,000* of same-day cash. This is much faster than a traditional bank! Keep in mind that this offer is exclusively available for vehicles that are currently lien-free.

Enjoy the following benefits of car title loans at Auto Money:

Approval in less than 30 minutes at an Auto Money location
• Most credit types accepted
• Bad credit or prior bankruptcy accepted
• Convenient hours – open 6 days a week

Additional Benefits of Getting a Title Loan at Auto Money

What is a Payday Loan?

 Payday loans are based on a promise that your next paycheck will be used to pay down the loan. Payday loans use post-dated checks deposited on your next payday or an electronic funds transfer as collateral. Therefore, the amount of the loan is dependent on the amount of your next paycheck. Payday loans typically range from $100 to $1,000.

Which Is Better: Title Loan or Payday Loan?

One option is not necessarily better than the other. While car title loans often provide access to more money, it’s important to base your decision off your unique situation.

Here at Auto Money, we work with borrowers from all credit backgrounds – good, fair or bad! In fact, your credit score is not a factor in title loan approval – and past bankruptcy isn’t either. No matter your financial history, we can offer you fast cash today! Come see what we can do for you.

Our loan specialists understand that major expenses can be unexpected. Life happens, after all! That’s why we offer up to $20,000 cash when you need it most, allowing you to manage expenses and get your life back on track. Come see what we can do for you!

Inquire About Car Title Loan Now | Visit Auto Money Location Near Me

 

• Fast Cash Today • Any Car, Any Year • High Approval Rates • Past Bankruptcies & Bad Credit OK • You Can Keep Driving Your Car •

ALREADY HAVE A TITLE LOAN WITH ANOTHER COMPANY, AUTO MONEY CAN STILL HELP YOU!  

If you have a title loan or title pawn with another company, Auto Money may pay it off at a lower interest rate!

Interested?

WHAT PEOPLE SAY ABOUT AUTO MONEY

Ashley W.

Amazing customer service and very sweet employees. They helped me through the process for the first time and was able to get me as much as they could so great full to them.

Lakisha S.

I came in asking for a certain amount & they met that price. Very nice, very professional. Even gave my children a snack. Highly recommend them. 

Shannon B.

Great service! Appreciate Amanda for all her help!

Zackary L.

Great crew, great people. Wish I could give 10 stars!

Donte H.

I came in when the store was about to close, but the ladies at the store stayed after their shift and assisted us with such kindness. They were very courteous. Please go see them at the north main location.

Brittney A.

Amazing customer service. Made me feel right at home. Easy to communicate with and Shaina is the BEST and QUICKEST to go to. In and out in about 45 mins.

Stanton M.

Good people to do business with.

 

Shatasia S.

Only place I will ever come and get a title loan. Quick, Easy and Honest.

 

• Fast Cash Today • Any Car, Any Year • High Approval Rates • Past Bankruptcies & Bad Credit OK • You Can Keep Driving Your Car •

Title Loans in South Carolina

A title loan is a quick and easy way to get the cash you need, using your vehicle’s title for collateral instead of your credit score. The amount will be determined by our expert appraisers. Auto Money offers competitive interest rates and gives you the most money for your title with instant approval. And the best part is, you get to keep driving your vehicle!

SC Consumer Loans: Your Rights and Responsibilities

Disclaimer: This is a high interest loan. You should go to another source if you have the ability to borrow at a lower rate of interest. You are placing your vehicle at risk if you default on this loan.

Title Pawns in Georgia

A title pawn is a quick and easy way to get the cash you need, using your vehicle’s title as collateral towards borrowing money. At our Georgia Auto Money stores, you have 30 days to repay the title pawn. If you are unable to pay off the balance within 30 days, Auto Money’s professional and courteous staff is available to discuss repayment options with you.

Title Loans in North Carolina

Disclaimer: At Auto Money, we uphold all federal and state laws related to Title Loans. Title loan transactions are prohibited within the state of North Carolina.

Disclosure: This website is a solicitation for an auto title loan or pawn. This solicitation is not a unilateral contract or a guaranteed offer. All title loans and title pawns and the amount of the title loans or title pawns are subject to Auto Money’s approval that is contingent on several underwriting factors such as a completed loan or pawn application, your employment status, monthly income, and a vehicle evaluation.

* $20,000 instant approval loan or pawn amount is the maximum an applicant can receive. Actual amount of title loan or title pawn is subject to vehicle appraisal by an Auto Money employee and a complete application is required to be submitted and approved in-person by the party requesting a title loan or title pawn. Certain limitations apply. All title loans or title pawns issued by Auto Money are subject to the customer’s ability to repay the title loan or title pawn.

** www.automoneytitle.com is not an online lender. Applications are not processed or approved online. Personal information other than resumes that you submit to this website is an inquiry to receive more information regarding a title loan or title pawn from Auto Money. Any information you submit to this website will be forwarded to the Auto Money office closest to the ZIP code you have provided for the purposes of contacting you about a title loan or title pawn. Once your information is received and processed, you will be contacted by an Auto Money representative. Submitting your application is an agreement to be contacted by a member of our staff.

To see more of our Terms & Conditions, click here. For any further details, speak with us directly in-store