If you are living in Fresno CA and you need a loan, but you have bad credit, you might like to compare the benefits of car title loans and payday loans for which loan solution will better suit your needs. These are both no credit check loans making them available for applicants with good credit, as well as bad credit or no credit score. While there are numerous similarities between these loan types, there are a number of ways that these loans differ that may make them suitable or unsuitable for your situation.
It is important to understand the differences and similarities between car title loans and payday loans in order to help you make an educated decision about the type of loan that will suit you. You need to choose a loan that will benefit you both immediately, as well as allowing you to repay the loan in a way that will not negatively impact your finances in the long term.
The Main Differences:
● Require employment and a paycheck
● Short term loan until you receive your next paycheck
● Loan amount based on the size of your paycheck
● Secured with your car
● No employment requirement
● Require a car with a valid title and insurance
● Short term loan
● Loan amount based on the value of your car
Both car title loans and payday loans are available for bad credit or no credit applicants as there is no credit check at any point and you are not required to offer information about your finances. Both car title loans and payday loans can be applied for online through a quick and simple application process. Both car title loans and payday loans offer same day cash making them suitable for financial emergency situations.