VAN
NUYS, Calif., Oct. 4, 2024
/PRNewswire/ -- Title loans and payday loans can offer fast funding
to eligible borrowers who are facing financial emergencies. In a
recent study conducted by the Federal Reserve that covered the
financial well-being of American households, over 60% of Americans
reported they would not be able to handle an unexpected expense
over $400 due to inadequate savings
or other financial hardships. When unexpected expenses hit,
borrowers without strong credit histories may choose to rely on a
payday loan or a title loan to get their finances back in order.
Both loan options can cater to individuals with bad credit and tend
to have more lenient credit requirements than traditional bank
loans.
Understanding the Advantages of Vehicle-Secured Loans
Compared to Payday Loans
Since car title loans are secured by collateral, eligible
borrowers can often access more money than they would be able to
through an unsecured loan like a payday loan. Payday loan amounts
tend to range from $50 to
$500 and are expected to be repaid on
the borrower's next payday. Payday loans are unsecured, but they
may require a post-dated check or access to the borrower's bank
account in order to ensure the repayment of the loan. Like car
title loans, payday loans provide quick cash during tough financial
situations, but they can be less advantageous in comparison to auto
title loans because of their smaller loan amounts and shorter
repayment periods.
Through car title loans serviced by LoanMart, borrowers can
access up to half of their car's value and receive competitive
interest rates and flexible loan terms. While a perfect credit
score is not necessary to obtain loan approval, applicants must
meet the loan criteria and be able to provide the required
documentation to verify their application information.
About LoanMart
LoanMart is proud to promote financial
literacy and provide title loan services to eligible consumers
throughout the United States. To
learn more about car title loans serviced by LoanMart and access
informational resource content, visit www.800loanmart.com.
Contact Information: media@800loanmart.com
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SOURCE LoanMart