Neither a Payday or Car Title Loan for Fast Cash
Unlike other types of cash loans, car title loans are known to have a less complicated approval process. Muck like a pawn shop, you are offering a form of collateral to qualify for the desired amount to borrow. This is even possible if you don't have a great credit score, and many lenders will provide car title loans without even checking your credit score or report. They only care that you have a reliable source of income and a car worth more than the loan you are requesting.

What you need to keep in mind is that, car title loans carry high interest rates, and in some cases are significantly higher than credit cards rates exceeding 100 percent. While they are short-term loans, they need to be repaid quickly. In such cases where the borrower is unable to make payments, there will be late fees, raising the balance even higher, risking the lender repossessing the vehicle.

Those that have valuables in their attics or basements, can sell for, or borrow money off those items or heirlooms at a pawnshop, and simply walk away with fast cash in the pocket. A typical pawnbroker loan may have a term of 30 days, and some offering a one month grace period.  In the case that the borrower can't pay the loan on time, there are options for an extension or renewal.  Of course, this is subject to the state laws and conditions of the lender to give you extra time to come up with the money.  

To learn more contact Gems N' Loans Temecula!


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