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Differences Between Payday and Installment Loans That You Should Know

  • 5 MIN READ|
  • 0 Comment |
  • 2021 |
  • by Joseph Priebe|
  • October 20, 2015 |
  • Loans

What is the difference betwween payday loans and installment loans?

Title loans are different from payday loans for several reasons, but the main difference is the amount. These loans are usually for more cash than a fast payday loan would be, but many people aren’t quite sure why they might get Las Vegas Title Loans instead of payday loans. Here are a few reasons to get a title loan in Las Vegas:

Medical Expenses

An unexpected doctor’s visit might be inexpensive enough to be covered by a payday loan, but a hospital stay would cost substantially more, even with insurance. A lot of insurance plans have high deductibles or only pay for fifty percent of the costs of a hospital stay, and that can mean very high medical bills despite the fact you have insurance. A title loan can help covers these unexpected costs and would be well worth the justification for getting such a loan; after all, you are much more important than any vehicle.

Starting a Business in Las Vegas

A lot of entrepreneurial types get startup money from all kinds of sources, especially if they know they are sitting on a business idea that needs to be implemented sooner rather than later. Vehicle title loans can help with the startup costs and can be repaid in a reasonable amount of time so you don’t have to worry about striking it rich as soon as you open for business. Utilizing a title loan can give you cash sooner than having to take out a business loan at a bank, and in some cases, both can be utilized if the bank is unwilling to lend you the full amount you need, which makes a title loan a valuable source as a stop gap, or for petty cash to have on hand in the early days of your new business. Whatever the reasons, a title loan is a good thing to consider in order to remove those obstacles that keep you from becoming your own boss.

Sudden Loss of Employment

Despite the slow growth of the economy, jobs are being cut back, companies are downsizing or just plain outsourcing jobs overseas. If you find yourself in a situation where you’ve suddenly lost a source of income and this prevents you from taking out a payday loan to cover expenses, you could consider utilizing a vehicle title loan to cover expenses until you recover your lost income. It would be better to utilize a title loan and pay the bills than to have the power or water turned off and certainly it would be better to have the money to pay for necessities like shelter and food. If you are suddenly unemployed and are temporarily unable to cover for the unexpected loss of income, a vehicle title loan is a viable alternative to falling behind in the bills.

Las Vegas Title Loans Assist with Car Repair

Ironically, a title loan can be used to help cover the cost of unforeseen major repairs to your vehicle. If you rely on your own private transportation for things like getting to work, then it’s in your best interest to make sure you vehicle stays in running condition. Most major repairs can be covered by warranties of the vehicle is newer, but sometimes that transmission will seize up, or a gasket will be blown and you find yourself without the mode of transportation necessary to get done what needs to be done. Not only will a title loan cover the cost of repairs, but it can also cover the cost of a rental vehicle while your is in the shop. No one wants to deal with major auto repairs, but at the most unexpected times they can become a necessity. A title loan can help cover such necessities.

Funeral Expenses

As much as we might not want to think about it, sometimes we are unprepared for a death in the family, and unexpected funeral expenses may arise due to lack of insurance or similar circumstances. The last thing you want to be dealing with when coping with the loss of a loved one is the cost of memorial services and how you are going to cover them. A title loan can away this unnecessary worry and let you deal with other more important matters. If you find you are in such a position and there are no other options available to cover funeral expenses, a title loan might be a viable alternative in such an unfortunate but necessary situation.

Major Home Repairs

If you ignore a leaky roof long enough, it will make its presence known in ways you absolutely do not want to have to deal with. Make sure you maintain your home, especially your roof, before small problems turn into very, very large problems. If you do wind up with a very, very large problem, then Las Vegas auto title loans can help cover the major costs associated with major home repair.

Home Remodeling

We don’t recommend taking out a title loan just to remodel your home for cosmetic purposes. However, if you are planning on selling your Las Vegas home soon, and a remodeling would help drive up the value of your home, then a title loan would be a viable option to take advantage of. The best part is, you could make enough extra on the sale of your home to repay your title loan instantly, which makes it an investment with almost immediate returns. This should be carefully considered, however. Have an appraiser take a look at your home and give you advice on how much more your asking price would increase if you did a simple remodel. Often, home can increase in value just by having the walls painted and the carpets replaced. Whatever the case, a title loan can help take care of these costs.

Disaster Relief in Nevada

If you’ve had a fire, landslide or experienced a flood and your property has taken significant damage, a lot of expenses can pop up that may not necessarily be covered by insurance. This can involve an extended hotel stay, the replacement of furniture, or rebuilding part of your home. Insurance companies can be difficult to deal with and sometimes claims can take time to get processed when you need money to help cover many different disaster-related expenses now. A title loan might be a viable option in this scenario. You can get much-needed cash quicker and pay off the loan when the insurance finally comes through.

Las Vegas Title Loans Can Help with Moving Costs

If you have to move any distance greater than the mileage to get across town, then these expenses can really add up in unexpected ways. Many people factor in hotel stays, shipping costs, and transportation costs but sometimes will not account for shipping delays, meals while you wait for your things to arrive, and sometimes necessary extended hotel stays while you wait for your new home to become available. A title loan can help cover these expenses and can be paid back over a reasonable amount of time.

Learn More about Title Loans in Las Vegas

CASH 1 has title loan services available in Nevada and Arizona. If you'd like to know where to get a loan, call or stop by to see if an Auto Title Loan in Las Vegas is right for you. 

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