Get Cash Quick – Car Title Loans and Alternatives with The Net Lender

If you are considering taking out a car title loan, it is important to educate yourself about all of the other borrowing options that are available. By comparing multiple options, you can make sure that you are getting the best deal in terms of the interest rate, fees, and other terms of the loan according to The Net Lender.

Personal bank loans

Taking out a personal loan may be an alternative  to car title loans since these loans usually have lower interest rates than auto title loans. One of the advantages of going with this type of loan is that your payments are stretched out over a specific length of time. That means that you know exactly how much your monthly payments are and exactly how long it will take to pay off the loan.

Credit cards

If you have a credit card, you may be able to pay less interest by taking out a cash advance. Along with comparing the interest rate to that of a car title loan, you should also make sure that your limit is high enough to cover your expenses. If necessary, you can contact your credit card provider to see if they are willing to raise your limit. Your odds of getting a credit limit increase are a lot higher if you have consistently been making your payments on time. Carefully compare the interest rate for cash advances on your credit card with the interest associated with car title loans to figure out which option is best.

Asking for an extension

Sometimes, creditors or companies that you owe money to may be willing to give you an extension, providing you with more time to come up with the money. This is particularly true for essentials like your utilities or your monthly rent. Depending on your situation, even a relatively short extension of just a few days could make a world of difference in whether or not you need to borrow money. Being able to avoid taking out a car title loan can wind up saving you a lot of money in interest. If your landlord or a company that you owe money to agrees to give you an extension, ask for them to provide confirmation in writing. That way, they can’t back out on the arrangement. Make sure to find out if you will be responsible for any late fees, as well, so that you can compare those fees to the amount that you would pay in interest on a car title loan.

Getting a loan at work

Some employers offer short-term loans to their employees to cover unexpected expenses. Talk to someone in the human resources department at your job to see if these types of loans are available. If so, find out more about the terms of the loan, including how quickly the money needs to be paid back and how much interest you need to pay.

Pawning valuables

Take a look at your belongings. Do you have any valuable items laying around that you don’t need? If so, you may be able to pawn them for quick cash. For instance, if you have an old electric guitar or pieces of jewelry that are sitting around unworn, pawning them for cash could be an excellent option. You can also try selling the items online through sites like eBay. Just remember that it might take a little bit longer to get your money if you go this route.

Payday loans

These loans are notorious for having unfavorable terms for borrowers. Despite that, it still might be a better option than a car title loan, depending on your situation. If something comes up and you can’t pay the money back, you don’t have to worry about losing your vehicle like you would if you take out a loan against the title of your car.