Just like any other loan, if you take it and make your payments, you will improve your credit score. It just so happens that every scheduled payment is recorded by the 3 major credit bureaus in terms of your FICO score. Lenders use this score to when they carry out credit checks. Timely payments reflect positively on your credit score. So, not only can you save your car, you can build your credit score in the process!
Interest rates are lower for title loans. Title loan rates here in in Arizona range from 213-300%. This is just about half the annual percentage rate (APR) of a payday loans. Those types of loans in this market runs from 417-560%.
Another big downfall is that you can get more than 1 payday loan, but you can only get 1 title loan. Unfortunately, it's very common for people to have more than 1 payday loan which just equals their total paycheck a lot of times. You can keep yourself "in line" with a title loan but it's pretty hard to do that with a payday loan.
The interest rates are usually pretty high with a payday loan and you have to pay it back pretty quick.
A title loan is usually a better option. Fill out the form above and let's get you the money you need!