alternative to payday loan

Why Vehicle Title Pawns Are an Alternative To Payday Loans

Payday loans can help you pay for groceries and other important, urgent expenses when you’re running short on cash between paychecks. They are easy to get and don’t require a high credit score. However, are they the right option for your needs right now? Vehicle title pawns are an alternative to payday loans. The following sections will help you see which loan may be best suited to your situation.

Vehicle Title Pawns Vs. Payday Loans

There may be situations when you need to shop for an alternative to payday loans. This includes:

  • You need to take out a bigger loan.  Some emergencies, such as medical treatments or big car or house repairs, may need you to raise hundreds or thousands of dollars. However, most payday loans are capped at $500.
  • You don’t have a checking account.  Payday loans will require an active checking account in your name since you need to issue a post-dated check. Unfortunately, you cannot use somebody else’s account or a debit card.
  • You can’t provide a pay slip. Not all companies or jobs have pay slips. You may be a freelancer, a part-time worker, or have a personal home-based business. Even if you have a good income, you will not be able to provide proof of employment or income.

If you are facing any of these scenarios, you can consider vehicle title pawns as an alternative to payday loans. Title pawns are secured loans that use your car or truck title as collateral or guarantee. You don’t need to have a high credit score, and you can keep using your vehicle while you’re paying off your loan.


Why Title Pawns Are A Good Alternative

1. You Can Borrow Larger Sums Of Money

This is one of the most common reasons people take out vehicle title pawns as an alternative to payday loans. You can borrow thousands of dollars—even as high as $15,000. It is one of the highest personal loan limits you can find for people with bad credit.

Your maximum loan limit is based on your vehicle’s model and condition. When you apply, a loan representative will inspect your vehicle to look at its age, mileage, the appearance of its interiors and exteriors, and how well it works.

Georgia Auto Pawn, Inc. follows industry standards to calculate the loan amount, and you’re guaranteed to get a fair and objective evaluation.

2. You Don’t Need To Have A Checking Account

You can’t get payday loans without an active checking account that is in your name. However, vehicle title pawns do not require you to show any type of bank account—whether it’s a checking account, savings account, or a time deposit.

So, if you don’t have a checking account and do not have the time to open one, consider title pawns as an alternative to payday loans. The only things you need to show are your title, a valid government-issued photo ID like a driver’s license, and your vehicle for inspection.  

3. You Don’t Have To Show Proof Of Employment

One of the key requirements of payday loans is a pay stub. It serves as proof of employment and income and establishes how much money you can borrow.

That can be a problem if you don’t get pay stubs for your job. For example, you may earn good money as a freelancer or part-time worker, run your own home business, or be self-employed as a plumber, professional driver, farmer, and other similar types of work. You may also have non-employment sources of income, such as alimony.

In these cases, even if you have the means to pay off a loan, you need to look for an alternative to payday loans.

Luckily, vehicle title pawns do not require you to explain or present proof of your employment.  The only “criteria” for approval is the vehicle title, which serves as security for the loan. It must be under your name and be lien-free (no other current loans, legal claims, or judgments against it). The vehicle must also be already paid for and owned outright.

title loan options

You Can Still Get The Loan Quickly!

With Georgia Auto Pawn. Inc. you can get a title pawn as easily and conveniently as a payday loan. You can complete your application in as little as 30 minutes and claim your money the same day or the next day after your loan is approved.

First, you can either call one of our title pawn locations or use the form on this website to ask someone to call you for your personal loan consultation. He or she will explain the entire loan process and requirements.

Then, you just have to set an appointment at the location that is most convenient for you. Our loan representative will then quickly go over your documents and check your vehicle. You know right away if you can qualify for the loan, and how much you may borrow. Then you just sign a few forms, and you’re done!

Find Out More About How To Get Vehicle Title Pawns

Now you can see that a payday loan may not always be the best solution for your financial needs. A vehicle title pawn may be the alternative you are looking for! Need emergency money ASAP? Georgia Auto Pawn, Inc. is here to meet that need. Use our form to find out more about vehicle title pawns and how to get one today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.