There are several different options for people in the Phoenix area who need cash fast. Two of these options are “Registration Loans” and “Title Loans.” These may sound similar, but there are important differences to note.
If you need a short term loan to acquire some quick money to pay something that can’t wait until your next pay check, then you may be considering something like a Phoenix title loan or registration loan. How do you know which one is best for you? In order to decide, you should know what each of them do and how they can better help you.
A registration loan is a cash payment until your next pay check when the money is debited from your account or you come in and pay the money you borrowed back. With a registration loan you will need to have a vehicle in your name in order to apply and be considered. This type of loan does not require that you pay high interest rates. If you have a vehicle already financed, you can still qualify. With a registration loan, the lender will not place a lien on your car title while you are financing the money.
A title loan is more of a traditional loan. The lender will keep your car title as secure collateral until your loan is paid off. To qualify for this type of loan, you will need to have a vehicle that is free of any type of liens. The vehicle cannot be financed. Once your loan and interest is paid in full, your clear title will be provided to you. For more on what you need to have in order to apply for a loan visit our what to bring page.