We all face an unexpected situation from time to time, and in these times, it’s often money that we need above everything else to solve the emergency. However, it is difficult to meet the emergency expense if you don’t have enough money in the bank, which many people don’t. So many of them ask for credit!
However, the problem is, it takes several weeks for the banks and conventional lenders to offer the money because of their lengthy processing time. In an emergency, you need the money really quick. Thankfully, there are lenders, such as payday lending companies that are able to meet this gap. You could receive the money in less than 48 hours.
Apart from payday loans, there is also the ‘car title loan’ where you can get the money you need relatively quickly. So what are these loans, and which option should you choose in an emergency? Which of these loans will be better for you?
According to a 2015 report brought out by the Pew Charitable Trusts, about 5% of adult Americans take payday loans for a variety of reasons like paying their bills, carrying out urgent repairs of their cars, or to buy medicines. Compared to this, only about 1% takes auto title loans, which comes to slightly more than 2 million people. So clearly payday loans are more popular in the United States, even after all the federal and state restrictions that have been imposed on the lending in recent times.