Car Title Loans Online

Alternatives to Car Title Loans

While title loans are attractive for those with a cashflow emergency, they can exacerbate an already difficult financial situation due to the high-interest rates and costs. Other alternatives to title loans include:

• Borrowing from family and friends

  While borrowing money from family or friends can be challenging, it may be worthwhile to avoid the cost of rolling over a payday or title loan.

• A repayment extension from creditors

  Before incurring further debt, try asking your lender to restructure or extend your loan. If they agree to a loan repayment extension, check whether you will incur a late fee, an additional finance charge, or a higher interest rate.

• Apply for a loan from a credit union

  Credit unions often charge lower interest rates than banks or other lending institutions, and some federal credit unions offer "payday alternative loans" or "PALs." PAL loans are more affordable than payday or car title loans.

• Apply for your tax refund

  Check if you are due a tax refund. According to the IRS, refunds are typically issued within 21 days or less if you file online. Request that the IRS deposit your refund directly into your bank account.

• Consider a community bank

  Local banks can provide smaller loans with more favorable repayment terms than large, established banks. Consult a local bank in your area to determine whether you qualify for a loan.

• Request a paycheck advance from your employer

  Your company may be willing to reimburse you for money earned but not paid. For instance, if you work seven days but your next scheduled payment is not due for another five days, your employer may compensate you for the seven days worked. Then, they will deduct the amount from your next paycheck.