loan options in Louisiana

Looking For An Alternative To Payday Loans? Try This

If you’ve looked into payday loans and decided they aren’t right for you, then you might be wondering what alternative to payday loans is right for you. After all, you still need that fast cash for your emergency expenses, but what other resources do you have to help you out? One alternative we offer here at Cash Cow to help you out when you need quick money is an online vehicle title loan.

Online title loans are an alternative to payday loans for people who own their car outright and are finished making payments on them. This loan is secured, offers higher amounts of money, and lets you cover major expenses without hassle. There are a number of reasons a title loan is a good alternative to payday loans, and if you’re not sure how they work, then keep reading this article.

Learn How Online Car Title Loans Can Be Another Option

What Is A Title Loan?

A title loan is a secured loan that uses the title of your car as collateral for a lump sum of money. To complete the loan transaction, you’ll give us your car title for the duration of the loan to secure it. During this time, it’s still perfectly acceptable for you to drive your car – and as long as you stick to the repayment schedule, you’ll get your car title back – free of the lien – once the loan has been repaid in full.

When it comes to how much you can get if you are approved, we base that on your vehicle’s resale value and current condition. This means we will have to quickly inspect your vehicle to determine these things. We also use a nationally recognized pricing guide to determine the car’s resale value. When you come to Cash Cow for your title loan, you can get anything between $300 - $1,400.

alternative to payday loans

How Do Title Loans Differ From Payday Loans?

Payday loans are short-term loans that you can think of as an advance on your next paycheck. This means they are designed to bridge the gap between pay periods when you really need quick cash for emergencies. They are intended to cover very small expenses — no more than a few hundred dollars — when these expenses just won’t allow you to wait for your next paycheck to come in. Some examples would include late rent, late utility bills, or a small medical emergency.

As an alternative to payday loans, online title loans can help you with emergencies that come with a slightly bigger price tag. If you need to borrow upwards of a thousand dollars, then an online title loan is the way to go about it. These loans are usually repaid over a longer period of time as well, giving you more time to plan ahead on repayments. Whether you’re getting a payday loan or a title loan, it’s important to plan ahead so that you’re actively working towards repaying the loan on time.

Which Is Better: A Title Loan Or A Payday Loan?

Both loan types have their benefits. A payday loan is generally more ideal if you need a small sum of cash to cover a sudden expense that you aren’t able to handle. That cash is an advance on your next paycheck, so the term of the loan is usually due by your next paycheck – which is usually in two weeks. This also means you have to show proof of income so we know you are able to afford this loan.

Title loans, on the other hand, are a longer-term commitment but are more amenable if you need larger amounts. Expensive car repairs, medical bills, and emergency travel expenses can hit closer to a thousand dollars — so these are good situations to take advantage of a title loan for quick cash. And we also don’t require you to show any proof of your income for this kind of loan.

What Do You Need For Online Title Loans?

As long as you own your car outright without any outstanding judgments on it, then your car can likely be used for a title loan. But the only way you can find out if you qualify for this loan is if you have the required items ready when we meet in person. The good thing is we only require you to bring in three items to get through the process. To apply for a title loan, you’ll need to have the following three items:

  • Your driver’s license or state-issued photo ID.
  • Your lien-free vehicle title in your name.
  • Your vehicle for a quick inspection.

How To Apply For A Title Loan

Applying for a title loan through Cash Cow is easy. All you need to do is contact us directly either by phone or use our online request form to fill out some basic information for your nearest store. A representative will call back to verify your information, answer your questions, and explain your required items (listed above). You’ll need to schedule a meeting with that representative at your local Cash Cow or a location of your choosing.

The value of your loan will be determined by several factors, and the value of your car needs to be assessed into that qualification. Once the representative has had a look at your documents and inspected your car, they will decide if you qualify for approval. If you do, they will have you sign a few more documents and go over the loan terms with you. Once done, you can get your money on the same day or the next business day.

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Get Started With Cash Cow Today!

A payday loan may not be for everyone, and if you’re looking for an alternative to payday loans, online title loans might be worth considering. Keep the things in this guide in mind when you are trying to decide between a payday loan or a car title loan to help you out with your emergency expenses. Once you’ve decided and are ready with the required items, fill out the online form on our website to get started.


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

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.