Which Is A Better Loan To Help With Medical Bills: Title Or Payday Loan?
Medical bills can be extremely challenging to pay, especially if you don’t have a reserve fund or health insurance. That’s when both title loans and payday loans can become vital options. These loan types offer quick access to cash, allowing you to cover your medical expenses without delay.
At Title and Payday Loans, Inc., we offer both types of loans to individuals facing financial emergencies. If you're struggling to pay for medical debt, our team is here to guide you through the loan process and help you make the right choice for your needs.
Americans Struggle With Medical Debt
Nearly 20 million adults in the United States owe medical debt. Even though over 90% of the population has some form of health insurance, certain medical procedures are often left uncovered.
We all know that healthcare is expensive and that only a small percentage of individuals can pay a medical bill out of their own pocket. Most people with medical debt owe over $1,000, and the sum can easily reach tens of thousands of dollars.
When this kind of debt goes unpaid, the healthcare provider can choose to assign it to a debt collection agency. The worst-case scenario is that you can be sued, and if you lose, the debt collector will be allowed to garnish your wages as payment.
That’s why if you ever find yourself in a situation where you have unpaid medical bills piling up, you might want to consider going for a loan. However, would a payday or title loan make more sense in your specific case?
Which Loan is Right for Medical Bills: Title Loan or Payday Loan?
Both title loans and payday loans offer fast cash to help you pay medical bills. Here's what you need to know to make an informed decision:
Using the money to take care of your medical bills would typically have two main benefits:
- You wouldn’t have to deal with medical debt.
- You will get adequate medical treatment, instead of the one you simply ‘can afford’.
Both title and payday loans are relatively popular options when it comes to finding fast cash to cover medical bills. What type of loan would be a better fit for your situation?
When To Take Out A Title Loan
If you have a car that you own outright and you need a relatively large sum to take care of your medical bills, then a title loan might be right for you.
You may qualify for up to $15,000, and you’ll get to keep the vehicle while repaying the loan. It is also typically a lot easier to get approved for a secured loan. A title loan might become an option for those with poor or non-existent credit.
Title Loan Benefits:
- Access to larger loan amounts compared to payday loans.
- You can keep your vehicle while repaying the loan.
- Easier approval for those with poor or no credit.
The required items to qualify for a title loan are a state-issued ID like a driver’s license, a lien-free vehicle title, and the vehicle itself for an inspection that will help to determine how much you can borrow. You also must be 18 years of age to apply.
When To Take Out A Payday Loan
You won’t be allowed to use your vehicle’s title as collateral if the car is not paid off or the title does not have your name on it.
With a payday loan, you might get anywhere between $100 and $500 if approved, which can be enough to help you cover a portion of your medical bills. Such loans can generally be repaid with your next paycheck which many view as an advantage as you’ll be able to pay off the loan and forget about it in only a few weeks.
Payday Loan Benefits:
- No need for vehicle ownership.
- Quick repayment, typically by your next paycheck.
- Ideal for smaller, urgent expenses.
The required items for a payday loan are a state-issued ID as proof of identity, a recent pay stub, and an active bank account in your name. With this loan, you must also be 18 years of age to apply.
Why Choose Title and Payday Loans, Inc.?
The vendors in the Title and Payday Loans network offer both title and payday loans. The licensed lenders we work with understand that you need to gain access to cash as soon as possible. That’s why they have made sure that the whole process won’t take too long.
You can get started from the comfort of your home by filling out our short inquiry form at TitleAndPaydayLoans.com. If you decide to take out a payday loan, you will be asked to visit one of the lender's locations. From the moment you arrive, it might take only half an hour to get approved.
If you have figured that a title loan would be a better option for you, no store visit would be required. If you’d prefer, a loan agent come to a location more convenient to you to complete the in-person portion of the loan process, they will!
Get Help With Your Medical Bills Today!
Unexpected medical bills can easily ruin your finances, and if you don’t want that to happen, you might choose to take advantage of title loans or payday loans. With our help, you may get the urgent cash as soon as the next bank day. In some cases, you might even receive the money the same day!
There are situations when medical bills simply can’t wait. If you cannot afford to waste any more time, fill out our simple online request form right now at TitleAndPaydayLoans.com.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
