Payday Loans vs Title Loans Chicago

If you or someone you know is from Chicago and is in a money crunch and are out of options then a payday loan or title loan could be your best bet.  Payday loans work by using your pay check as collateral.  Usually they will make people use a post-dated check as part of the terms of service.  A car title loan uses a person vehicle as collateral for the loan.  Both these types of loans do not require good credit or no credit at all.

As far as interest rates go, car title loans will qualify people for lower interest than a payday loan, but it is required that the person owns their vehicle out right from any other loan payments.  Payday loans just require a paycheck to pay the loan back.  Usually payday loans last only 2 weeks.  Where as car title loans will allow a month to pay back and will roll over to the next month if not.