Auto Title Loans Or Payday Loans?
Taking out an auto title loan in ME can be easier than doing a payday loan. While both are certainly options when you’re in a financial bind, payday loans are taken out when you borrow a certain amount from a lender, and write them a check for that exact amount for a later date – usually 14 days later. You work with the lender to decide upon a finance fee or interest rate, and incorporate that into the check amount.
Interest rates for payday loans are typically dependent on your credit score, which means your interest rates could be astronomical if you have low or no credit. Because your credit score doesn’t matter nearly as much for auto title loans, chances are that your interest rates will be lower.
Paying off the Car Title Loan Wayne
Because auto title loans are the preferred option for short-term financing, it’s important to know that the loans typically need to be paid off within 30 days. But, that’s usually enough time to get you back on your feet after an unexpected financial catastrophe. Interest rates on your Wayne ME loans will differ, but we’ve seen an average interest rate of 96% compounded daily. The sooner you pay off your loan, the less interest you’ll owe.