payday loans in utah

Title Loans or Payday Loans: Which Should You Choose?

What do you do if you need to borrow money, but you don’t have a good credit history? It can be frustrating to go to banks and then be refused each time just because of your credit score. Here are two types of loans you can take out in case you need to raise cash fast: payday loans and title loans.

Payday Loans

A payday loan is a short-term loan that works very similar to a cash advance. You issue the lender a post-dated check or provide an authorization letter to debit the borrowed amount from your bank account.

Payday loans are generally used to borrow small amounts of money. These are ideal for situations when you run out of cash before your next payday and just need a way to cover your current expenses until your money comes in.

Benefits of Payday Loans

  • No credit history required. Unlike traditional personal loans that you get from a bank, you do not need to have a high credit score.
  • Fewer documents and paperwork. You need to submit a government-issued ID, proof of income, and a bank account number.
  • Fast processing time. Most people take payday loans because they need the cash right away, so it’s counterproductive if the application period takes weeks to complete. However, payday loans can often be processed in a few days and sometimes, within the day!
  • Convenient application. You can go to and submit your application right from the comfort of your home.

Title Loans

Title loans are short-term loans where you use your vehicle as collateral. This can be a car, truck, motorcycle, SUV or RV. The vehicle has to be under your name and have insurance. Title loans allow you to borrow more money than payday loans. Factors like the vehicle model, and its age and condition, are taken into consideration to determine the amount.

Benefits of Title Loans

  • No credit history is required. Just like payday loans, you don’t need to have any kind of credit history. You can even get a title loan if you have a bad credit score.
  • Title loans require less paperwork. Banks and other financial institutions will require a lot of documents: income tax returns, credit reports, and so much more. To apply for title loans, you need to present the car registration, proof of insurance, and a government-issued ID.
  • They have a fast-processing time. One of the most frustrating things about taking a bank loan is that it can take a long time to gather documents, go through the application, and wait for the approval. That can be a problem if you need the money right away. With title loans, you can complete the entire process in just a few days.
  • The application is convenient. You can go to and submit your application right from the comfort of your home.

payday loan title loan money

How Can I Use Title Loans and Payday Loans?

While we won't ask you the purpose of your loan, it’s best to take a short-term loan for important and unexpected expenses. This includes unexpected and expensive house and car repairs, medical bills and hospitalization, or an important trip that suddenly came up and you can’t cancel. One example is if you need to go visit relatives because of a family emergency.

Should I Choose a Title Loan or a Payday Loan?

Payday loans may be a good option if you only need a small amount of money. Since they require proof of employment, they are simple to get if you are with a company that can issue a pay slip or some proof that you are one of their employees. If you can’t present proof of employment, but you own a vehicle, then a title loan might be a better option. Title loans also allow you to borrow larger sums of money (depending on the model and condition of your car) and may also have longer repayment terms.

How to get Utah Payday Loans or Utah Title Loans Near Me

It’s now easier than ever to get a short-term loan! Utah Title Loans offer a online application and customer support. The process is very easy.

  1. Go to Utah Title Loans homepage.
  2. Fill out the form. It just takes a minute or two to complete, and all the information is confidential! It just helps the customer service representative understand what you need, and provide better service.
  3. The customer service representative will contact you and present your different options. Feel free to ask questions and share concerns. They are there to help you!
  4. Submit your application. Once it’s approved, submit the required documents.
  5. Collect your money through cash, check, or online transfer.
  6. To find out more about title loans and payday loans, learn more about how the loan process works here.

Whether you choose to take out a payday loan or a title loan, either one can provide the quick cash you need during emergency situations. By learning more about both types you can made an informed decision and be on your way to getting the money you need to ease your financial worries.

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

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.