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 exactly when title loans and payday loans become necessary. With these loan options, you might be able to get the much-needed cash in the shortest timeframe so you can cover your medical bills immediately.
At Title and Payday Loans, Inc., we offer title and payday loans to people struggling to pay for financial emergencies. If you have medical debt you cannot pay for, contact one of our loan representatives today to learn about your options for a quick cash loan.
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 Is A Better Loan To Help With Medical Bills?
With the help of either a title or a payday loan, you might be able to get access to cash in a matter of days (in some cases, even the same day).
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.
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 may want to choose a payday loan if you:
- Do not have a car
- Are still making payments on your vehicle
- Do not want to put your car at risk
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.
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?
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.
