Whether the culprit is a car or home repair, medical expenses or one of life’s other little unpleasant surprises, there are times when having access to fast cash is essential.

While short term cash loans come in many different shapes and sizes, a person in need of emergency cash has essentially three choices: a car title loan, a pay-day loan and a credit card advance.

An auto title loan, not unlike a home mortgage, is a secured loan. That is, to get the loan from the lender, the borrower uses his vehicle title as collateral. You pledge your car in exchange for the cash; if you fail to keep your promises, the lender has a way to get repaid.  Pay-day loans and credit card advances, on the other hand, are unsecured (no collateral) loans.

When a lender has a secured asset (in this case a vehicle title) he assumes less risk. As a result, the process of taking out a car title loan is fast and hassle-free. Title loans require no income or credit checks and only minimal paperwork. It is important to remember, however, that this is a secured loan; easier to get, but it is very important to stay current with the payments.

Pay-day loans are a different story. They are unsecured (no collateral) loans. If a borrower were to default on a pay-day loan, the lender would have less to fall back on. That means his risk is higher, and as a result, the borrower will pay a higher interest rate and have a shorter loan. Additionally, to mitigate his risk, a lender will take the time to verify income and employment before granting a pay-day loan.

Credit card advances come with a few strings attached. To be eligible for an advance on a credit card, a person must first pass the credit screen required to obtain a card. Even if a borrower is eligible for a credit card, he can expect to pay a fee equal to 2% to 4% of the amount of the advance. Finally, unless the borrower has a stellar credit rating, he will likely end up with a higher interest rate than he would with a title loan.

When a person needs cash fast, it’s important to not only find a loan quickly, but to pick one that is right for you. When a person finds himself in this situation, an auto title loan can provide much needed financial peace-of-mind. Title loans, on average, have lower interest rates, longer terms and are for higher amounts than either pay-day loans or credit card advances.

Embassy Loans, the leading provider of auto title loans in Florida, makes the process of getting a car title loan simple and fast. All that’s needed is a clear title to a vehicle and proof of residency. With customer service that is second to none, getting emergency cash through Embassy Loans is the easiest way to go.