AZ Short Term Loans
In today’s world, it is common to find yourself short of cash. Often, the need can be met with short term loans. Cash-N-Go provides short term loans to Arizona residents using the equity in their car as security for the loan. These loans, typically called “auto title loans”, are often written at interest rates higher than credit card rates, so it is wise to have a payback plan to assure the duration of the loan is not too long. However, for borrowers with poor credit, a title loan may be their only practical alternative.
For short term loans and title loans from Cash-N-Go, there are two payment method choices:
A. Interest only. This is the most common selection since the payments do not include any repayment of principal, and are therefore the smallest payments possible. Some individuals pay off their loan in a few weeks or months, and some do not repay any principal for several months. Payments are made twice per month, and any payment of principal reduces all future interest payments. For example, if you pay off half the principal, your payment, which is all interest, will go down by half as well.
B. Amortized payments. This plan involves a set number of payments at a specific amount calculated to pay off the entire loan. This is a good option for borrowers who want the comfort of knowing exactly how long they will be in the loan. In an amortized loan, if you make extra principal payments, you shorten the term of the loan but do not reduce the payment amount.
Keep in mind that both plans carry the same interest rates. In the event you choose one alternative but find that changing circumstances would have the other plan suit you better, Cash-N-Go will allow you, at no cost, to change into the other payment model.
Call Cash-N-Go today at either the Central Phoenix or Glendale office to learn more about obtaining short term loans to meet your needs.