There is no doubt that living in Los Angeles is expensive. Although not as costly as New York, paying for housing, food, gas, and utilities in this city can be enough to put a dent in anyone’s pocket. So, what happens if an emergency comes up? A loan in Los Angeles can help you cope with unexpected expenses.

If you’ve decided to take out a loan to help you through an unexpected expense, you have a number of options. The first is a bank loan. While a secured bank loan is a safe option to consider, it may not be reasonable if you cannot afford to wait until you’ve qualified. Also, if you have poor credit, you might not be able to qualify at all.

On the other hand, there are loans available for those with less than stellar credit or need to have the money quickly. These include payday loans and auto title loans. Los Angeles residents with their own car may be able to benefit more from the second type of loan for a number of reasons. One of which is that the interest rates are lower than a payday loan.

Here is the way that it works: those who wish to get the loan go to a lender and have their car appraised. Borrowers can then choose to loan a certain amount of money depending on the wholesale value of the car and their ability to pay the loan. Once that has been decided on, the lender is able to give the money within a few minutes.

If you decide to get an auto title loan in Los Angeles, you need to be aware that not all lenders are the same. Look for a lender who’ll respect you by not requiring a set of keys or a tracking device installed on the car. A state-licensed lender will also give you further peace of mind.