How You Can Get a Title Loan with Bad Credit
Are you facing an unexpected expense or a cash emergency of some sort but have no idea of how to pay for it? Or perhaps your bills have gotten out of hand and you need a way to consolidate and pay all of them off for a fresh start.
CreditSesame says a good credit score ranges from 700-749 and bad credit is considered to be 550 and below. CNN reports that only about 1 in 5 Americans have a credit score above 700, so what does that mean for the other 4 in 5 Americans?
If you are one of the American households being affected by a low credit score and need help, you should consider the advantages of getting a title loan over selling your vehicle. Here’s how they work.
What Title Loans Are
A title loan is a short-term borrowing option that allows you to use the value of a vehicle you own to get emergency cash in as little as 30 minutes. These loans provide a cash cushion when you can’t wait for your next paycheck, and regardless of your financial situation, all credit is welcome. Furthermore, you can keep driving your car while paying back the loan. Eligible candidates could get amounts up to $15,000 today. In order to qualify, the vehicle must be paid off with no one else who can legally claim it.
Where to Begin?
It is worth mentioning that before getting a title loan, you should research all your options before making this kind of financial decision. Be sure to have a plan in place to repay it as soon as possible to minimize the cost of this type of short-term loan.
To begin the simple approval process, simply fill out an online request form with your basic personal info. Next, a local store associate will contact you shortly to answer your questions and make sure you have all the required items below, which you’ll need to bring when you visit their store location to complete the approval process and get your cash:
- Proof of income
- State-issued photo I.D.
- Your vehicle for inspection
- Lien-free title
Once at the store location, a manager will perform a brief inspection of your vehicle while you fill out the necessary paperwork. At the end of the process, you could even drive away in your car with the cash you need in as little as 30 minutes.
What Are You Waiting For?
Whether you have bills that you can’t pay before your next paycheck or you have a pressing financial obligation that simply can’t wait, there are options for you. It doesn’t matter what your credit score is, which should come as good news for the 80% of Americans with a credit score below 700.
No matter what, you won’t be reported to any credit agencies, so it will not impact your score whatsoever. Get the breathing room you need to pay off all your debts at the same time and consolidate them into one simple payment. And even though getting a title loan does not affect your credit score, your numbers could go up for making on time payments and achieving a lower debt to income ratio.
Maybe you’ve maxed out your credit cards and don’t have the credit score to open a new one or get a personal loan. The reality is, if you don’t have excellent credit these days, you are pretty much out of luck. Luckily, that’s not the case when it comes to title loans. Whether you have bad, slow or no credit, there are lenders who can help you.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.