Are you dealing with a terrible credit score and looking to borrow cash for an urgent expense? Online title loans are designed for people with bad credit, and unlike most personal loan companies, you’re odds are much better in terms of getting approved!
Requirements For Car Title Loans With Bad Credit
In order to obtain a title loan with poor credit, you need relatively nothing other than a paid off vehicle. In fact, some bad credit title loan companies will not even run your credit. They will simply check to ensure that your vehicle turns on and will give it a quick inspection while you are there. Past that, you will need a photo ID, the title, and a bank account which the loan funds can be dispersed into.
A lot of bad credit title loans can now be given out entirely online which makes it even easier to get money now if you need it.
There may be some additional requirements for people looking for title loans with poor credit. Most of the time, this only happens when you have dealt with a vehicle repossession over the past year or if there’s an active bankruptcy discharge on your credit history. Having a current bankruptcy may make it tough to even get a title loan with poor credit but you still may be able to get approved by sending in extra documentation to verify your vehicle and employment situation. That way your lender can rest assured that there’s still some equity or “collateral” available in the event of a default.
Bad Credit Title Loans With Fast Funding
Did you know that some personal loans and installment loans can take up to 8 days to be underwritten and issued? Now compare that to bad credit title loans which are funded within 24 hours in most cases. That is the power of using your car title as collateral instead of your credit score. Credit scores take days, if not weeks, to change and sometimes months longer if your credit history is not ideal. But your car title is there for you when you need it and it can be helpful to tap into any available equity.
How to Choose the Best Companies That Offer Online Title Loans For Bad Credit
There are a lot of companies that advertise bad credit title loans, but like every industry, there are some that you should stay away from. Therefore, you want to do some research and make sure you choose a company with good reviews and the best online rates. Find a company like Highway Title Loans that offers bad credit loans from lenders in your state and we’ll connect you with local company near you. You can expect high rates for any type of online title loan, but you still want to find the best you can. Don’t be afraid to look around for title loan offers that accept consumers with a poor credit history and ask all the questions you need before signing on the dotted line.
Janet Patterson is VP of Marketing Communications for Highway Title Loans and the feature editor of its Lending Blog. Janet has worked in the financial service industry for over a decade, with 7 years of experience in the car title loan industry. She previously managed a customer service team that helped and advised consumers on all their lending related questions and concerns.