Title Loan: No Credit Or Bad Credit, No Problem!

Title Loan: No Credit Or Bad Credit, No Problem!

If you need a loan fast, and you have no credit at all, or even bad credit, a title loan may be just what you need! Also, if you need a small amount (under 1,000 dollars), most other lenders would not want to mess with loans that small, but with title loans, you can get loans for as little as 100 dollars! Even if you have bad credit, or no credit at all, with title loans, since they generally do not check credit, you will be able to get the loan as long as you can make the payments! Because credit is not checked, your interest rate will be higher, however. The interest rate paid will usually be anywhere between 36%-65% interest.

Even though your credit is not typically checked, your employment (or source of income) will usually be checked since lenders need some kind of proof that you will be able to pay back the loan. Since lenders know they will have the vehicle if you cannot pay, they don't normally feel the need to check your credit to see how responsible you are with loans. The value of the vehicle must therefore be the same amount as the loan (lenders are usually only willing to lend out about half of what the vehicle could sell for).

Payment plans can vary, but you will at least be expected to pay the interest in full each time it is due. If you are unable to pay back the loan in full by the deadline (the end of the term), then you can usually apply for another title loan to pay off the unpaid balance. There is a limit, however, on how many times you can do this. Usually the terms are shorter compared to other loans. You must also own the title of the car outright (have the vehicle paid for completely with any other payments needed) in order to get a title loan.

Get a title loan today!

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