subject: Title-Loan: Great For Bad Credit! [print this page] Title-Loan: Great For Bad Credit! Title-Loan: Great For Bad Credit!
Title loans are an excellent choice if you have bad credit or bankruptcy on your credit record. When you get a title loan, your credit is generally not even checked, nor your credit record! Although you will most likely pay a higher interest rate due to your credit not being checked, even those with good credit who need a loan fast, or who need a loan for a very small amount will be paying the same interest rate you will be just for the mere convenience of the loan!
Credit is not typically checked with a title loan since the title of your car is the collateral. If for some reason you cannot pay back the loan, the lender will sell the car to get the money back and so therefore, does not need to rely on the person having good credit in hopes of getting paid back. The amount you can get for your loan will therefore be the amount your car is worth to the lender. Lenders decide the value of your car by half of what the car could currently sell for since cars depreciate in value. Therefore, if all you need for your loan is that amount of money or less, and you have bad credit, this loan may be perfect for you! Not only that, but you can have your cash hassle free in 15 minutes or less!
If you need a very small amount, you can get a title loan for as little as 100 dollars! It would not be easy getting a loan that small most anyplace else. Most other types of loans would not even consider giving you a loan that small since it would not be worth it to them with all the credit checks they would have to do along with everything else. Most other places have a minimum loan amount of around 1,000 if you want to take out a loan.
