Having bad credit is always stressful due to the limitations it places on you or can place on you in future. Bad credit can affect many areas of your life, including securing a rental contract or getting a loan. If you get into a financial situation where you need a personal loan and you have no family or friends to call on to help you out of your financial issues, you may feel yourself to be in a bind. Fortunately, you can find bad credit personal loans guaranteed approval!
What are Car Title Loans?
Car title loans are personal loan solutions that offer credit for bad credit. These are secured loans with your vehicle acting as collateral. They are available to anyone to with a vehicle that has a valid title. When you take the loan, the lender becomes the lien holder of the vehicle and holds onto it for the life of the loan. Even though this is the case, you get to keep your car and keep driving it while you repay the loan.
No Credit Check Loans
One of the main advantages of car title loans is that there is no credit check during the application process and you do not need to provide any details about your financial background or credit history.
This means that you may be eligible for a loan whether you have good credit, bad credit or no credit score. In fact, there is no way for the lender to even know what your credit score is so your approval will not be based on this. Not only this, but they are bad credit personal loans guaranteed approval as long as you have a vehicle with a valid title.
Loans for All Applicants
Bad credit often comes along with other financial stresses such as unemployment or may result in a case of someone having no bank account. With car title loans, all applicants are eligible.You can be employed, unemployed or self-employed and still be eligible for a loan. You can have income from regular employment, unemployment, social security, disability funds, retirement funds or any other source of income and still be eligible for a loan.
How to Apply
So, now that you know that there is a personal loan option available to you, how do you go about applying for the loan? The application process is another benefit of a car title loan. It is quick and simple, resulting in a loan that can be available in just one hour. You can apply in whichever way is most convenient – online or over the phone.
Provide your personal details and some vehicle details and you will receive instant approval with an initial loan amount. You will then need to take your required documentation into the offices, complete the negotiations of the contract terms and conditions and sign the paperwork.
The simplicity of the application process, together with the fact that these loans are accessible to people as bad credit personal loans guaranteed approval make them a popular loan solution for everyone.