Many people are anxious when they need a loan. There may be a feeling of embarrassment; there may be stress when considering the application process or approval process or you may be worried about how much of a loan amount you will be offered. If you need a personal loan and you have bad credit, you may be feeling particularly anxious.
Many lenders reject people with bad credit outright and this creates a situation where your options are limited. The loan market; however, reflects the current financial situation and there are lenders that offer guaranteed bad credit personal loans no credit check required. These include car title loans and payday loans, but here we will focus on car title loans.
What is a Car Title Loan and How Does it Work?
A car title loan is also known as an auto title loan or a pink slip loan. The loans are secured with your car as collateral and the lien is transferred to the lender for the life of the loan. You need to pay back the loan in monthly installments over a period of approximately 24 months and once you have paid it back in full, the lien will be transferred back to you.
The loan amount will be calculated based on the market value of your car. You will be able to keep driving your car for the entire loan period. These lenders are able to offer guaranteed bad credit personal loans no credit check because they are secured loans and pose less risk to them.
No Credit Check Loans for All Applicants
Car title loans offer guaranteed bad credit personal loans no credit check required during the application process. This means that the lender will not have access to any information about your credit score or credit history and the approval for your loan will not be based on this information.
The terms and conditions offered to you for the loan will also not be based on your credit score. Whether you have good credit, bad credit or no credit score you can be offered the same loan amount as your loan offer will be based on your car value.
Applying for the Loan
Applying for a car title loan is simple. With no credit check there is no long wait for approval and no reason for delays. You can apply for these loans online allowing you to shop around between lenders for the best deal for you. Just because you have bad credit does not mean that you need to accept the first loan offer that is made to you. You can compare offers online and then go with the best deal.
To get an offer online you will need to fill in the online form with your personal details and car details. You can get instant approval with a preliminary loan amount based on this information. Choose your loan and continue with the process in the offices where you will hand over your documentation, sign the paperwork and get the loan.