Getting a Loan with Bad Credit
It seems that everything in life that is healthy requires balance and perspective. For example losing weight is simply balancing the food (energy) intake against the amount of energy output to burn it (exercise). This philosophy and science rings true to most everything in our daily life. Doing anything to the extreme is usually not a good way of life. For example, washing your hands is critical to staying well, and therefore being happy. Washing every 5 minutes is not and can cause skin problems, social issues, and emotional strife (aka OCD). This “balance” analogy is just as important for financial health – limiting expenses and maximizing income = balanced financial profile. Balance can be achieved through a personal title loan when used to:
- Consolidate debt owed to higher interest rate credit cards in order to lower monthly payments. This can add money to your pocket each month to be used to improve other balances in life, to create a domino affect, quality time spent with family and home improvements, for example.
- Provide the capital investment needed to finance self-improvement classes, degrees and business ventures to supplement income and improve career growth. Additional monthly income eventually increases exponentially.
Even if your credit score is well under 640 (currently considered the lower end of “good credit”), you can get a personal title loan. Here are some tips for becoming proactive and getting the title loan that helps you rebalance your cash flow, bad credit or no credit, even with no bank account:
- Apply for a secured personal title loan. If your name is on the title to a car or home, a lender may not even check your credit score. The asset, rather than your credit score is what gives the banker the reassurance that the loan will be repaid. However, should you be unable to pay back the loan, that collateral will no longer be yours. Although lenders are very reluctant to take the collateral, if can happen. Get an idea of what your car is worth through Kelly Blue Book, and your home at www.zillow.com. Lenders will typically lend a portion of what your asset is worth. Now, find out how much loan you can get.
- Consider requesting the least amount needed. Loan requirements may get easier with the less you borrow, although there is sometimes a minimum and title loans average at around $3,000 borrowed.
- Research online and offline personal loan vendors up front BEFORE applying for one loan. Because each credit inquiry impacts your credit, the more banks that check your credit, the lower your score goes. If your credit is under 640 and the bank only loans to those with “good credit,” you won’t win the loan and your credit score will drop not a positive any way you look at it. Consider instead applying to financial institutions that specialize in bad credit loans. These firms have the products and resources where you will more likely get a loan approved and sometime within the same day and usually with no points taken off for a credit check.
- Consider Credit Unions and Online Financial Institutions. Smaller and online lenders spend far less on marketing, labor and overhead and the process of approval is automated, so often quicker than a storefront lender or banking institution. When you feel better speaking to a lender fact to face, there are storefront title loan lenders in most areas.
Is a Personal Title Loan a Good Solution for You?
Consumers often find that once they begin their new financial habits (reducing expenses and increasing income), it gets easier and easier with each day. Taking back the control of your finances will help you feel more confident and happy and a lot less anxious. Even if you have been living outside of your means and spending too much putting you in the “bad credit” category, having a plan of action will provide the reassurance and understanding that you won’t be there forever!
About Title Pro
Title Pro offers you a secured online loan at a competitive rate. You apply online, you get a decision online, and you complete the process online. It’s quick, it’s transparent, and it’s straightforward.
EXPERIENCE THE TITLE PRO DIFFERENCE.
Title Pro gives you the power to make your car’s equity work for you. We offer competitive rates and a convenient monthly payment schedule with a convenient online process. Fill out an application now… you’ll know the results today and you can have cash as soon as today*.
When you need a car title loan company, and need cash quick, we’re only a keystroke away. At Title Pro, we’re here for you when and where you need us most! Find out how it works & how much you can get.