How To Get A Poor Credit Loan Today
Do you need a poor credit loan because the banks keep denying you for a traditional loan? Having poor credit can be a big hassle. “Poor credit” is any credit score between 300 and 579. The score may reflect a bad credit history, such as late payments or a high amount of debt. However, many people get a low score simply because they have no credit history at all. Don’t be discouraged, as we said, you can still get a loan to meet your urgent financial needs.
How Can I Get A Loan If I Have Poor Credit?
As we said, getting a traditional loan from a bank is not your only option when you need quick money for emergency expenses. There are still ways for you to get the loan you need, even if you happen to have poor credit. With a little bit of work and knowing all of your options, you can get the poor credit loan you need as soon as today or the next bank business day. Here are three ways you can get a loan despite your credit score.
1. Ask Someone To Co-Sign Your Bank Loan
The first way you can get a poor credit loan is by having a reliable person as a co-signer. Your co-signer agrees that if you default on the loan, they will assume the responsibility of paying for it. The thing with this is you have to find someone who’s willing to do it and prove that person has the means to pay the loan. That means a lot of paperwork, multiple trips to the bank, and weeks of processing time. If you need money right away, this option might or might not be the best option for you.
2. Get A Personal Loan From A Friend
Since banks are likely to deny you if you have poor credit, you may want to go to “friendlier” lenders like your family or friends for a poor credit loan. They may be willing to lend you money since they know you personally and won’t zero in on just your credit score. However, this also assumes that you know somebody who’s willing and able to give you a loan. Searching for somebody and getting them to agree to it will take time, so begin as soon as you can if you choose this option.
3. Get An Online Title Loan
If you have a vehicle with a lien-free vehicle title, the third option you have for a poor credit loan is an online title loan from Southwest Title Loans. A title loan allows you to use your lien-free vehicle title as collateral to secure the money. It acts as a guarantee or “sign of good faith” that you are committed to paying the loan back on time. To formalize this agreement, a lien or legal claim is placed on the vehicle title during the loan duration.
You can still keep using your car while you are repaying the loan, with the only restriction being that you can’t sell it or use it as collateral for another loan. Once you pay back the loan, the lien is removed and your title is safely returned to you. We do have to inspect your vehicle before we can determine if you qualify for approval. This inspection allows us to determine how much we can lend you if you are approved for this loan.
Do I Qualify For A Title Loan?
Now that you know what this loan is, you can learn more about what it takes to qualify for approval at Southwest Title Loans. Besides the vehicle, you’ll need your lien-free vehicle title and your driver’s license or state-issued photo ID that we can assess to determine if you qualify for approval. You can use any car or truck to get a title loan, as long as the vehicle’s lien-free title meets the following criteria:
- The vehicle title is in your name. This signifies that you are the legal owner of the vehicle, and thus have the right to use it as collateral for the loan. If it is registered under somebody else’s name, then you have to visit your local Department of Motor Vehicles in order to have it transferred to you.
- The vehicle title is lien-free. This means that there are no current legal claims placed on it, and it is not involved in any court judgments.
- The vehicle is already fully owned and paid for. If you are still paying off the car loan, the bank still has a lien on the vehicle title.
How Do I Get A Poor Credit Loan Today?
If you need to raise emergency cash as quickly as possible, we here at Southwest Title Loans can help you get started on the simple online title loan process. We make sure that you find out as soon as possible if you are approved. And if you are approved, we make sure to get you the money you need just as quickly. If you are ready to begin, just follow these steps to get through our process and find out if you qualify for approval:
- Go to our website and fill out the form so we can connect you to a friendly and experienced loan representative. Within minutes after you submit your form, one of our loan representatives will give you a call to go over the required items needed and set up your vehicle inspection.
- Gather up your required items and head over to the meeting location. The beneficial thing is we can set up your vehicle inspection to happen either at the nearest store location or at another location of your choosing. Either way, we will need to inspect your vehicle and assess your other items.
- Once we’ve assessed your items and inspected your vehicle, we will determine if you qualify for approval. If you do get approved, we will help you get through some paperwork and go over the loan terms. This is where we will also answer any remaining questions. Once done, you can get the money.
Find Out If You Qualify For A Poor Credit Loan!
As you can see, getting a traditional loan through a bank is not your only course of action when you need quick cash. Any one of these three options to get a poor credit loan can get you the money you need when you are in a pinch. So don’t force yourself to handle your emergency expenses alone when you don’t have to. And if you decide an online title loan might help you, fill out the online form now to get started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.