Can People With Bad Credit Benefit From No Credit Check Title Loans?

People who have trouble getting loans because of bad credit can benefit from alternative financing options like no credit check title loans. These types of opportunities can provide emergency funding at times when money is needed quickly. 

In this guide from Southwest Title Loans, learn how to get title loans for bad credit. We will explain why you can get fast cash title loans with bad credit, what the approval process entails, and the required items.

Why Can You Get Title Loans For Bad Credit?

How can title loan companies offer no credit check title loans? First, they are private lenders so they are outside the traditional banking system. That means they can set their own rules. Second, they are regulated by state laws instead of federal finance laws, so they aren't required to run a credit check. 

Another reason for offering title loans for bad credit is these private lenders keep your title as collateral. Your loan is secured with the value of your vehicle and the title to that vehicle, so you don’t have to prove your creditworthiness to get approved. Your credit score also will not affect the value of your fast cash title loan, so you don’t need to get a credit check for loan approval.

Five Ways Borrowers Can Benefit From No Credit Check Title Loans

When you face a financial emergency, such as overdue bills, medical expenses, or unexpected travel costs, you will need to find a way to borrow cash fast. Traditional bank loans cannot provide the help you need when you have bad credit because you will need to prove your creditworthiness.

According to Experian, 13.2% of consumers had a credit score below 579, so a large percentage of potential borrowers have bad credit and cannot get approved for bank loans. Title loans for bad credit allow you to get the money you need fast to avoid late fees or service disruptions. If you have a credit score

Learn more about five ways you can benefit from no credit check title loans below:

1. Get Emergency Cash Quick

When you’re faced with a financial emergency, you will need to get emergency cash to resolve it quickly. If you wait, you can suffer from late fees, service disruptions, and lowered credit. As someone with bad credit, the last thing you want is to experience even lower credit.

You will need to borrow money as fast as possible to pay your urgent costs before the due date. You can get approved for a no credit check title loan in less than 30 minutes and receive the speedy cash by the next business day.

2. Large Loan Amounts

One of the reasons traditional bank institutions check your credit score is to determine how much money you can borrow. Only those with good credit can borrow large loan amounts. That is not the case with title loans for bad credit.

We will not base your title loan amount on your credit score but rather on the value of your car. You can borrow up to $15,000 with title loans for bad credit. During an in-person meeting, we will inspect your car and determine its value based on its age, make, model, condition, and mileage.

3. Title Loans For Bad Credit Do Not Affect Your Credit Score

Our fast cash title loans will not affect your credit score because we do not do a hard credit inquiry. We will no look into your credit score to determine your loan approval. You can borrow money without needing to worry about your credit score getting even lower.

We also do not report our emergency cash loans to the three major credit bureaus. Therefore, your credit score will not be reduced due to borrowing money from us. If you’re looking for bad credit loan options, our title loans can help you regardless of your credit score.

4. Minimal Requirements For Title Loan Approval

On top of needing to prove you have good credit, traditional bank loans also have a long list of required documents. Bad credit borrowers who need cash today do not need to worry about getting tons of required items. We only require borrowers to verify their identity, age, lien-free car title, and vehicle value to get fast cash title loans with us.

The following are the required items for title loans in Arizona:

• Your driver’s license or state-issued ID card
• A lien-free car title in your name
• Your vehicle for a quick inspection

5. The Title Loan Approval Process Is Easy

Financial emergencies are stressful enough without needing to go through a long and complicated approval process. Bad credit borrowers won’t have to worry about that with Southwest Title Loans. Our bad credit title loans only have a few approval process steps, and getting a credit check is not one of them.

The following are the steps for getting a no credit check title loan:

• Fill out our online loan form
• Speak to a loan representative on the phone about title loan terms
• Gather your required items and head to an Arizona store location
• Let a loan rep verify your requirements and inspect your vehicle
• Sign title loan documents to complete the approval process
• Receive your fast cash title loan the same day or the next business day

FAQs

Can you keep your car after getting a title loan?

We allow borrowers to keep their cars during title loan repayment. Title loans use your car title as collateral, not your car. You can keep driving your car while repaying the loan amount.

How can you increase your credit score?

If you wish to improve your financial situation after repaying your title loan, you will want to adjust your budget and start working on your credit score. Make payments on time, avoid accumulating debt, and maintain a good credit mix to increase your credit score.

Do title loans have hidden fees?

Borrowers will need to pay interest on their title loan, which increases the cost of repayment the longer it takes for you to repay your loan. You will also have to pay late fees if you miss a payment.

Apply Online Now for No Credit Check Title Loans – Borrow Up To $15,000 Today!

You can find relief from your financial crisis with title loans for bad credit at Southwest Title Loans. You can get same-day approval for title loans regardless of your credit score. Our simple process allows you to get quick access to funds to resolve your financial emergency ASAP. Get in contact with us today by filling out our online inquiry form and calling us to speak to a loan representative.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.