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 article, we will discuss the benefits of no credit check title loans for people with bad credit.
No Credit Check Title Loans
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 no credit check title loans 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 get to keep your car while you follow a repayment schedule. Once the loan is repaid, the lender will transfer the vehicle title back to you.
Since a secured loan has virtually no risk, private lenders don't see a need to base approval on credit.
Every private lender has their own rules about running a credit check so you will need to ask about specific policies your lender has. However, in general, many title loan lenders offer no credit check title loans.
How Those With Bad Credit Benefit
Those with a dropped credit score benefit from no credit check title loans in ways beyond being able to get the money they need quickly. One way is that their application isn't reported to the credit bureaus so their already-low score isn't affected. Their no credit check title loan isn't reported either so that can't affect their score.
As far as the three credit bureaus are concerned, no credit check title loans don't exist on your report.
Those with bad credit can use the value they have in their paid-off vehicle to pay for something crucial when a bank or other traditional lenders refuse. Being able to access money quickly in these situations can be crucial to their life and well-being.
No credit check title loans are used for things like a home repair, a medical expense, or a high utility bill. These are things that can't be put off and sometimes can be expensive.
As many as 10 percent of those in the U.S. don't have any significant savings and most have less than $500 in their savings so paying for an expensive repair or other issue is sometimes impossible.
Banks require a minimum of 600 credit score and many are becoming even tighter on such criteria by requiring a score of 630 to 650 to take out any kind of loan. Plus, it can take a week or more to get approved and many people don't have that kind of time when it comes to emergencies like paying for a high electric bill, getting a water line repaired, or going to a dentist for a severe toothache.
Where To Find No Credit Check Title Loans
Southwest Title Loans offers no credit check title loans and an easy application process that will reduce stress. The title loans they offer have a maximum loan amount of $15,000 and they consider borrowers with bad credit the same as those with good credit.
This private lender requires applicants to be over 18 years old and have three items to qualify. These items consist of a driver's license or a state-issued ID, a clean title to your vehicle, and the vehicle itself for a quick inspection.
A clean title means that you own the vehicle outright without any liens or judgments against it. The title must also be registered in your name.
Applying For No Credit Check Title Loans
Applying with Southwest Title Loans is as easy as filling out the online inquiry form. Once you submit the form, someone from a store closest to you will contact you to answer questions and explain the loan process. They will also assist in making an appointment for you to meet with a loan representative.
One benefit of applying for no credit check title loans is that you aren't required to visit the store. You can request the loan representative meet you at a location convenient and comfortable for you.
When you meet, the loan representative will do a vehicle inspection and guide you through the application. Those approved will have the money by the end of that day or the following business day.
Submit The Online Form
You can find relief from your financial crisis by simply filling out the inquiry form. It doesn't obligate you to a title loan but will put you in contact with someone from Southwest Title Loans who can help.
Getting no credit check title loans could be a way out of your immediate situation and help you move forward from your short-term financial problem.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.