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Get Title Loans In Tempe, AZ To Protect Your Credit Score

October 28, 2021 | Daniel Dewitt

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Often, getting a loan is associated with multiple risks. How will it affect your monthly budget? Is it worth acquiring one? What will the long-term ramifications be? These questions make you wonder if you should get title loans in Tempe, AZ.

One thing people who know a thing or two about loans tend to worry about is how getting a loan will affect their credit history. When a person like that feels the need to reduce the long-term risks of getting a loan, they often opt to get title loans over bank loans.

It is not because they wouldn’t be able to get approved for a bank loan. It is because they wish to protect their credit score, and they would be unable to do so if they got a traditional loan. While a title loan won’t increase your credit score, it can protect it.

How Does Getting A Title Loan Protect My Credit Score?

When you get a bank loan, your loan information affects your credit score when it gets reported to credit bureaus – which are sometimes referred to as credit reporting agencies. Credit bureaus compile and analyze credit reports, to determine credit scores for each individual. Loans are not the only determinant of your credit score, but they play a rather large part.

So when a smart borrower feels like their credit score is in a precarious position, they prefer to protect themselves. This is where title loans come in – since Arizona title loans from us at Southwest Title Loans are not reported to credit bureaus.

See, for a loan to influence your credit history and – subsequently – your credit score, it has to be reported to a loan bureau first. Without the loan information, the bureau cannot determine how it would affect your credit situation.

Banks and credit unions regularly report their loan information to credit bureaus, so traditional loans always influence credit scores. Since we do not report your loan information, you do not have to worry about this getting on your credit history. This also means if you’ve been planning to get title loans in Tempe to build up your credit history, you will need to find another solution.

Why Would Financially Secure People Get Title Loans In Tempe?

While most people are generally aware that having good credit is important, it’s surprising how few know what they actually need good credit for aside from getting a loan. A good credit score is what determines your creditworthiness as a consumer.

Not only does it impact your ability to get a loan, but the terms of your loan as well – you’ll get better interest rates, better credit options, and more negotiating power. Not only that, but it affects other areas of your life as well.

Having a good credit score gives you a wider choice of housing, easier approval for rental spaces, better insurance rates, and so on. And people who’ve worked hard to maintain good credit prefer to avoid the risks of having it negatively affected.

Say their credit score has fallen recently due to unexpected financial struggles. Or they’ve depleted their savings and have to live paycheck to paycheck for a little while. Or maybe they have to make hasty financial decisions. Any one of these situations makes them feel insecure about getting a traditional loan because of what could happen. It’s an additional risk they wish not to deal with while repaying the loan.

These same people can always turn to title loans because they know their loan information will remain private and won’t affect their credit score no matter what happens. And since getting title loans in Tempe is easy, they can always do it last minute, which gives them more time to consider all the pros and cons before making the final decision.

 

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How Do I Get Title Loans In Tempe?

You can easily begin the process at home by going to our website and filling out the form for title loans in Tempe. The form will digitally send your information to the local branch, and as soon as it gets processed, you’ll get a call from our loan representative.

The representative will ensure you have the correct information, answer any questions you may have, and set up a meeting with you. You’ll need to take the required items – which are your state-issued ID or driver’s license, your car, and the car’s lien-free title in your name – to that meeting. The loan representative will inspect everything to determine if you qualify for the loan.

If they approve you for the loan, they’ll go over our loan terms and have you finish the simple paperwork. This is where you can ask any remaining questions you have. Once you finish signing, you can get the money either the same day or the next bank business day.

Get The Loan You Need Today!

As you can see, using a title loan can be a solid way to protect your credit and help with emergency expenses. So start getting the financial help you need today. Just fill out the online form to get started on our simple process and head to one of our car title loan locations in Arizona.

 

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