Personal Loans You Can Get With Bad Credit

Nov 12, 2021
Bad Credit Tips


personal loan can be a lifesaver for those unexpected emergencies in life. Whether it's the washer that's packed up, or some unplanned medical expenses, unwanted expenses have a way of piling up at the worst times. Sometimes we just need that bit of extra help. But how do you qualify for a personal loan when you have bad credit? Here's some news you may rather enjoy: You are not your credit score, and it is possible to get a personal loan with bad credit.

 

It's all about knowing which loans you can apply for. Here's a look at the different types of personal loans you can get with bad credit.

 

Stay Away from Unsecured Loans 

 

Unsecured loans mean that there is no collateral required to guarantee that loan. In other words, there is no physical asset backing it. Unsecured loans are riskier to the lender as they have no collateral. Lenders require a solid credit history and a good credit score for these loans.

 

If you have bad credit, it's best to not apply for an unsecured loan. But don't worry, as the next type of personal loan is good news.

 

Go For Green on Secured Loans 

 

Secured loans require some form of asset to guarantee the personal loan. This may be a savings account, a vehicle, or even a mortgage. Secured loans are less risky for the lender, so if your credit score is on the lower side, you may just be in luck. Here are the different types of secured loans for you to consider:

 

Payday Loans

 

Payday loans are smaller amounts of money granted by a lender. They come with a high-interest rate and are stretched over several months. The agreement is that the borrower will make a repayment on their payday. Payday loans are designed for those with bad credit. It's best to be cautious though, as their steep interest rates can be costly. 

 

Home Equity Loans 

 

With these loans, lenders use your home equity as collateral. This is the difference between the value of your home and the balance of your mortgage. Home equity loans offer competitive interest rates as there is a good level of surety with the loan. But what happens if you don't have a mortgage or if you prefer a different personal loan option? Well, this is where car title loans come in.

 

Car Title Loans

 

Car title loans are a great way to access a personal loan. Auto title loans use your car as collateral. You're, in essence, turning your car into cash, while still being able to drive your car.

Here are the key benefits of car title loans:

 

No Credit History Required

 

reputable auto loan lender doesn't require a credit history. This is because your car stands as collateral. Why should a financial institution snoop in your personal financial affairs without reason? With a trusted Florida lender such as Rapid Auto Loans, you'll never have to go through a credit check.

 

Easy Application Process

 

No credit checks mean that you get your money faster. Car title loans have far less paperwork and admin to complete. Auto title loans require an inspection appointment to confirm your car's value. Once this is done, you'll be notified of the amount that you qualify for. The best news? With Rapid Auto Loans, you can get your cash that same day. 

 

Worried about coverage? At Rapid Auto Loans, we have Florida covered. From Jacksonville down to Miami. Getting cash is as easy as driving to one of our conveniently placed assessment centers.

 

Short Fixed-Term Contract

 

Car title loans are divided into short and manageable payment terms. This makes them the perfect personal loans with bad credit. These are usually 12 monthly installments. These short payment terms enable you to pay back your loan quickly and easily. This will help you to repair your credit record over a shorter period.

 

Fun Title Loan Fact: If you have a boat or an RV, you may be able to qualify for a loan. This works in the same way as a car, but with a boat or RV. If you're an avid boater or RV explorer, then this may be just the way to secure that extra cash. 

 

For Personal Loan with Bad Credit, Call Rapid Auto Loans

 

At Rapid Auto Loans, we provide short-term car title loans. You can get approval 24 hours a day, seven days a week. If you have a car, we'll do our best to get you the cash you need. Don't let a bad credit record define you. Call us today at 954-678-5781 and experience that personal touch. Follow Rapid Auto Loans on Facebook too for ongoing personal loan advice.

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Are Title Loan Companies Trustworthy?

Auto title loans are a quick way to get that much-needed cash. But how do you know if they’re trustworthy? What if you’re getting involved with a scam? The good news is that there are trustworthy title loan companies out there. But you need to know what to look for. 

quick personal loan

Life happens. Bills pile up and your car is on the brink. You could use some extra cash today, but the bank won't loan you because credit checks say you're a risky bet. Where do you turn for a quick personal loan? A car title loan offers fast cash for those with a vehicle as collateral. No credit check is necessary, and funds can be obtained in as little as one day.

How To Avoid Title Loan Repossession

While nobody wants to consider defaulting on their title loan, not making a payment is a genuine possibility. Potentially, it could result in the repossession of your vehicle. In these still troubling times, there are several reasons people may fall behind on their payments. Understanding title loans and repossession laws are critical to weighing your options and settling on a solution. Rapid Auto Loans is here to explain everything you need to know to avoid title loan repossession.

Get Emergency Cash For Home Repairs

Home maintenance is an ongoing process. Just when you’ve fixed one item, something else is waiting. Whether it’s a plumbing leak or an air conditioning issue, maintenance costs money. Money that we don’t always have access to. A car title loan is a convenient way to get emergency cash when you need it.

Rapid Auto Loans is a consumer finance company licensed under Florida 516. The term title loan is used for marketing purposes only.
All loans have a repayment period of 12 months and there is no minimum prepayment penalty. Interest Rates are determined and approved by the State of Florida based on the borrowed amount and the maximum APR (which includes interest rate plus fees and other costs for a year) is 30%. You pay interest only for the time your loan is outstanding. Below is a representative example of the total cost of the loan, including all applicable fees:
3,233.68

APPROVED LOAN AMOUNT

0.00

Government Fee

25.00

Credit investigative Fee

11.55

Documentary Stamp Tax

3,270.23

Total amount Financed

11/1/2016

Original Loan Date

29.07%

APR

316.39

Monthly Payment (x12)

Rapid Auto uses “Auto Title Loans” for advertisement purposes only and provides auto equity loans. The lenders are licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such lenders loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of lenders activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.