A 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.
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.
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 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.
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 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:
A 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.
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.
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.
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.
With the rising costs of food, fuel, rent, and even home prices, finding ways to save money is imperative for most Americans. Online shopping is one way that you can save money on things that you need and are already going to buy. Money-saving browser extensions can help you find promo codes, coupons, or cashback offers that make that next Amazon order a steal of a deal. This savings along with the help of Rapid Auto Loans can be used to help you pay for other bills you may have piling up.
Life has a funny way of driving you insane. Things could finally be looking up for you when all of a sudden, it’s not. Some of the worst situations you could be blindsided by, involve money. Now it’s different if you have years of savings or a familial unit you can rely on. The problem is – what happens when you don’t have either of those things? Getting a decent loan can be a hassle. Especially if you don’t have much time. A solution to the madness could be taking out same day title loans.
You can never be too prepared, but sometimes life can throw a massive curveball your way. We’re living in an era where your credit score affects how far you can go in life. It’s easy if you can afford the basic cost of living and there are no unexpected surprises. Except sometimes you’ll be hit with an expense that you weren’t prepared for. It could be something small and an easy fix if dealt with immediately.
Looking for fast finance? Are you needing to use a salvaged vehicle as collateral? Salvaged vehicles are often declared as a complete loss by insurance companies. But there is good news. You can use your salvaged car as collateral in certain cases. Here are the distinctions for a salvaged car when it comes to car title loans.
Before starting a credit repair program, it is important to stay on top of your bills to stop late fees and negative hits to your credit score. The first step to staying on top of your bills is to always pay them on time. This article offers tips on how to stay on top of your bills, such as setting up auto-pay and reviewing bills online.
Having past bankruptcy on your record can be a pain. Getting emergency funding is difficult with lenders often being reluctant to offer financing. This is where a car title loan can save the day. Here’s how you can get a car title loan even with past bankruptcy.
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