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Is Bad Credit ruining your ability to get a loan?

14 October 2015 No Comment

canstockphoto15303020When you think about people with bad credit, they are seen as unreliable and over eager with their money, which is probably why conventional lenders such as banks, usually turn down bad credit holder applications as they find it too much of a risk to lend them cash. But really bad credit can happen to anyone! Especially with our economy in the state it is in today! If you miss out on paying your bills on time, or you aren’t able to manage your debt effectively, you’ll find your credit score will take a plummet. So although turning to a bank for a loan when you have bad credit, is probably one of the most unproductive things you can do, there are other options available to finding loans for bad credit.

Bad credit can hit any of us at just about any time, and when you’re strapped for cash, it can seriously hinder your chances at getting the financial assistance that you’re looking for. Short term and secured loans are the best options when it comes to finding loans for bad credit. With a short term loan, you know that you won’t be stuck making repayments for years to come, you’ll simply get the cash loan you need, and make the repayments by a set date, once you have used the cash that you were looking for.

Car Title Loans offer up to $20K with No Credit Check

Secured loans are a smart way to go about accessing instant loans. These type of loans allow you to get your hands on your money through offering a valuable item as collateral. Car title loans are proving to be the leading short term, secured loan on the market today. They approve instant cash loans, in minutes as the applicant uses their car as collateral for the funding. Unlike banks who use the applicant’s credit score as a form of security, a car title loan uses the client’s car as a form of security for their loan approval. This makes the process super fast, and the cash sum that the applicant receives is based on the value of their car.

Secured loans for people with bad credit come with the added benefit of low interest rates on the returns. This makes it more manageable to complete the loan repayments! So why is this short term secured loan perfect for those of us who have a less than perfect credit score? With this type of loan, the need for any credit checks is eliminated. As we explained, banks use credit as their form of security when approving a loan, but with a car title loan, the applicant’s car is used as security for the cash loan that they receive. Through handing over the car title document, it gives the client continued use of their car, so they don’t have to trade their car for cash.

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