Car Title Loans and Other Bad Credit Lending
It’s often said that money makes the world go round, but what is not mentioned so often – probably because it’s quite as catchy – is that credit history is what makes the money go round. And if you’ve a poor credit history then you’ll know all to well that credit can be all too hard to come by.
But not impossible – there are ways to get credit if you need to, so let’s take a look at the options…
Car title loans
These are short to medium term loans that are available to people with poor credit files as they use your car as security – so if you default you risk losing your vehicle.
To take out a car title loan you will need to be the registered keeper of the vehicle and have the necessary documents to prove this. Then get in touch with a company that offers title loan and they will take a look at your car and make you a loan offer, if you’re happy with this then sign the relevant documents, hand over your car title documents and the cash will be put into your account.
Provided you keep up with repayments, you can still drive the car as normal and the title documents will be handed back to you upon completion of the loan. And no matter where you live, whether it’s Carlisle or California title loans are available anywhere.
These are strictly short term loans and should only ever be treated as such as their interest rates mean that your debt will spiral if you roll them over several months. To apply for a payday loan, simply go online for a payday loan provider, fill in a few details and the money can be with you within minutes.
Credit checks are rarely carried out and the only condition universally applied is that you have a bank account with a credit card attached to it.
Peer to Peer Loans
This type of lending has been around for several years now and is a viable option for anyone who has been turned down by more traditional lenders as you lend from individuals rather than institutions. These generally benefit all parties, with lower interest rates for borrowers and higher returns for lenders.
And while a credit check will be carried out, individual lenders may be more sympathetic to your situation.
Why The High Interest Rates?
Many of these loans will not carry out full credit checks, that’s if they carry out any credit checks at all, and this increased lending risk is reflected in the interest rates charged by these lenders. So if you are looking for a bad credit loan, be prepared to pay the asking price.