Unfortunately not all of us have clean credit scores, and that’s okay. It happens to the best of us. But does that mean you’ll never get another loan? From a bank? Probably not. Are there other alternatives? Absolutely!
Life may put you in a dire situation where you need financial assistance as soon as yesterday. Sure, you could try borrowing from your friends but what happens if they’re also unable to help? Ever heard of online title loans? If not, we’re here to shed some light on the topic. Hopefully you’ll find this information useful and even life-changing.
What are online title loans no credit check?
Online title loans are also known as no credit check loans. As the name implies, no credit checks are done by the lender. This basically means the following:
- The lender doesn’t look into your credit history.
- They are not worried about your credit score—positive or negative.
- The loan will in no way affect your current credit score rating.
Examples of Online Title Loans
There are different types of online title loans at your disposal. However the requirements may differ depending on which one you’re applying for. We’ll briefly list a few examples.
One thing you don’t need to access these loans is collateral security, the reason being they’re usually short term loans, often payable in less than a month. And more often than that, the amounts aren’t as substantial.
Car Title Loans
Own a vehicle? Then you’re eligible for this type of loan. Note that the lender will need your vehicle registration documents but you do get to continue driving your car. Your car title documents are only handed back to you after completing your payments.
Credit Builder Loans
This is the loan you apply for if you want to build or improve your credit rating. And yes, it’s very possible. In this case the lender ”lends” you the money at a relatively low interest rate. But here’s the catch: You can’t immediately use it. He or she puts it in a savings account you can’t access while you repay it. Only after you’ve paid it off can you use it but you’ll have increased your credit rating in the process.
Benefits of an Online Title Loan
As you might have figured from the above, these loans come with a world of benefits including but not limited to:
- They are free to apply for
- There are high approval rates
- Instant payments so you can have access to cash quickly
- Easy to qualify for, regardless of bad credit history
- Low repayments
- You can use the money for just about anything
The benefits associated with this type of loan are clear, from easy qualification to fixed interest rates. Just make sure you conduct careful research in your quest to find the right lender. Ideally you want one who is safe, reliable and responsible to avoid any future problems such as not getting the loan you’re promised.
Once you figure out who to use, the next logical question is: How much cash do you need?