The economy is not as bad as it once was, which is great news for consumers. What’s not great is the damage done to many people’s credit scores when times were tougher.
Some research shows that more than half of all Americans have bad credit.
That means when these people need to get a loan, it’s going to be hard and next to impossible, depending on how low their credit score is at the time.
What’s not as widely known is that those with bad credit have an easy path to loans, if they know where to turn.
Title loans Seguin are the type of loan available to everyone, which is different than traditional loans. Borrowers are allowed to use cars for collateral, and they don’t endure a credit check.
Think about it like this. If your credit score has taken a few hits over the years, it’s probably low enough for you to be rejected by a bank.
Even if it’s just a little low, say just past the point that a bank welcomes you, they may offer you a loan with a higher interest rate than the loans offered to those with better credit scores.
If you’re going to pay higher interest, you might as well consider bad credit online title loans. Yes, the interest is typically higher, but again, there’s no credit check.
There is also no lengthy application or long processing time. Most online car title loans are paid out in under 24 hours. That’s not likely to happen with a mainstream lender.
• Must be at least 18 and have proof of ID.
• Must own the car, truck or other vehicle used.
• Vehicle needs a lien-free title.
• Must have an income. This could be from working or another source, such as disability or retirement benefits.
When you apply for online Seguin title loans in Texas, you get 24 hour access to fill out the form when you’re ready. That type of convenience isn’t available when the lender requires you to visit a loan office to apply.
Information required for our application includes simple things like the make and model of your car, your name, a phone number so we can contact you and little about your income.
After you submit it, we’ll send you a quick loan estimate and call you for to verify everything and finalizes a loan package. Most borrowers that apply through us get their money within a day or less.
When choosing a lender, make sure to select one that follows state guidelines, such as having lenders hold a state-issued license. Texas also imposes a 10 percent limit on interest charges. There is no loan limit restrictions or limits on lender fees.
Borrowers get one 30 day loan term, and they have the option to renew the loan up to five times. In total, borrowers get 180 days to pay off their auto equity loan. Most borrowers repay their debt, but some don’t.
Those in loan default face the possibility of having the lender repossess and sell the vehicle collateral.
• Easy to apply and be approved.
• Title loans in Seguin, TX processing is speedy, which could put cash in your hands in under a day.
• No credit check to block applicants with bad credit.
• Better interest rates than other short-term lending options.
• Keep your vehicle to use while paying of the debt.
• Don’t worry about missing your payoff deadline because you get to renew the loan.
• Easier than carrying your TV and other valuable to a pawn shop.
• Less worry and stress about not being able to pay for what you need.