If you have been been in a position where you cannot get access to emergency funds because of a poor credit score, you know how it can be frustrating. You have gotten a poor credit score for a quite number of reasons, many of which may have been beyond one’s control.
Some reasons people end up lowering their credit score are:
- Unpaid medical bills from a family member that is not insured
- Loss of income caused when laid off
- Divorce that can cause a split in income
- Sudden death in the family
- Over spending
Why should youchoose car title Loans? Borrowers not disqualified because ofbad Credit history
If you are faced with any of the situations listed above or have a poor credit history, do not fret, you won’t have to take any unsecured loan with extravagant interest rates and additional fees, as long as you own a have you can use it as collateral to secure your loan.
This is how it works.Once you have a poor credit history, it’s very hard to improve it with traditional means. But the good news is that the credit bureaus go through your most recent credit activity to know your credit rating.
When you make payments for a title loan on time, it shows the lenders that you are now a responsible lender.Borrowers, that have paid-off or nearly paid-off their cars, now have valuable assets that can be utilized as collateral to qualify for car title loans. Which are also called auto title loans. The borrower can make use of this loan to re-establishing good credit.
In addition, you can use the money you borrow, to pay for other outstanding debts, like a delinquent home mortgage. Missing mortgage payments can result in home foreclosure and further damage your credit rating. There are many ways in which car title loans can help you, if you choose them wisely.
Car equity loans can also help you improve your score so that you can turn to traditional lenders in the future.All you need to get approval for a cartitle loan is a clear car title that is paid off or nearly paid off. This secured loan is the best option to get lower interest rates that you can afford to pay.
Get a Reputable Lender for the loan
When you do apply for a car title loan, ensure you find a reputable lender. Avoid the lenders who engage predatory lending practices aimed to drag desperate borrowers into further debt. Avoid these predatory lenders because they end up destroying your credit score further.
A reputable lender will have your best interests at heart, offer you a flexible payment terms and complete confidentiality of your information. When you apply online ensure you use a secure interface, where you can safely submit sensitive personal information.
Most lenders will also allow you to apply for the loanusing the phone.If you’re in need of emergency money, your car can be your biggest asset. A car title loan can get you cash in hand within a few hours after approval. Use a car title loan to improve your credit score and regain control of your finances.