Top 5 Ways Bad Credit Lenders Helped Americans Through The Pandemic
You may not know this, but bad credit lenders played an important role during the pandemic.
The pandemic hit people all over the country hard. And while there was some financial aid given to those people that found themselves unable to work, many people quickly discovered that it wouldn't be enough to make ends meet, particularly if they faced an emergency expense.
This resulted in many people looking into borrowing options, but as many Americans live without a perfect credit score, traditional loans from banks were mostly inaccessible. That’s why many turned to bad credit lenders.
Let’s take a deeper look into how bad credit lenders, including us here at Utah Title Loans, Inc., helped people during the pandemic.
How Bad Credit Lenders Provided Help During The Pandemic
1. Provided Access To Borrowing, Even With Bad Credit
More often than not, those that need to borrow cash the most may not already have high or perfect credit scores. Often through no fault of their own. It is just that their savings can't quite stretch to cover emergency expenses. This may result in missed payments recorded on their credit report. The result? Borrowing from traditional banks becomes tough.
A bad credit lender will look beyond the credit score of a person. Utah Title Loans, Inc., for example, looks at whether the person can qualify for the loan by reviewing certain documents. This can involve looking at current employment or securing the loan by using a car title, which is known as Utah title loans.
2. Ensured People Could Afford Their Medical Bills
You could have the best health insurance policy in the world, but it won't cover all of the costs of your medical bills.
This meant that if somebody found themselves out of work during the pandemic, they may have struggled to afford the medical care they needed. This included care that was needed to help if they had to deal with a COVID-19 infection for example.
Bad credit loans were an option for many to ensure that they could continue to afford the medical care they need, even if their income had fallen a bit.
3. Help To Prevent Certain Bills From Going Late
For the most part, bills didn't stop during the pandemic. Service providers still needed their customers to pay their bills.
The problem is that many people were struggling to make ends meet before the pandemic. They struggled even more when they suddenly found themselves out of work. This posed a bit of a problem because when bills go late, there usually are even more fees. It wouldn't take long for things to spiral out of control.
Help from a bad credit lender proved important for people to come out of this predicament during the pandemic. Bad credit loans, such as Utah online installment loans, were used as an option to prevent bills from going late.
4. Provided Lending Without Employment Requirements
Being out of work has an impact on whether somebody is able to obtain a traditional loan from a bank. However, this isn't the case with a bad credit lender. For example, with title loans, there is no requirement to be in employment. The main requirement is that a person holds a lien-free title to their vehicle.
This meant that Utah Title Loans, Inc. as a bad credit lender was able to help people that found themselves with reduced work hours, or were completely unemployed, during the pandemic.
5. Helped To Cover Vital Home Repairs
Homes don't stop needing maintenance, even during a pandemic. Plumbing, electrical, and air conditioning systems can still wear down, especially as people started spending more time indoors or at home.
But with reduced income, people turned to bad credit lenders to be able to get assistance for those required vital home repairs.
How Does Utah Title Loans, Inc. Provide Help?
There are several types of bad credit loans. One that is commonly used due to its accessibility is a title loan.
A title loan allows people to borrow money against the title of their vehicle. With Utah Title Loans, Inc. this amount of money can be between $300 and $15,000. The exact amount a person could borrow from the bad credit lender would be dependent on the value of the vehicle.
In order to qualify for a title loan, a person would need to hold the lien-free title to their vehicle. This means that there should be no outstanding financing. You’re also required to provide a government-issued photo ID and have your vehicle for inspection.
The process for inquiring about a title loan through Utah Title Loans, Inc. is as follows:
- Fill in a short inquiry form to get a title loan online.
- Wait for a phone call from one of our team members. They will discuss the details of a title loan in more depth. They will also check whether you have the required documents and will schedule an appointment with you at a location of your choice.
- Meet the loan representative at the agreed-upon location and make sure to have the required items with you. Here, they will inspect your vehicle to determine if you qualify and how much you qualify for.
- If you are approved, you will be asked to sign a few forms.
- Lastly, you will receive your money on the same day or the next business day.
Find Out More About Bad Credit Loans Today
The pandemic is finally easing, that’s why it’s a good time to look back and understand some of the dynamics of how people survived and made it through, not just by staying healthy, but also by staying financially well.
If you continue to need some help, you may see a bad credit lender as an option to get the assistance you need. You can fill in the short inquiry form today to learn more about title loans and decide if they work for you.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.