You Can Get a Loan with a Bad Credit: Here’s How

January, 15, 2021 | Mason Roberts

Bad credit

Can you get a loan with bad credit? – Impossible! How can bank entrust you any money if they know you weren’t doing a good job paying off your loans in the past? Right? – Wrong!

You might think that having bad credit means you’ve screwed up your life, the whole world is working against you, and no one will ever lend you any money. That couldn't be further from the truth!

Sure, bad credit is that status that nobody would want to hold, but sometimes things happen. The good news is that there are plenty of options out there specially for those who have bad credit. So, let’s consider your options.

1. You Can Apply for a Payday Loan

Payday loans are a fabulous option if you need money to cover an emergency, but don't have a good credit score. With a payday loan, you can borrow up to $500 and get your money the same day.

There are some criteria that you need to meet:

    • Have a government-issued photo identification card (this could be a driver's license or something else).
    • Have your most recent pay stub to hand.
    • Be at least 18 years old.
    • Have a blank check from an open checking account in your name.

If you have all that at hand, then you're halfway there to get your cash!

The whole process takes around 30 minutes and when it’s finished, you'll be on your way to financial freedom.

You Can Get a Title Loan

If payday loans aren't a good fit for you, and you need a bigger amount, then online title loans might be just what you need.

Similar to payday loans, the process takes roughly half an hour, but the amount you may qualify for could be much bigger – as big as $15,000. And yes, you do receive your money on the same day!

We'll take a deeper look at them now.

The Benefits of Title Loans

  • You don't need to fill out piles of paperwork in order to get your loan.
  • You need three things to apply — a driver's license or state-issued identification, a lien-free vehicle title, and the vehicle itself.
  • There are no credit checks. Regardless of your credit score, you can be approved. Title loan lenders work with poor, amazing, and even non-existent credit scores.
  • You will keep your vehicle while you are paying off the loan, as with title loans, your title acts as a collateral, not your vehicle.
  • You can borrow anywhere from $300 to $15,000.

How to Apply for Title Loans?

Step 1: Find a Title Loan Lender

Typing “title loans near me” might be a good start. But how do you know if the loan lender is trustworthy? You really don’t, unless someone with a good understanding or personal experience recommends you one. Our advice is you should go to Utah Title Loans.

Couple happy about getting a loan

Step 2: Complete the Form

The form is available as soon as you open the home page. It is really easy to fill out and should only take you 5 minutes or so to complete.

Step 3: Wait for a Phone Call

After you have submitted the form, make sure to keep your phone within an easy reach so you can pick it up when it rings. A loan representative from Utah Title Loans, Inc will call you.

He or she will guide you through the process and tell about the documents you need to provide. You can choose the location nearest to you or ask the rep to assign you one.

Step 4: Bring Your Car and Required Documents

Whichever option you choose in step three, you will need to bring a few things:

  • Your car (or another vehicle)
  • Your lien-free title to that vehicle
  • Your driver's license or state-issued photo ID

Step 5: Wait While the Representative Inspects Your Car

Once you arrived at your destination, a representative will have to inspect your car to figure out how much it's worth. Then, they will also review your documents and ask you to fill out more paperwork.

Step 6: Get Your Approval and the Money

If the loan representative determines that you are approved, then you will receive your money on the same day. Plus, you’ll get to drive back home in your own vehicle! What more could you ask for?

What Should You Use Title Loan For?

Title loans are there for you when you need money fast. Whether you have some unexpected medical bills, your house needs emergency repairs, or your car needs some unforeseen fixing, title loans can help. In other words, title loans are used mainly for emergencies.

Now that you know about your options and how to answer the question “Can you get a loan with a bad credit?” in case your friends ask you.

Title loans as well as payday loans might not be a perfect option in terms of paying your urgent expenses. However, they are a good option in the times when you have nowhere else to go!