If you’re in a tough financial situation, you may be looking for anything to help you out. You may have decided that loans could be a great idea for quick funding, but you are apprehensive about your credit history hurting your chances for eligibility. It’s understandable to have that fear, since credit can be a hurdle in many financial circumstances. Unfortunately, the same thing could be said with plenty of loan options.
However, some loans are available to let you get the money you need, despite your credit score. The only problem is that they could have elements that could negatively affect you if you have low credit. But if you inquire about a car title loan, you could get cash by simply using the right form of collateral!¹ That means perfect credit is not needed for an individual in Louisiana to apply for a car title loan.¹ With loan options like LoanMart, a loan agent will use your car’s title and reliable income to determine your eligibility for cash.¹ You would only need to go online to get through a quick approval process to get funding.³ Qualified borrowers could earn money in as little as 24 hours!³
Suppose you live within the state of Louisiana. In that case, LoanMart is available to service title loans near you! You could inquire about them through a convenient online process to get instant approval!³ If you have questions or concerns about title loans, call a representative today at 855-277-4847 for assistance. Representatives are available six days a week for extended hours.
Still unsure about title loans being suitable for funding? Take a look at the different bad credit loan options in Louisiana and see why a title loan could be the best resource for you!
Why Are Title Loans the Best Bad Credit Loan Option in Louisiana?
Borrowers that are looking for convenient loan terms and a flexible approval process might have difficulty finding that in many loan options. But with a title loan serviced by LoanMart, you may get just that, alongside exclusive benefits that add to your loan experience.¹
If you’re still wondering if a title loan is the best financial resource for you, here are some examples of bad credit loan options in Louisiana:
- Personal Loans: Unsecured loans like personal loans can allow people with poor credit to qualify for funding, but it makes things difficult in the long run. However, if you’re looking for a specific loan amount or terms, you would need good credit to justify that. Since personal loans don’t use collateral like title loans, lenders determine eligibility from your credit history. So people with low credit might have a hard time getting funds, unlike those whose score is higher.
- Credit Card Advances: People that are tight with money could use a credit card to borrow from an available line of credit. The good thing about doing that is that you wouldn’t need to apply for a new loan if you already have a credit card provider. However, credit card advances limit how much money you can withdraw, have high-interest rates, and plenty of fees that could potentially leave you in a cycle of debt.
- Payday Loans: This is a loan type typically paid at a high cost within a short term. They’re called “payday loans” because payments are meant to last a person between paychecks, so loan terms are quicker than most options. That means you’d probably have a week or so from the moment you get the loan to repay it. What’s worse is that they could come with hidden fees and high-interest rates, making the repayments much more expensive and complicated. But with title loans, a loan agent could help you find suitable loan terms with competitive rates that could favor your loan experience.¹ There are no hidden fees to be found.⁵
- Title Pawn Loans: With a title pawn, borrowers can choose to temporarily pawn their car’s title in exchange for quick funding. The problem with this option is that you would potentially lose access to your vehicle until you have repaid the loan. If your car serves as your main source of transportation, that might not be a good option. With a title loan serviced by LoanMart, you would still keep your vehicle with you if you make your payments on time!
When comparing a title loan against these loan types, you may see that these options might not be right for you. There might be some good in them, but the negatives could outweigh them. But with title loans, borrowers could easily secure money by using their titles as collateral.¹ Once you get through a quick and flexible approval process, you could obtain the cash you need in no time.³
Contact a representative from LoanMart today to see how you can get started on your title loan!
How Can You Obtain a Title Loan After Seeing the Different Poor Credit Loans in Louisiana?
Now that you see how title loans might be the best alternative financial resource, it’s good to know what you need to get one:
- The Title to a Qualifying Car
- The Income Level to Support a Title Loan
- The Age Requirement of 18 Years or Older
A qualifying car refers to vehicles with enough eligible equity for a title loan. Equity is the monetary value of your car, which is determined by the difference between the market value and what you owe on it, if at all. So don’t worry about your vehicle following specific specs to qualify for an auto title loan.¹ The value of a car is essential during the inquiry process because it helps agents determine the money you would receive. So if you’re looking to have a large loan amount, your vehicle would need to have a high-value rate, and you would need enough income to support it.¹
Collateral not only helps you secure the loan, but it also ensures a loan agent that you will repay a loan in full. Keep in mind that a lender will sign onto your vehicle’s title as a lienholder until you have repaid the loan. Once you finish your payments, the loan agents will remove the lien.
Remember, the car’s title must be in your name. If you have lost or misplaced it, a representative from LoanMart can help you find out how to request a replacement or transfer it to your name.
A person’s ability to pay off their title loans is another requirement that lenders look closely on. When lenders determine that someone does not have enough money to meet their payments, they could deny funding to that borrower. That is a difficult decision, but lenders do it to protect people from going further into debt. If you’re worried about needing a full-time job to qualify, don’t stress; there are multiple alternative forms of income you could easily use to satisfy that requirement.¹
Borrowers that are curious to know about their current equity are in luck! LoanMart has an online calculator tool to help you find an estimate and provide you with a no-obligation quote!¹
Input the following details from your car to instantly use the calculator:
- The Make, Model, and Style of the Vehicle
- The Year the Car was Manufactured
- Any Surface or Cosmetic Damage Done to the Car
- The Vehicle’s Current Mileage
- Any Modifications or Alterations Made to a Vehicle
Speak with a representative from LoanMart if you have any questions about using the online tool or your vehicle’s eligibility.
Which Bad Credit Loan Options in Louisiana Have the Easiest Qualifications?
As you may have read in the previous section, a title loan may seem like the best bad credit loan option in Louisiana. It could be simple to qualify for funding, unlike other options that are difficult to seek approval.¹ With just your car’s title and income level to support a loan, it can be easier than you think to qualify for quick funds. ¹ ³ It’s important to note that a lender may ask you to submit a few documents during the inquiry process. Lenders will use these documents to verify your vehicle ownership and personal information.
There shouldn’t have to be any difficulty finding these documents, as you may already have them at home!¹ With LoanMart, once you find your documents, you could stay where you are to send them online! It could help you get a faster response from a loan agent regarding your approval status.³
Contact your local OMV for any additional personal/car information specifically required in Louisiana. But, you can expect to hand in the following documents when you inquire about a loan with LoanMart:
- The Title to Your Vehicle: Make sure that the car’s title is in your name before inquiring about a loan. But if you share a name on the title, contact LoanMart to see what you could do to qualify. Remember, a representative can assist you in finding out what to do if you have lost or misplaced your title.
- Proof of Steady Income: You can use several forms of income to prove your ability to repay a loan, such as: pay stubs, retirement income, Social Security/Supplemental Income, a letter of employment from your employer, bank statements, etc.
- Proof of Identification: You will be required to provide a government-issued photo ID to verify your identity. Borrowers could use a passport, driver’s license, or other certified state identification cards to do so.
- Proof of Louisiana Residency: To obtain a title loan within the state, you must demonstrate proof of address in that state. You can use various documents to validate this, such as: recent phone bills, credit card statements, rental/lease agreements, mail, utility bills, or other documentation.
- References: Loan agents typically ask borrowers for references. These can be personal, professional, or both.
Do Bad Credit Loan Options in Louisiana Require Credit Checks?
Although credit isn’t an important factor for some poor credit loan options in Louisiana, a lender might still want to verify your credit; car title loans are no exception. But don’t be concerned about this credit check, as it’s typical for lenders to consider doing that during the loan process. A credit check may not hurt your chances of obtaining funds!¹
If a loan agent decides to conduct a check, you might go through what is known as a hard inquiry check. It happens when you agree to proceed with the loan agreement after an agent preapproves you. Although this check could take off some points from your credit score, it could improve with time and effort.
What are the Benefits of Getting a Title Loan Compared to Other Poor Credit Loan Options in Louisiana?
Plenty of bad credit loan options in Louisiana could help you get money, but they have elements that can break your wallet. Thankfully, auto title loans offer borrowers some benefits that could add to your overall loan experience!¹ But, customers that inquire with LoanMart could enjoy perks that are exclusive to them.¹
Here are examples of the benefits that you could receive when you choose to get a title loan serviced by LoanMart:
- Convenient Loan Terms¹: Loan agents could assist borrowers with finding a term that works for what they can afford.¹
- Competitive Interest Rates¹: With title loans serviced by LoanMart, you can expect competitive interest rates.¹
- No In-Person Car Inspection Necessary: Most lenders traditionally ask people to take their vehicle to a physical location to verify its condition. It can be inconvenient when you don’t have time to waste and need money now. But with LoanMart, you could do the inspection from home! You would only need to take clear pictures of your vehicle’s front, back, and sides, as well as its odometer reading and Vehicle Identification Number. Once you have your photos ready, you could easily send them online or text them directly to a loan agent!¹
- Convenient Online Process: The entire title loan process could be easy and fast to get through when you inquire about one with LoanMart.³ Once you take a few minutes to complete each step, you could obtain cash in as little as one business day!³
Find Bad Credit Loan Options in Louisiana
Get started on one of the best bad credit loan options in Louisiana! By following these three easy steps, you could find out if you qualify for a title loan serviced by LoanMart:¹
- Submit a Short Inquiry Form Online, or Call a Representative Today at 855-277-4847.
- Submit Your Documents
- Get Your Money!¹
If a loan agent approves you for a loan, you could get the quick funding you need to get back on your feet!³