Being a victim of bad credit is hard, and it can be particularly difficult when you are looking for a loan. Just because you have poor or no credit doesn’t mean that you can’t come across some tough financial circumstances, right?
With all of the different kinds of lenders out there, you want to make sure you go with one who won’t cause your credit score to plummet. But, do you really understand what your credit score is? Don’t worry, LoanMart has your back on this one.
Learn More About Your Credit Score
You might be a victim of poor credit and not know why. This could be because you don’t understand all the different components that make up your credit score. There are 5 factors which typically make up your credit score. After you know them all you will better know what you need to do to make improvements.
- Payment History – Your payment history makes up approximately 35% of your credit score. This includes how on-time you are with paying back your bills, and other financial obligations. If you are constantly late on making payments, this could be why your credit score is a bit low.
- Outstanding Balances – Making up about 30% of your overall score, outstanding balances means how much money you owe other lending companies, banks, or another financial institution you may have borrowed money from. How much money you owe affects how high your credit score is.
- Duration of Credit History – Contributing to just 15% of your credit score, the duration of your credit history means how long you have been “financially active.” Your credit history starts the very day you open a bank account, receive a credit card, or other actions that establish yourself financially.
- Kind of Credit Used – The different types of credit you have makes up about 10% of your credit score. Student loans, medical bills, credit cards, and other types of funding make up this section of your credit.
- New Kind of Credit – The new kinds of credit you have make up the last 10% of your credit score. Every time you are approved for a new credit card, loan, or other funding your credit score is affected. If you are constantly applying for new credit cards, your credit score will reflect that.
If you want to learn even more about your credit score and other useful financial information, be sure to check out the awesome LoanMart blog.
What is a Good Way to Get a Loan with Bad Credit?
If you experience the unfortunate circumstance of having bad credit, and are looking for fast, convenient, and easy funding—LoanMart may be the lender for you1.
With a LoanMart auto title loan, you may use the title to your qualifying vehicle as collateral to receive money, even if you have poor credit1. LoanMart has been a leader in non-traditional lending since 2002, and we want to help you now.
Check out some of the advantages that come with LoanMart car title loans.
- Fast Funding – At LoanMart, we don’t mess around. When you work with us you can receive your LoanMart auto title loan money in as little as one business day3. Inquire today and you could be spending your money tomorrow.
- High Approval Rate1 – LoanMart helps as many people as we possibly can, that’s why we have a high approval rate. People with all types of credit are encouraged to inquire about a LoanMart auto title loan.
- Reps who Care – LoanMart is here for you every step of the way. When you’re approved for your LoanMart title loan, we will create a personal payment plan just for you. We can give you our benefits of competitive rates and convenient terms to make paying back your LoanMart car title loan a breeze.
- Excellent Customer Service – At LoanMart, we do things fast and efficiently. That’s why we have experienced representatives available for you seven days a week with extended hours. The qualified LoanMart title loan agents are here to answer any and all questions you have about the title loan process.
How to Get a LoanMart Title Loan Even with Bad Credit
Getting a LoanMart title loan with bad credit could be super easy, so what are you waiting for? All you have to do is:
- Send your info– Go to the LoanMart homepage and fill out a fast information request. We’ll let you know right away if you’re approved.
- Send your docs – When you’re approved, your LoanMart title loan representative will ask you for a few documents so we can draw up your contract for you1.
- Get your money1 – After you sign your LoanMart auto title loan contract, LoanMart will sign onto your vehicle title as a temporary lienholder and you can get your money.
You could be spending your LoanMart auto title loan money tomorrow3! Get started on your title loan today!