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Your credit is a financial representation of your accountability as a borrower. If you have bad credit, you may know that inquiring for emergency funding can be hard. But there are online title loan options that don’t require good credit!
Learn more about the importance of credit checks and why you may not need good credit to obtain title loans serviced by LoanMart!1
Types of Credit Checks for Loans
If you are in need of emergency cash, you may wonder if credit checks are necessary. Credit checks are required for any financial process, as the information is used to review your financial history.
There are two types of credit checks conducted during a financial review:
- Soft Credit Check: This type of credit check does not affect your current score nor does it show up on a credit report. This inquiry is used to check your current financial history.
- Hard Credit Check: This type of credit check does affect your current score by a few points and will appear on your credit report. A hard credit check is required when you inquire for a new line of credit.
A lot of people with low credit would prefer to avoid credit checks when getting loans. If your credit is not within the ideal range, don’t think you are ineligible for online title loans!
When you work with title loans serviced by LoanMart, your credit score is not taken into consideration during the approval process!1
How to Qualify for Online Title Loans with Bad Credit?
When it comes to qualifying for title loans serviced by LoanMart, you do not necessarily need to have a high FICO score or a clean credit history.1
Instead, the main qualifying factors include:
- Having a car with positive equity
- Having a car title in your name
- Having proof of income
The car’s title is used as collateral to secure the online title loan, which is why the qualification requirements can be so flexible. As long as your car has enough equity, you may be deemed eligible for the financial support you need!1 Equity is the amount you get when you subtract the market value by the remaining loan amount of your financed car. If your car is not financed, then the equity is simply equal to the market value.
Inquire for Online Title Loans with Bad Credit and No Phone Calls
The inquiry process with online title loans is swift and hassle-free. But if you want to avoid making phone calls, know that title loans serviced by LoanMart are almost completely online title loans with no phone calls required!
Title loans serviced by LoanMart do not make inquirers speak over the phone for the whole process unless they want to! Instead, you could opt for text or email communication for a majority of the approval and repayment process. There are various reasons why someone may want to avoid unnecessary phone calls, such as anxiety or having a prepaid mobile device.
Approval Process for Online Title Loans with Bad Credit
The approval process for title loans serviced by LoanMart is quick and easy.1 There are only three steps to follow and though a credit check is required during the approval process, you could still qualify with bad credit!1 If you are approved, you could even look forward to receiving your money the very same day you inquire!3
Take a look at the 3-step approval process for online title loans:
Step One: Starting an Inquiry
To start the inquiry process for emergency money, all you have to do is answer some basic questions about your car using the short online title loan questionnaire or by calling (855) 422-7412. You will need to know your car year, make, model, style, and current mileage. These details will be used to determine if your car’s title qualifies as collateral. If your car is worth enough money, you could get a free preapproval estimate!
Step Two: Submitting Your Documents
If you are deemed eligible for online title loans, an agent will get in contact with you to request some documents. The benefit of inquiring with online title loans is that you can conveniently submit your paperwork online without having to leave your home. Just snap some pictures of your documents and upload the images to your online account!
Generally, these are the documents you should have ready:
- Car Title: The title to your car must be in your name to qualify for emergency cash.
- Proof of Identification: To prove identification, you will need to provide a government-issued photo ID such as a driver’s license, state ID, or U.S. passport.
- Proof of Address: To show proof of your current U.S. address you can choose to provide credit card statements, insurance statements, utility bills, a lease agreement, etc.
- Proof of Income: As proof of your ability to make on time title loan payments each month, you can show paycheck stubs, bank statements, tax returns, government award letters, etc.
- Photos of the Car: As part of the car inspection process, you are required to submit photos of your car. You will need to include photos of the rear, hood, driver’s side, passenger side, odometer, and the VIN.
- References: You may be asked for personal or professional references.
Step Three: Getting Your Online Title Loan Money
Once your documents are verified by a title loan agent, you can be fully approved and receive the emergency funding you need! Even with bad credit, you could get the financial support you need by using your car’s title as collateral.1
Work with title loans serviced by LoanMart today and you could even keep your car while you make payments! Start the approval process online or over the phone by calling (855) 422-7412 today.