Why are people refused by other lenders?
They couldn’t show proof of an ability to repay: Lenders don’t want to put borrowers in a situation where they can’t actually repay the loans they’ve taken. Unless someone can show proof of enough income to demonstrate that they can pay back the loan in full and on time, they will probably be rejected for a loan by that lender.
They didn’t have a credit history: Lenders like to see a credit history because they want to know if an applicant has experience in paying back money that they borrowed in the past. If a potential borrower doesn’t have any previous credit history to their name, the lender will probably think that making a loan to that person is too risky for them.
They have a poor credit history: Similar to the reason above, if a lender sees evidence that a person has taken out loans before but not made regular repayments, defaulted on the loan or filed for bankruptcy, that will raise a big red flag for them. Fairly or not, they will assume that the same thing will happen this time and decide that it’s safer not to lend to them.
They asked for too much: Lenders may refuse to approve a loan if the amount being requested is more than they are comfortable letting the applicant borrow. This is because, again, they want to see that people are likely to repay what they have borrowed.
Auto Title Loans
If you have been refused by other lenders for loans in the past, but have a car and some sort of income, you’re not out of options. You might want to see what the opportunities are for you with an online auto title loan from LoanMart.
We’re different from traditional banks and other financial institutions that make loans. Part of our mission is to serve people like you who need a non-traditional lender with different requirements in order to secure a loan. That means we seek to give access to people who might have bad credit or no credit history but would still be able to repay any loan we lend to them. That’s what we’re here for.
We strive to be a financially responsible company and like any other lender, we don’t want to provide loans that borrowers can’t pay back either. We care about our customers and want them to be financially responsible too. We know that you still may be able to repay a loan even if you don’t meet a bank’s tight requirements. The difference is that we’re more understanding than your average lender. While we’re not able to provide a car title loan to everyone who applies, we try our best to work with everyone’s unique situation.
An auto title loan with LoanMart may be your best loan option if you:
- Own a car
- Are self-employed
- Have bad credit or no credit
- Need money much faster than other loans can give it
- Are retired, on social security or disability
- Want to work with a friendly and accommodating team
An auto title loan is a loan you take out that is based on how much your car is worth. You stay in control of your car the whole time. If we make you a loan offer and you decide to sign it, we will just put a lien on your car title. Then you can use the money however you want and you can keep driving your car. After you’ve repaid your loan, we will remove our name from your title right away.
If you think this sounds like a good fit for you, start by filling out some basic information about yourself and your car on our online submission form or call us to start the process. Don’t worry, it will only take about 5 minutes. Our team will then evaluate your vehicle and your financial situation to see if you qualify for a loan, for how much and at what interest rate. This is a free quote and you would be under no obligation to accept the loan. But, if you do, you could have money as soon as the next day to take care of whatever you need. Then, you’ll be able to keep driving your car while making your monthly payments.
At LoanMart, we want to help you explore all of your options when you need to borrow money. To learn more about how an online auto title loan could help you, give us a call at 1-855-422-7412.