Are you having a hard time trying to understand what a Bad Credit Loan is? LoanMart can help! A “Bad Credit Loan” is a type of unsecured loan that doesn’t have a form of collateral (unlike a car title loan from LoanMart). Repayment plans tend to span over the course of a few months and interest rates are high, due to a borrower’s poor credit score. However, having bad credit is no problem when trying to obtain a car title loan with LoanMart!
Do you Have Bad Credit and Need a Loan?
If the answer is yes, LoanMart is here to help. With bad credit it may seem impossible to get the help you need from a lender; however with LoanMart, that doesn’t have to be the case for you. We have multiple solutions for you to consider even if your score is not the best. A car title loan can help you to secure funding based on ownership of a vehicle1.
Here are some options to consider if you have bad credit:
Car Title Loans with LoanMart
With a car title loan, you don’t have to worry about your credit score when seeking a loan. Even though you are using your car as collateral, we don’t require you to leave your car anywhere during the loan period. This type of loan is great if you want to receive funding fast and don’t want your entire credit history to be evaluated in the process. We understand that you need your car when using it as collateral and want you to be able to use it throughout the loan repayment period.
Why Car Title Loans May Be the Better Alternative
Car title loans are the best type of assistance out there for people with bad credit scores. This is because people stand to gain a sizable loan amount and a more comfortable repayment period. Owning a car is what makes a big difference in this case. If you own a car, van or truck you stand to gain from this unique type of loan because the vehicle’s title may be able to be used as collateral. An individual can use the value of their car to get a loan, even if their credit rating is not stellar. Here are some reasons why it is possible to get a loan with bad credit:
- Your vehicle’s title acts as collateral for the loans. Therefore, your loan is secured against the innate value of your vehicle.
- Unsecured loans have no security, presenting a greater risk to the lender especially when dealing with individuals who have low credit scores. The implications of this are that most customers with bad credit are either denied the loan or given loans at high interest rates. By using something of value such as a car to secure your loan and reducing the risks to the lenders it is possible to get the help you need even if you have bad credit.
- Bad credit doesn’t have to determine whether one qualifies to get a car title loan or not. That is because while a poor credit rating possesses a greater risk to the lender, the equity and value of your car, as well as your ability to pat the loan, mitigates against those risks.
- The approval of a car title loan does not consider the credit rating because to the lender it reflects the past. LoanMart is not interested in your financial past alone, and understands the financial twists and turns of life.
Car Title Loans with LoanMart
With a car title loan, you don’t have to worry about your credit score when seeking a loan. Even though you are using your car as collateral, we don’t require you to leave your car anywhere during the loan period. We understand that you need your car when using it as collateral and want you to be able to use it throughout the loan repayment period.
At LoanMart, the process of getting a loan is painless. We explain all the terminology and parameters to make sure that you understand and can make an informed decision. Our customer service personnel are competent at communicating all details pertaining to loan options available to you.
Our representatives will be clear and accurate on the amount you will get and what your rates and payment will be. This is to make sure that you are aware of what you are signing on the dotted line for when taking out a loan.
LoanMart provides inquiries and application services free of charge
LoanMart also has an integral team of experts to help you understand bad credit loan options and to provide practical recommendations. Our friendly team will help you apply for the loan that suits you and walk you through the entire process up to the stage of receiving the money. Find out how you can get started on the road to financial well-being today, even if you have bad credit.