An unsecured loan, such as a payday loan, doesn’t loan more than a couple hundred bucks, so what happens if you need a couple thousand dollars for medical bills or serious house repairs? What other options do you have when you need 2 or 3 thousand dollars to make ends meet? There are many nontraditional lenders that can help you get more than a couple hundred dollars, so how do you choose between them? LoanMart has made a guide to help you make your decision.
No Credit or Bad Credit Making it Hard to Get High Dollar Loans?
You were young when you first got a low amount store credit card. You didn’t understand what APR was, and you thought credit was like paying $25 a month to borrow $250 now. Well, when you were young, there was a reason why you couldn’t afford buying something for $250 outright. The account closes, your parents post the settlement amount. You go to college and forget. 2 years later and that closed credit account is the only thing on your credit report and your credit score is not in your favor. Banks won’t lend you money because your credit history and age makes you an unfavorable client. Even if you have a job and a way to repay your loan, many financial institutions may find you a risk rather than an asset to their customer base.
Now you need a couple thousand dollars to pay for your security deposit and application fees on a new apartment. The apartment manager requires you to pay first and last month as a security deposit because of your credit history. The same credit history and credit score that you earned from a mistake in your youth. You didn’t have the foresight to account for this in the long run. It happened over 5 years ago. You have learned more about credit as to not make this mistake again, but you also have a well-paying, full-time job. Traditional lenders do not see potential but tend to focus on past payment history. Payday advance lenders can only offer a few hundred dollars at a time, but you need a larger sum, now.
An Alternative to a Few Hundred Dollars
If you have gone through the traditional lenders, you will find that they are complex and inflexible with their terms and repayment options. Going with nontraditional lending, such as a car title loan opens new options for someone who has bad credit or no credit. There are lenders that offer bad credit loans, but they also cannot offer higher payouts that a car title lender can. They are limited in how much they can offer because there is no collateral that you can borrow against. Some might consider peer-2-peer loans for higher dollar loans; however, they require you to have the best credit score and are not secured loans. Since peer-2-peer lending is also in it’s infancy, there are very few peer-2-peer businesses that are accredited by the BBB.
If you are in a position that you can make repayments on a higher payout, then you might consider a car title loan. LoanMart is a nontraditional lender that uses your car title and car as collateral, so your loan is secured. When you take out a secured loan, you can borrow up to $50,000 when qualifying terms and conditions are met1.
How Do I Know Car Title Loans are Safe?
- By Mail
- By calling 1-855-422-7412
- Texting us 1-818-315-8741
- Using the LoanMart Mobile App
- Or visiting us at a participating store
With a car title loan at LoanMart, we just want to make sure you have the ability to repay your car title loan, so we will ask you for a few documents to verify information about you, your car, and your income.
What Do I Need to Get a Car Title Loan?
When you make the decision to get a car title loan, you will need the following documents ready:
- A car title to a qualifying car in your name
- A government-issued ID (driver’s license, state ID, etc.)
- Proof of income (such as paystubs or bank account statements) to show your ability to repay the loan
- Proof of residence (such as a recent, unopened utility bill).
You can fax, email or text us pictures of your documents to us, and our helpful agents are available to help you, wherever you are.
If you are not sure if your car is a qualifying car, you can refer to this resource to check what types of cars qualify for a title loan. Once you find that you can use your vehicle to apply, you can use our simple, 3 step application process to see if you can get your money as quick as a business day3. WE have streamlined the car title loan process to ensure fast service and payout
- You give us a call at 1-855-422-7412, visit us at any of our participating stores, apply online on LoanMart’s website and even use your mobile device using our LoanMart Mobile App
- You can get approved on your title loan in as little as one business day.3
- You will be paid with either a check, in person at a participating LoanMart store, electronic money transfer or through participating MoneyGram stores
Getting a title loan with LoanMart is simple. You can give us a call at 1-855-422-7412, visit us at any of our participating stores, apply online or use your mobile device to apply with LoanMart. When you are ready to apply, then you can begin the application process whenever you are ready and get cash no matter what your credit history1.