Bad Credit Loan Services
Applying for a loan can be a daunting task when you need to have quick and easy access to cash. This however can be compounded if you have a bad credit history or low credit scores. Lending institutions, such as banks, normally require, in addition to a host of supporting documents, a review of your credit history. Such institutions will view people with a bad credit score as incapable of paying their debt. However, regardless of your bad credit history, you can still have access to cash when you need it.
Types of Bad Credit Loans
You have the following options available if your credit history is poor:
Secured Loans – An agency will provide you with a loan as long as you put up an item of your personal assets, such as a home, as security. In the event that you default on the bad credit loan, your home may be repossessed and sold to recover the cost.
Semi-secured loans – You can secure a loan against the value and condition of your car. This is also known as an auto title loan, car title loan or title pawn loan. Some agencies may require you to provide car insurance while others may not. Similarly, should you default on any payment then your vehicle will be repossessed and sold by the lender.
Unsecured loans- Some agencies such as credit card unions may offer loans without looking at your credit card history.
Co-signed Loans- Certain lenders will offer you a loan if you can find a person with good credit history to co-sign the loan agreement with the lender.
Peer-to-peer Lending – There are websites that allow you to get a bad credit loan from strangers online for a fee.
Family and Friends – Borrowing from people you know can save you money that would otherwise be spent on high interest payments.
All the options listed are similarly referred to as no credit check loans because the lending agency will not review your credit history before approving your loan application.
How to Get a Bad Credit Loan
You can easily obtain cash as long as you fill in an application form either through a title loans online agency or at a physical store to enable the lending agency to determine how much cash you qualify to receive. You must also provide the lender with government issued identification details, confirm that you are eighteen years or older, provide a valid address, telephone number and proof of some source of income. You may also be required to provide your bank account number, vehicle registration and model details or other asset details dependent on whether your loan is secured or unsecured or as per the specific loan application requirement. You are granted the opportunity to decide how you want to make payments according to your budget in terms of quantity and timing. Loan approval takes less than twenty four hours and you immediately receive the amount of cash that you requested for.
