How Can I Get A Loan With No Credit Score?
May 11, 2021 | Peyton Sawyer
We’ve all been taught a little about getting a loan, and two lessons seem to have stuck the most. The first is that you cannot get a loan if you aren’t employed, and the second is that you cannot get a loan if you have a bad credit score. This might leave you believing that there is no answer if you’re p
While there’s some truth to this. For example, you will encounter some trouble with getting a loan at more traditional financial institutions with bad credit and no employment. It’s not necessarily ALL the truth.
There is a type of loan out there you can get not only if your credit is bad, but if you have no credit at all. Yes, we’re talking about title loans in Delaware.
How Can I Get A Loan With No Credit Score in The First Place?
Title loans are one of the most accessible loans around and their availability for borrowers with no credit is no small part of that accessibility, making them one of the great answers to questions like how can I get a loan with no credit score.
While most short-term fast loans welcome borrowers of all credit types, title loans are still probably the easiest to get and offer some of the most cash too. They are particularly useful if you need a larger amount of cash on short notice. If you get approved for a title loan, you could get up to $15,000 the same day you apply for it.
This is because title loans are secured loans. Secured loans call for the borrower to provide a guarantee or collateral while applying for the loan. In the case of a title loan, they are secured with your car.
Due to this security, lenders can be laxer with their approval policies when it comes to title loans. That is why they are the solution if you wonder how can I get a loan with no credit score.
How Can I Get A Loan With No Credit Score And Not Damage My Credit?
You don’t have to worry about the impact a title loan will have on your credit score. Because, unlike traditional bank loans, it won’t have any impact, either positive or negative, at all.
For a loan to influence your credit history, the lender must report it to a credit agency. Delaware Title Loans Inc. doesn’t report its loan information to any credit agencies, so you can rest assured the loan information will remain entirely between you and the lender.
How Can I Get A Loan With No Credit Score While Unemployed?
As a title loan is a secured type of loan, you don’t need to be employed or provide the lender with proof of income when you apply for it. Unlike with bank loans, you don’t need to prove you get a paycheck to pay off the loan at Delaware Title Loans Inc.
Some alternative means that were successfully used to pay off loans at Delaware Title Loans Inc. include unemployment and welfare benefits, pensions, and even savings.
What Will I Need to Qualify for A Title Loan?
While the lender will do their best to accommodate your circumstances, you do need to provide a few items to be eligible in the first place.
These items are:
- A state-issued photo ID or a driver’s license – to verify your identity and age (you must be at least 18 years old to be eligible for a title loan).
- Your vehicle – as mentioned above the vehicle will act as a way to secure the loan and its value will determine the loan amount you can qualify for.
- The vehicle’s lien-free title in your name – to be eligible for a title loan, you must outright own your vehicle. This means there shouldn’t be any outstanding loans against the title and it shouldn’t be in another person’s name (you won’t be able to use the title if it’s in another person’s name – even with their permission).
Will I Need to Give Up My Car If I Apply for A Title Loan?
The very quick and simple answer is: No.
It’s the title that stays with the lender. The car stays with you for the duration of the title loan payoff.
How Can I Get A Loan With No Credit Score Near Me?
The answer to the “how can I get a loan with no credit score” is pretty simple these days – online.
That’s right – you don’t need to go to the store to request a title loan. You can do it from the comfort of your couch with your phone and a decent internet connection.
Just go to the Delaware Title Loans Inc. website, fill out the title loan online form, and submit it. When the form gets processed a loan representative will give you a call (it shouldn’t take long so keep the phone close) to provide further instructions.
Take the required items (the ID/driver’s license, your vehicle, the vehicle’s lien-free title in your name) to the meeting with the loan representative. They’ll examine your documents and conduct a quick inspection of the car to determine if you meet all the requirements for the loan.
If they decide you qualify and approve you – you’ll finish the paperwork right there and get the cash you qualified for the same day.
This entire procedure typically takes no more than 30 to 45 minutes.
Get Your Title Loan Today And Keep Your Credit Score Untouched
The online title loans Delaware offers are the way to go if you are wondering how can I get a loan with no credit score. Apply for your loan and get your cash as soon as today.