4 Things to Keep in Mind About Loans for Bad Credit
June 1, 2021 | Emma Frost
While getting a loan should never be one’s first choice as a solution for their problems, sometimes getting one is a choice we could consider. But there are things to keep in mind regarding loans for bad credit.
If we have to handle an unexpected medical expense, urgent auto or house repair, or any other problem that needs to be handled on short notice not to get worse, getting a loan is an option. But finding loans on short notice can be hard. Especially if you need to get loans for bad credit.
Luckily, there are still options available. For example, you could try getting title loans for bad credit at Delaware Title Loans, Inc. They’re accessible, easy to apply for, and fast.
Here are 4 things to know when getting loans in Delaware that would make the process as easy as can be:
4 Things to Keep in Mind About Loans For Bad Credit
1. You Can Get Title Loans for Bad Credit Only If You Have All The Items Required to Qualify
Title loans are designed for one very specific group – car owners. To qualify for a title loan, you need to be over 18, own your car outright, and provide the lender with items to prove it.
Here’s what you’ll need, make sure that you have these items when you submit your loan request:
- A valid state-issued photo ID (a driver’s license would work) – to verify your identity and the legality of your age.
- Your vehicle’s lien-free title in your name – to prove ownership. The car cannot have any outstanding judgments against it, nor can it be in another person’s name. You won’t be able to use the vehicle for a loan application even with their explicit permission. If that’s the case, have the title transferred to your name before applying.
- The vehicle in question – it will need to be inspected to determine the maximum loan amount you qualify for.
As long as your items are in a satisfactory state, you can qualify for a title loan even with bad credit – or no credit at all!
2. You Can Get Title Loans for Bad Credit Without It Going on Your Credit Report
If you’re holding back on getting a loan with Delaware Title Loans, Inc. because you’re scared it will affect your credit – you can go right ahead and apply.
For a loan to influence your credit in any way, it needs to be reported to a credit bureau by the lender first.
Delaware Title Loans, Inc. never reports its loan information to any credit bureaus. So, you can rest assured that the loan information will remain solely with the lender, not affecting your credit history at all.
3. You Can Get Title Loans for Bad Credit Even If Your Income Is Irregular or You’re Unemployed
Title loans are secured loans. You’re putting up an asset as collateral when you apply for one. This security allows the lenders certain freedom during the application process – including not requiring proof of income when assessing if a potential borrower qualifies for a loan at our title loan locations in Delaware.
The asset acting as collateral gives the lender a guarantee that the loan is protected. If you’re currently unemployed, you can use any alternative means you find comfortable.
If your income is irregular or you’re just starting a new job, you can use a mix of your paycheck and alternate means. It’s solely up to you.
4. Getting Title Loans for Bad Credit Doesn’t Mean Giving up Your Car
Many seem to hold onto the misconception that getting a title loan means giving your car up for the duration of the loan.
In reality, the car stays with you and you’re free to drive it around the same as before.
It’s the car title that will act as collateral and stay with the lender – not the car itself.
How to Get Title Loans for Bad Credit Near Me
If you’ve got the required items (state-issued ID/driver’s license, your vehicle, the vehicle’s lien-free title in your name) on hand, you’re basically halfway there.
Now all you need is to submit an online form on Delaware Title Loans, Inc. You’ll get a call from the loan representative when it gets processed. The loan representative will provide further information, answer any questions you might have, and schedule an appointment for you.
Take the required items to the appointment with the loan representative. They’ll have to inspect the car, as well as assess the documents to determine if you qualify for the loan – and what your loan amount should be.
If they approve you, they’ll help you through the last few steps right there and then – and you’ll get the cash you need. This entire process typically takes no more than 30-45 minutes.
Bad Credit Doesn’t Have to Be A Problem
Not all of us have flawless credit scores. In reality, many Americans have credit scores below 700. Delaware Title Loans, Inc. doesn’t let that become a hurdle when providing potential borrowers with the loans they need in a time of trouble. Apply today and get up to $15,000 in title loans for bad credit.