Emergency expenses don’t come with a warning; they can surprise you when you least expect them. Not having the money to afford these costs before their due date can lead to late fees, service disruptions, lowered credit, and more. However, bad credit personal loans can help you borrow the money you need as quickly as possible.
At Delaware Title Loans, Inc., we offer bad credit installment loans to those who have found themselves in a tough financial situation. A low credit score should not stop you from getting the much-needed cash. However, there are still a few requirements that you would have to meet that we will explain below in this personal loan for bad credit guide.
What Are The Types Of Urgent Loans For Bad Credit?
A signature installment loan is a type of loan that is not secured by collateral. You simply make a promise that you’re going to repay the loan in fixed monthly installments and sign the necessary papers. Though qualifying for a secured loan is typically easier for those with less-than-perfect credit scores, low or non-existent credit won’t necessarily prevent you from getting approved.
With a signature installment loan, you might be able to receive up to $1,500. If you need a larger amount to cover your urgent expense, you might want to consider a title loan.
This can become an option for those who own their car outright and have a clear title. In such a case, you’re only going to need your ID, the title, and your vehicle to qualify for up to $15,000. However, the loan will be secured by the vehicle’s title. If you’re not ready to put your valuable asset at risk, choosing a signature installment loan might be a more suitable option for you.
How Do Bad Credit Installment Loans Work?
Installment loans typically allow you to get access to a lump sum of money in a short timeframe, which you can then repay in regular monthly payments.
To take out such a loan, you would be asked to contact the lender using your preferred contact method. You can usually let the company know you’re interested in taking out a loan by filling out an online inquiry form, calling the lender directly, or visiting one of the stores.
In any case, you would need to make sure that you have all the required items, which include:
- A state-issued photo ID that displays your full name and date of birth
- A checking account statement in your name
- Your most recent pay stub to verify your income
Once you have gathered all the documents, you will have to meet up with an agent. The professional will verify your items and will then determine the amount you qualify for. If you are approved, you might receive the money on the same or the following bank day. By the way, the whole in-person process may take only 30 minutes.
How To Qualify For A Personal Loan For Bad Credit?
For a signature installment loan, you need an active bank account to qualify and provide documents showing a stable income. The easiest way to prove it is to show your most recent pay stub, but some lenders would also consider alternative documents.
For example, if you’re a freelancer, part-time worker, or are currently unemployed, you can choose to bring in your bank statements, tax returns, or papers showing that you’re receiving unemployment or other benefits. You must call the store you wish to work with ahead of time to see if they will accept non-traditional income, as some will not.
You should also remember that only those aged 18 or older can qualify for a loan. The loan agreement is a legal document, and minors are not allowed to sign one. Do bear in mind that your credit score will get checked. It usually won’t be the determining factor when it comes to qualifying for a signature installment loan, but it can influence value.
What Expenses Can A Signature Installment Loan Be Used For?
Ideally, you should not use the money from a signature installment loan to shop for trivial purchases or for entertainment purposes. These should be considered last resort loans used only for essential costs.
An installment loan can come in handy if you’re struggling to make ends meet between paychecks and you need to buy groceries or cover your utilities. Vacations, new clothes, or other nonessential costs are definitely not the things you would want to fund with loan money.
Here are some of the expenses you can afford with a bad credit installment loan:
- Overdue bills (rent, mortgage, utilities, student loans, credit cards, etc.)
- Medical expenses
- Home or auto repairs
- Unexpected travel costs
- Veterinarian bills
- Funeral expenses
Furthermore, try to ensure you only go for an amount you actually need. As we have already mentioned, you can get offered up to $1,500, but if you need just a few hundred bucks to pay for your expenses, let the lender know about that. Borrowing more than you need will just make repayment more complicated.
Why Choose Delaware Title Loans, Inc. For Loans For Bad Credit?
The process of taking out a loan is usually associated with a lot of stress and hassle. To take out a loan from a traditional bank, you indeed would have to spend plenty of time gathering the necessary papers and then wait for days, if not weeks, for the loan decision. An average or below-average credit score can be the reason you get declined.
However, Delaware Title Loans, Inc. allows you to gain approval due to our favorable benefits:
- The process takes 30 minutes – We have seven store locations across Delaware for you to choose from. Once you visit us, you might be approved in as little as half an hour. Furthermore, you might receive the money on the day you apply (this can happen if the loan is processed before 12 PM).
- We consider all credit and income situations – We believe that anyone should have an opportunity to get extra cash if they’re facing an emergency. With us, you might still qualify even if you have bad credit or no credit. You might end up getting approved if you don’t make that much money. As long as you can prove your income, you can still qualify, just for less than some with a high-paying job.
- We have a team of friendly, experienced professionals – Our experts would be happy to answer all of your questions, and you would always be treated with respect and dignity. They will guide you through the whole process to ensure you understand each step.
Delaware Title Loans, Inc. has been servicing residents with emergency financing needs for over three decades. If you need fast cash today but have bad credit, don’t worry; we can help with your simple, fast approval process today!
Get a Personal Loan For Bad Credit – Receive Up To $1,500 Today!
With Delaware Title Loans Inc, qualifying for bad credit installment loans won’t be challenging at all. In our stores, you might get approved for up to $1,500 in just 30 minutes. The best part is that bad credit won’t prevent you from getting the money that you need.
Ready to begin the quick process today? Simply complete our online installment loan form and visit us in person to get approved within 30 minutes. Apply online today and get same-day installment loans today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
