It’s no secret that it’s expensive to live in Florida and many people have trouble keeping up a good credit score. A recent survey has shown that the average credit score in Florida’s of 680 is lower than the national average of 690. Because of that, there’s more of a need for lending options for people with bad credit. But where does someone turn if they need a bad credit loan but also need a larger loan amount?
With a bad credit title loan from a trusted lending institution, you may get the cash you need without having to worry about your credit score. A bad credit title loan is a great option for people who may not be able to get approved for personal loans because of their poor credit. Car title loans are also a good option for people who need a larger loan amount than what they could get approved for with a traditional loan. Most lending companies in Florida can offer funding amounts that reach $10,000 for people with significant equity in their vehicles. If you’re looking for an unsecured loan you’ll be lucky to get even $1,000 and that’s with good credit!
Benefits Of Bad Credit Title Loans
-Borrow the cash you need quickly. There are hundreds of companies offering online title loans in FL and many services promise same day cash. The fact that you have equity in your vehicle is enough to speed up the underwriting and it doesn’t take long at all to process and approve an application.
-You don’t have to worry about your credit score. Some lenders won’t even run a normal credit check that looks for recent defaults or missed payments. Interest rates on auto title loans are high and there’s simply less of an emphasis on the applicant’s credit history. You may be subjected to a brief credit check, but that will likely include a search to see if you’re currently in bankruptcy or if you already have a title loan or multiple defaults.
-Take out a larger loan amount than with a traditional loan. Payday loan providers and cash advances companies can only offer a few hundred dollars and that’s if you have a decent credit score. Installment loan lenders can offer larger loan amounts but you will need excellent credit to go along with multiple employment verification and reference requests.
Can A Bad Credit Title Loan Improve My Credit Rating
You may see a slight bump in your credit rating after you’ve made a few payments on the title loan. The reason for this increase is that on-time payments may appear on your credit report as an installment loan or recurring loan. Your creditor may report those monthly payments each month to the credit bureaus and they would reflect as on time payments.
These types of title pawns are less risky than other types of debt because it’s paid back in fixed payments over a set period of time. The positive history can help to offset some of the negative items that are dragging down your score. Of course, if you default then your score will take a hit, and not only that you will face the risk of having your car repossessed. Unlike a default, vehicle repossession is something that will stay on your credit for years. So it’s important to only borrow what you can afford and make sure that you’re making all of your payments on time.
How To Get Bad Credit Title Loans – Apply Online Or With A Lender Near Me
One of the best things about bad credit title loans is that you can apply for them online and usually get an answer within a few minutes. There are many different title loan companies to choose from and most of them have websites where you can fill out an application.
You’ll likely need to provide some basic information such as your name, address, phone number, email address, and the make, model, and year of your vehicle. The company will then use that information to give you a quote for how much they’re willing to based on the vehicle’s current resale value in Florida. You’ll be able to get approved for bad credit title loans without even having to fax or email in any additional documentation.
If you don’t want to apply online there are also options to apply with a direct lender near you. Many of these companies are smaller and have less presence online, but they will all work with customers who have poor credit and offer fast underwriting. All you need to do is find a few companies in your area that offer title loans. There’s no need to ask if they provide bad credit financing because they all do! It will likely take less than an hour to complete the paperwork, underwriting, and final vehicle inspection before picking up the cash! Make sure you verify the interest rate that was initially quoted to you and check that it’s the same in the final loan contract that you will be asked to sign.
Apply Now For Title Loans For Bad Credit
If you’re in need of emergency cash and have a paid off vehicle then it may make sense to see if you can qualify for a car title loan. Those with bad credit should find it easy to get approved when they use the car’s pink slip as collateral. Get started now with the online application at Florida Title Loans and we’ll let you know right after you apply how much money you can qualify for! It will take less than 5 minutes to complete the upfront online application. After that, you should hear from one of our qualified processing agents who will explain the terms and details of your bad credit financing options!