Often times one finds themselves in need of a loan but having bad credit makes it extremely hard to obtain a loan. However there is a way to get one if you are nearing the end of your auto loan or already have the title to your auto. These types of loans are called Title Loans and can be very valuable to someone in need of a loan that as mentioned earlier, has bad credit. The reason for not needing good credit to obtain a title loan is because the title to one’s vehicle will be held as collateral.
For instance, at Fresno Loans, they require that the vehicle be a current respectable wholesale value in order to qualify. Once it’s determine how much the vehicle is worth by its year, make, model, mileage, and the condition of the vehicle a determination will be made as to the amount of the loan one qualifies for. There is no fee involved to establish this. Typically, the loan amount one can obtain can be anywhere from $500 – $15,000.
Title loans are typically a short-term, flexible loan. The reason as to why one might want to look into this type of loan would be to start or expand a business, to consolidate debts, to renovate a home, to pay for unexpected medical bills, or simply if one were to fall short in their paycheck and bills need to be paid.
Have you ever utilized title loans? I’d love to hear your thoughts.