Can I Get A Title Loan With No Credit?
Not everybody is fortunate enough to have good credit in today’s world, but Cash Cow may still be able to help if you need a title loan. It can be difficult to get many forms of financing if you have no credit, but that doesn’t mean you are out of options. A Lousiana title loan can be easy to get, even if you don’t have great credit. You don’t need to go through reams of paperwork that take weeks to clear when you take out this loan. Keep reading to learn more about this loan and how your credit plays in.
Learn How You Can Get A Title Loan With No Credit
If you’ve got a history of lending but it’s poor, you might be wondering if you have any chance of taking out a title loan. Perhaps surprisingly, the answer is yes. Cash Cow encourages people with all kinds of credit histories – including no history – to come in and see if they qualify for approval. Keep in mind that there’s no guarantee that the loan will be granted, but you might be pleasantly surprised about how we do things here.
Why Is Bad Credit A Problem?
You might think that having no credit history can’t hurt you, but in many cases, it can. Your credit history is used for many kinds of loan calculations, and it helps companies to determine how likely you are to pay a loan back once you have taken one out. If you prove consistently that you return the money you have borrowed, your credit rating actually starts to go up.
If you’ve never borrowed (or done little borrowing), it’s much harder for loan companies to assess how likely you are to pay the money back to them, and this often leads to them refusing to loan money to you simply because they cannot easily calculate the risk. They have to take a guess, and most loan companies don’t like doing this. They need to know that they’ll get their money back with you.
That’s hard for people who rarely need to borrow money, but then hit a need for funds unexpectedly, because it significantly limits your options. Having no credit history doesn’t mean you’re bad with money, but some lenders will treat it as though you are – even if you’re actually great at managing your budget and reliable when it comes to paying people back.
How Are Title Loans Different?
While poor credit is an issue for many loan options, this is fortunately not the case when it comes to how a title loan works at Cash Cow. The biggest reason credit doesn’t always stop you is because you are offering collateral, rather than simply asking us to take a leap of faith. When you take out a title loan, you use your vehicle title to reassure the company that they can recover their money.
Do keep in mind that not everybody will be eligible for a title loan. This is certainly the case regardless of whether you have credit or not. But in general, if you have the car title to use as collateral – along with the other required items – your credit shouldn’t hold you back. Having an extensive credit history isn’t a box you need to check, so it’s worth considering this kind of loan if you haven’t done much borrowing in the past.
Remember that using your vehicle’s title as collateral doesn’t mean you have to give up your car – which is great news if you are dependent on it for work or other activities. You will keep full use of your vehicle as long as you meet the repayment schedule laid out when you take the loan. This can be a viable way to get around the problem of having no credit.
Will I Definitely Get A Title Loan?
As we said, there is no guarantee that you will be granted a loan, even if it is a title loan from us at Cash Cow. Every individual is different, and a lot of factors will be considered if you decide you want this loan. We will assess you with care, and then you will get an answer. We look at things like your vehicle and your title to decide if you qualify for approval and how much we can lend you. If you want to find out more, go to our website and fill out the online form to receive a phone call from us.
Start The Title Loan Process Right Now
Cash Cow is a company that offers people with all ranges of credit the chance to apply for a title loan. Title loans can be very helpful if you’re stuck in a situation where you don’t have the funds you need for something important, and they are often a way for people with poor credit or no credit to take out a loan. If you want to find out more, get in touch using the form on the website today, or get in touch by phone.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.