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A Road Paved With Bad Credit Can Still Lead To An Auto Title Loan We live in a credit based society where our purchasing power is determined by a number. That is- our FICO score. Anyone who has purchased a home, taken out a credit card or obtained a loan of some sort has a credit score. The higher the score…the more purchasing power a person has. Unfortunately, financial downfalls, job loss or poor money management can send a person's FICO score spiraling down. Despite having poor credit or no credit at all, there are still several options out there for consumers that need a loan. Creditors like auto title loan lenders have gone out of their way to give credit poor customers a way to obtain the cash they need without having to produce their credit history. It's not a totally new way of lending but it's certainly one that has become quite popular in the past decade or so. For those having poor credit, or no credit at all, being seen as high risk can prevent you from fitting the standard lending guidelines. You know, those rules that traditional lenders like banks follow. Alas, don't let yourself get too discouraged; there's hope for getting back on the right road with your credit as well as obtaining a loan despite your credit unworthiness. Home Equity Line Of Credit- In the past few years we have seen the housing bubble leave many owners upside down on their mortgages but if your one of the fortunate who still has equity in your property, you can tap into that resource by getting a tax-deductible, low interest line of credit that you can use however you like. Peer To Peer Lending- This form of lending started in 2005 and allows consumers to get loans directly from the lending individual versus a lending institution. With a streamlined process, low interest rates for the borrowers and a high returns for the lenders, these loans are quite popular. Lenders will still check your credit but are more likely to empathize with your credit situation than a bank would. Auto Title Loans - These short-term loans are also very popular because of the simplicity, convenience and timeliness they bring. Getting an online auto title loan is probably the fastest way to obtain cash being that most loans are funded overnight and directly deposited into the borrower's bank account. Be advised…the interest rates and fees are high because they are considered high risk short-term loans. If you can't pay it back quickly, consider another option. Most auto title loan lenders will work with you if you are having trouble making repayment. Borrow From A Relative Or Friend- It's not always wise to mix business with pleasure but if this is the option you choose, treat a loan from someone close to you as you would any other financial transaction. Have a written agreement that includes the loan amount, interest rate and payment terms. You may also put what happens should you fail to keep the agreement. Go online to print out a promissory note and remember that this kind of loan should be a last resort because it does involve putting risk into the relationship between you and the lender. If the options above don't work for you, consider postponing the loan until you can raise your credit score so you will have the option in the future to secure a traditional loan. Improve your credit score and rating by paying your bills on time, avoiding overextending yourself on what credit you do have, keeping your DTI (debt to income ratio) low and being patient! Be sure to check your credit report to make sure it doesn't show any errors that could be hindering your FICO score. With some effort and discipline you'll be driving up your credit score sooner than you know it!
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