Easy Solutions For Unlocking Cash With Bad Credit
People with bad credit find it challenging to pay for emergencies. Most Americans, particularly those with lower incomes, do not have savings. Almost half of American families have less than $500 in savings and as many as 10% have no savings at all.
Yet, there are solutions for unlocking cash when you need money fast, even for those with no credit and low credit scores. You just have to know where to look.
Three Quick Ways To Get Cash
There are three ways to get cash for emergencies and the option you use depends on your situation. It may depend on how much you need and whether you have collateral, like a vehicle, for a secured loan.
Title Loans
Title loans are an option for those who need a significant amount of money to fix a home repair or pay for some other larger expense. Title loans allow you to keep your car while you make repayment as the private lender holds onto your title as a guarantee of the loan. The amount of money you can borrow depends mostly on the value of your vehicle. You must own your vehicle outright without any liens or judgments held against your title to get a title loan.
Payday Loans
Payday loans are a type of personal loan that those working can obtain. They typically come in smaller amounts than a title loan but they don't require any type of collateral and you don't need a minimum time on the job to apply. You will need proof of your income and the amount you can borrow depends on your earnings.
A payday loan may be the right loan for those who need a financial bridge until the next payday. They can be used to pay for a car repair, food, gas, prescription medications, or a doctor's visit. The loan will be repaid on your next payday so you don't have any long-term debt.
Signature Loans
Signature loans are similar to personal loans as they are a hybrid between payday loans and personal loans. They are unsecured loans that you repay over several months, like a personal loan.
However, approval is based on your earnings like a payday loan. Most private lenders offering this option will check your credit for this type of loan. You will need to check with the lender before applying for a loan to see if your credit score is adequate for approval.
Better Than Banks
The advantage of these types of loans, for most people, is they offer options outside of the traditional banking system. Banks and other financial institutions typically require a minimum credit score of at least 600, sometimes 630, to get any type of loan. They also require you to be on your job for a length of time and have a specific income level with a lower income-to-debt ratio.
Alternative lending fills the need for those with low credit scores who need fast money to handle an unexpected situation.
Nevada Title and Payday Loans, Inc. has the experience needed for you to feel comfortable with alternative financing no matter which option you choose. It offers title loans, payday loans, and signature loans and its friendly representatives will be happy to discuss all your options.
Those applying for title loans will need three things. You will need a driver's license or state-issued ID, a clean vehicle title, and your vehicle available for inspection. The maximum amount you can borrow is $15,000.
Applicants for payday loans can get a maximum $500 loan. You will need your driver's license or state ID, your most current pay stub, and a blank check from an open checking account that lists you as a primary account holder.
Signature installment loans have a maximum of $1,500. You will need your driver's license or state ID, proof of income, and a blank check from a checking account listed in your name.
Applying For A Loan
This private lender has an easy, streamlined process for those wanting to apply for any of these loans. It starts with filling out the online inquiry form. The form is securely sent to the nearest store where a loan representative will contact you to explain the process.
You will schedule a meeting and bring your documentation to the store. A loan representative will validate your items and guide you through the application process. The process is simple and fast with some being completed in as little as a half hour with a decision. Those approved can have their money either the same day or the next business day.
Getting Started
Unlocking cash when you have bad credit doesn't have to be difficult. There are easy solutions that allow you to pay for unexpected expenses without a lot of hassle and worry. Nevada Title and Payday Loans, Inc. is a private lender that can help you meet all your needs.
Fill out the inquiry form today and see how this private lender's loan representative can help you get the cash you need. You can find out just how simple getting needed cash can be!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.