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Bad credit loans are just like everything in the media: one should not believe everything they hear. Discover the truth behind some of the most common myths surrounding them.
Actually, borrowers can! Many people who develop a poor credit rating feel trapped because they think they cannot pass the dreaded credit checks, but in reality there are several different types of bad credit loans that can help out people when they are stuck between a rock and a hard place financially:
False. Although they both fall under the category of bad credit loans, they differ in many ways. Car title loans, also known as auto title loans, are loans that use a borrower's car as collateral. Because the loan is secured by the vehicle's title, lenders offer much more money than they would with payday loans. Lenders only require the title, not the vehicle itself, which means that borrowers can still drive their car while making payments. In contrast, payday loans are unsecured bad credit loans. Risky for lenders, they are reluctant to lend out much cash. However, it is a viable option people turn to when they do not own a car.
There is a lot of literature out there on the web about how these types of loans are just rip-offs designed by lenders to take advantage of desperation. They are only scams when people do not do the research to learn how to avoid bad credit loan scams. Most REAL lenders genuinely want to support their borrowers. In the case of car title loans, customer service specialists help their customers design repayment plans that cater to each individual’s needs so they do not bite off more than they can chew. The flexible payment options and fair interest rates allow each borrower to manage their loan with ease. In addition, car title loan borrowers get to keep using their car even while making payments as to make life even simpler.
Those looking for additional information on getting a loan with bad credit loans and other types of loans we provide. They can apply online and get a free estimate texted to them in less than 15 minutes after submitting the form.
** No credit checks on title loans, personal loans subject to credit check.