There are many types of loans people apply for. Many are collectively referred to as bad credit loans because people with a poor credit history can obtain them easily. We have provided some information on these loans for you here.
Car title loans, as the name suggests, use your car's title as collateral for the loan. These loans feature competitive interest rates and flexible repayment schedules. Lenders provide you with the cash you need, up to $50,000, in just 24 hours. Car title loans are unique in that your credit score won't disqualify you from receiving a loan; many lenders don't bother checking your credit score because your car title acts as collateral. Many lenders offer an online title loan application process, which allows you to complete the application process from your computer. Best of all, you get to keep and drive your car as you make your monthly payments.
A payday loan, or cash advance, is a loan based on your payroll and employment records. These loans are short-term and they do not permit interest compounding, meaning the principle amount of the loan remains the same, even if the loan is outstanding for a long period of time. With this loan, you receive a small cash loan that you promise to repay with your next paycheck. You provide the lender with a postdated check in the amount of the loan and fees, which the lender will not cash unless you fail to repay your loan by the date you agreed on.
An installment loan is a loan with terms that range from as little as a few months to as much as 30 years. An example of an installment loan is a mortgage. You agree on a set number of scheduled payments, which you repay over a period of time. It's a traditional loan known for being safe and affordable.
A secured loan is a type of loan where the borrower uses an asset, like a car or property, as collateral for a loan. An example of a secured loan is pawning your car, you give up your car for a certain amount of cash. The loan becomes a secure debt owed to the creditor. Because the loan is secure, interest rates are usually competitive and repayment periods are more flexible than traditional loans. A typical secured loan is a lien, where the owner of an asset voluntarily puts up his or her asset against the cash received.
If you find yourself unable to pay off a loan in the allotted time, we provide refinancing options. We will pay off the money you owe and work with you to create a repayment plan that fits your needs. Even if your loan is with another company, we can help!
** No credit checks on title loans, personal loans subject to credit check.
