Car title loans have become more popular among Draper residents, primarily because they don’t require borrowers to have good credit. Can’t decide whether to apply for a car title loan or a traditional bank loan? This will help you.
Banks reject applications from people with bad credit.
The credit score is one of the greatest obstacles to getting that approval for a bank loan or any other traditional financial service. Banks often reject people with unfavorable FICO scores. In fact, it’s hard to find a lender willing to provide funding for those who have a bad credit history.
So if you have gone through a rough patch in the past that affected your credit, don’t bother applying for a traditional loan. Aside from processing that takes a lot longer, you also have really slim to no chances of getting the money you need.
Title loan lenders welcome all borrowers – great credit or not.
The fact that car title lenders will approve your application, regardless of your credit score, should already prompt you to get this instead of a bank loan. Dependable lending institutions don’t waste their or their clients’ time performing credit checks. They fully understand the dire financial need of their customers, so as long as borrowers meet the minimal requirements, they get the funds in as little time as possible.
Few requirements translate to faster processing and funding.
The title of a vehicle is the primary requirement title loan lenders request from their borrowers. Title loans also require less paperwork and documentation, so there’s less time to process applications. Companies offering title loans in Draper even approve borrowers and wire the funds to their accounts within the same day.
Traditional loans are still useful, but they are hassling and time-consuming. In cases of emergencies and urgent need for cash, see if a title loan will do. Do remember that you need to pay back the loan on time to avoid high interest rates.