You need money right away, and it’s as simple as that. Because things happen, they always happen. Maybe a significant expense arose, perhaps you have to pay bills or rent a moving truck to move to a job. And the amount you need is not that high: 500 dollars or maybe a thousand.
In a perfect world, everyone would have a healthy savings account in which to submerge. But the reality is entirely different because recent studies show that 60 percent of Americans have less than $ 500 in savings.
To make matters worse, more than half of Americans have “bad credit,” a FICO score of 620 or less.
So, should you have bad credit and you need money now, you are not alone. But where can you go? The answer is TFC Title Loans.
At TFC Title Loans we are not here to judge your credit score or to check your credit history if your credit is poor, that does not matter to us in the least. You need not worry about qualifying to obtain our money loans concerning your credit.
In TFC Title Loans the only thing necessary to obtain loans is that you guarantee the loans with a car you own. We deal with loans by car title. No credit scores or anything like that. Only the title of the vehicle and the process of approving your loan will go smoothly.
However, at TFC Title Loans we want to educate our clients in the world of loans, so read on and learn more about bad credit loans.
A bad credit loan is a type of personal loan offered to borrowers with weak, bad credit or no credit. There are many different loans and many kinds of financial institutions that provide them: banks, credit unions, and online lenders, among others.
A feature of bad credit loans is that they will generally be expensive. It is because lenders charge higher interest rates to borrowers with bad credit than to borrowers with proper credit.
It is usually because these types of loans are not subject to a guarantee. At TFC Title Loans we are not governed by your bad credit or your proper credit, since our lendings take the title of your car as collateral, no matter how bad your credit may be.
In general, a FICO score below 630 is considered bad. If you do not know your credit score, you can access it through your bank account or online credit card report.
You can also access a free credit score from sites like Experian.
For us, at TFC Title Loans this is not important as we have mentioned before. But we want you to know and get useful knowledge about your finances.
We know that in the end, with the knowledge you will obtain, you will see that it is very convenient for you to receive our money loans. But we prefer you to infer it yourself.
Depending on your FICO score you could opt for different types of loans, as shown in the following list
At this point, we know that you might be thinking “I have bad credit and I am broke. And added to that, does a lender want to charge me extra interest? Well, the answer, unfortunately, is yes. The lenders will cost you extra.
When your credit is bad, it means you have a history of paying your debts late or not even paying them. It makes it riskier for lenders to allow you to borrow money.
From your perspective, you already have a record of not paying your debts, so why should you expect it to be different with them? If they lend you a thousand dollars, there is a genuine risk that they will not be paid.
To compensate for that risk, lenders charge higher interest rates (the cost of borrowing money) to borrowers with bad credit.
In this way, they earn more money in these risky loan agreements, which offsets the real possibility that many of their borrowers’ default (do not pay their debts).
Let’s say that 100 people borrow money and 20 of them do not return it. The lender needs to make enough money in the other 80 to cover the loss in 20 and make a profit. When they lend money to people with proper credit, they are paid more often, so they do not charge as much.
A bad credit loan may appear like a perfect idea when you’re in dire need of cash, but take a look a little closer, and you’ll know that most bad credit loans will worsen your long-term financial life.
In TFC Title Loans you do not need to worry about this. We are not interested in charging you any extra percentage for the loan. Nor do we filter our customers for their “creditworthiness” so to speak, as many loan companies do.
We know that by denying the opportunity to a person with bad credit, we are limiting ourselves to a much lower range of clients. That is why at TFC Title Loans we approve money loans for anyone (who has the requirement that is needed to obtain the loan, a car).
In TFC Title Loans we rely on that. We approve loans of money to any person who is willing to ensure his credit with the title of the car he owns. Nothing else is needed.
There are two basic types of loans bad credit: secured and unsecured, or you can also tell those insured and uninsured.
An unsecured bad credit loan means that the borrowers sign a contract and promise to repay their lending according to the terms and conditions of their investment.
If they do not return the loan, the lender may request the collection of the money owed through a collection agency or other legal mechanism.
Typical unsecured bad credit loans include personal term loans, credit cards, and student loans.
A secured loan of bad credit requires the borrower to use a valuable item, such as a vehicle, a house or a piece of jewelry, as collateral to “secure” the loan.
It means that if a borrower cannot repay the loan, the lender is legally authorized to repossess the collateral and trade it to recover its losses. The loans guaranteed conventional include mortgages, loans on car titles and loans from pawnshops.
In TFC Title Loans we are experts in the approval of loans by title carriage, regardless if you have good or bad credit.
The loans may vary with the type of car you insure on loan, in addition to the contract terms that are established but assume that no credit assessment will be carried out by our agents to approve the loan.
In no place of loans will you find better service than in TFC Title Loans, we pride ourselves in instructing our clients in the world of lendings to be astute and realize that our services are very convenient for them.
Like any lender that works with guarantees, at TFC Title Loans we will see the right to take possession of the collateral if you fail to carry out the payment of your loan. But this is nothing to worry about
We treat these cases with the highest of sensitivities. Always looking for negotiation and satisfaction of our customers. We always look for a relationship that leads us to win both.
The loans bad credits are a risky rule, although this is a subjective opinion. Not all bad credit loans they can find in the market is favorable, much less are like borrowing money from TFC Title Loans.
If at any time you have researched in the network or consulted with an expert, you may have been told that if your lender does not verify your credit, or your ability to repay your loan, that is a sign that you are not being offered a responsible loan. ; “If you do not care about your credit, they do not care about you” or things like that.
It is true for many loan companies that do not care about the growth of their clients. But at TFC Title Loans we approve money loans with the intention of growing our clients’ finances. We take the title of the car from our client as collateral for the loan, but we are always aware of their funds.
It is always good to verify who you are working with when obtaining a bad credit loan. In TFC Title Loans you should not worry about our policies loans and we will work with you towards your finances regardless of your credit history is bad or good, we will not offer you extremely high-interest rates or deception in the “fine print” of the contract.
If you have analyzed your situation and need a bad credit loan, try to find lenders who:
Instead, you can get a bad credit loan from lenders that offer personal installment loans.Personal installment loans come with longer terms, lower rates and, unlike pledge loans and title deeds, are designed to be paid.
However, In TFC Title Loans our loans, despite being loans by car title, are designed to be paid as well. We have the best payment plans to offer you.
Your ability to repay your loan is the most critical factor that you and your lender should consider before deciding to borrow money.
While a predatory lender wants to catch you with a short-term debt with high interest that you can not pay, a socially responsible lender will verify your income.
At TFC Title Loans we do not need to review your account statements, nor your credit history; Nothing of that. But that’s not why we’re looking for you to fall into a financial trap with us. We approve money loans with the objective that people improve their finances in a right way.
We know that with this information that we have put at your disposal your ideas about loans is different than at the beginning. You may now worry a little more about the status of your credit history and your credit scores.
You may also be asking “If my credit history is so bad, and I need a loan in the future, what am I going to do?” Well, you only have to contact the TFC Title Loans experts.
We offer you the best loan packages by the title of the car you own. You have to supply the paperwork of your vehicle to secure the loan, and that’s it.
We will take care of the loan process almost immediately, without raising any objection. Without making credit checks, nor asking why you want the loan, nor the investment you will make with that money. You can be entirely sure of our privacy.
We do not seek to interfere in the personal lives of our clients. That said, what we are looking for is that your finances improve.
Do not hesitate and contact our offices at (ADDRESS). We will be pleased to assist you and plan the best loan package for you.