Getting loans with the lower credit score is no longer difficult. At least, emergence and popularity of title loans reflect this fact. Among different factors that negatively impact your credit status, the bankruptcy filing is the most dangerous one. Once you declare bankruptcy by filing in the court, it will show on your credit book for at least 10 years. The immediate impact will result into sliding down of your credit point. You can notice both immediate and gradual slurp in your credit ranking. However, still, you can manage to get loans though not bank loans.
Most people who have gone for bankruptcy filing think that they don’t have any options to source financial help from. Actually, it is their ignorance that misleads them. There are some lending choices to pick from and none of these needs any credit record checking. These lenders will give a damn to your imperfect credit score and bankruptcy filing. The fact that you own a car is enough for them. Submit the document of your car ownership and you will be granted a loan against it.
Car title loans are processed faster and immediately reach your account. This is not only a good solution for the financially bankrupt persons but also a possible remedy for immediate cash requirements. As the processing involves no checking of multiple documents but only looks into car title, so it does not take much of time to approve loans. No need to keep your finger crossed with throbbing heart, 99% of the applicants get this loan and that too within few minutes of submitting applications.
However, all are not well on title loan front. Two minus factors like high-interest rate and shorter repayment period overshadow the plus points. You will get only 30 days for loan repayment. That is why the critics regard the title loan providers as nothing but the sharks that gobble up what the borrowers can manage to pay. And if payment is not cleared in full, they possess the cars as per the terms and conditions of the loan. So consider this option only if you have no other and better choices. And if you have applied for it, make sure to pay it off within time. The final payment is a fat figure due to the sum of primary amount plus interest plus pressing fees. Late fees are also added to this sum if you make delay in clearing the payment.