Your bad credit record doesn’t have to stop you from getting a loan, primarily when you work with Alabama Title Loans, Inc. You can qualify for options like a title pawn or payday loan regardless of whether your credit is good or bad.

Read this quick guide to understand everything you need to know about borrowing money with bad credit. You’ll discover your options and determine what it takes to qualify for them.

Can You Get A Loan With Bad Credit?

Yes, you can get a loan with bad credit. That means you shouldn’t believe anyone telling you it’s impossible to borrow money because your credit record is less-than-perfect.

Sure, you might face some challenges along the way. You might also get turned away by some financial institutions.

But rest assured that there are plenty of options for people with bad credit who need urgent cash.

Generally, there are two types of loans that you can get with bad credit: secured and unsecured loans.

What Bad Credit Loans Are Available In Alabama?

Here’s how they work:

Secured loans: This type of loan requires you to provide an asset as collateral. Doing so will ‘secure’ the money you borrow, helping you qualify for the needed cash. A typical asset people use is their car for a title pawn.

Unsecured loans: Some people don’t have assets to provide as collateral. Others might have assets but prefer not to use them to borrow money. These kinds of borrowers can choose an unsecured loan instead. You won’t have to provide collateral, but you’ll have to meet the requirements and provide the necessary documents.

The bottom line is quite simple: you have finance options you can rely on to borrow money quickly, no matter if your credit is good or bad. All you have to do is take the first step to get them!

Considerations For Bad Credit Loans

Even though there are plenty of finance options for people with bad credit, you still need to be careful. 

It’s best to compare your options by keeping these considerations in mind:

1. Required Items

Some loans have more requirements than others. So, consider those with fewer required items to keep the process simple.

2. Processing Times

Similarly, some loans take longer than others to process. You won’t have time to waste when you need money urgently. So, consider an option that takes less time.

3. Customer Support

Borrowing money can feel overwhelming, no matter where you get it from. That’s why customer service matters.

The better the customer support, the more peace of mind you can enjoy.

4. Transparent Terms

Lastly, you’ll want to work with a transparent lender. For example, they should have a website providing all the information you need to know before getting started.

Examples Of Bad Credit Loans

Here are two examples of bad credit loans from Alabama Title Loans Inc. to help you understand the options you have:

Title Pawn (Secured Loan)

Earlier, you happened to read about secured loans. A title pawn is one example of that.

An Alabama Title Pawn requires you to use your lien-free car title as collateral. Doing so will help you qualify to borrow between $300 and $15,000, depending on what your car is worth.

A friendly representative will be able to meet you at a convenient time and place for a quick inspection. They’ll check your car’s physical state and refer to a nationally recognized price guide. Then, they’ll let you know how much it’s worth and, by extension, how much you could borrow. Don’t worry, though! You get to keep your car even if you borrow the money.

Aside from the lien-free car title, you must also provide identification through your driver’s license or a state-issued ID.

Payday Loan (Unsecured Loan)

Next, you can choose a payday loan, an unsecured finance option. You could borrow between $100 and $500 this way without needing any collateral.

However, you’ll need these items to qualify:

• Government photo ID
• Social Security Card
• 30-day bank statement from your checking account
• Your latest pay stub
• A blank check from your active checking account

A representative will be able to meet you to verify your documents as part of the process.

You could get the money after being approved for both loans. 

You could get paid as early as the same day or by the next day, depending on what time you complete the process.

Take The First Step Now!

Don’t let a bad credit record stop you from getting the loan you need. Just contact Alabama Title Loans, Inc. now by submitting your information through the online form.

Afterward, a helpful representative will call you to discuss the next steps. They’ll guide you through the process so you can continue with peace of mind!

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.