What Kind of Loan Can I Get with Bad Credit?

Getting a loan with bad credit or no credit does not have to be a stressful experience. You may be a first-time borrower needing a loan or experiencing bad credit due to a medical crisis, a poor financial decision, and-or a period of under-or-unemployment. Even on the rebound, a financial emergency may strike and you will need to take out a loan to weather the storm, so to speak. You may believe it is not possible to qualify for a loan without turning to predatory lenders. However, the good news is that it is not true.

The fact is there are a number of loans available for borrowers with different needs—even if you have bad credit or no credit. You may want to purchase a car—your very first car—pay a medical bill, or consolidate some debts. If your savings are depleted or low, and you are faced with a financial emergency, two loan options available for people with bad credit or no credit are personal loans or title loans.

Personal Loans
A personal loan is a lump sum provided to a borrower from a lending institution. The loan can be used by the borrower at his or her discretion. Depending on the borrower’s credit rating, personal loan amounts can be anywhere from $1,000 to $50,000.

Though a personal loan may be secured against something of value, for example, your home, most personal loans are free from collateral. In other words, personal loans are generally “unsecured” loans given by a lender. The amount the borrower receives is determined at the time of the loan on a case-by-case basis.

Title Loans
A title loan also referred to as a car title loan is a loan that requires an asset as collateral. They are typically for a small amount of money and for a short period of time. Title loans have become popular because, in most instances, the credit rating for applicants is not a determining factor for qualifying for a loan, nor is it even taken into consideration. Another reason for their popularity is that title loans can be approved in a very short time, on short notice, for amounts as low as $100.

To qualify for a title loan all a borrower needs is to provide the lender is a title he or she may have. Generally, it’s a title to a vehicle. It could be your car, truck, RV, ATV, or motorcycle. The borrower only has to have a title to the vehicle in their possession. You may not even have to own the car or truck outright to sign the title over to an auto loan title lender. Then, you pay the lender a fee to borrow the money and it is usually repaid within 30 days.

Flexible Solution
Personal loans and title loans are flexible loans that can assist people in the event of a financial emergency. At Tio Rico Te Ayuda, thousands of families have benefited from personal loans or auto title loans. In fact, at Tio Rico, we do not require a clear title to a vehicle or a perfect credit history to assist our customers. We understand that sometimes circumstances in life happen that can result in a situation that requires the need to borrow money fast. We offer short-term loans to borrowers for as little as $100 or as much as $1000. In some cases, we can process and approve your personal loan application within the hour. If you are in need of a loan that works for you, then Tio Rico can provide you with a solution.