Can I Get a Loan with Bad Credit?

Many individuals, families, and businesses have been negatively impacted by bad credit. Because of the unstable economy, thousands of people have had to miss or submit late payments, leading to a bad credit report and score. This has impacted a very large number of people, and because of the amount of time needed to improve a score, many of those people are asking about how to get a loan with bad credit. We’re here to help you learn how you can escape your credit score now with these frequently asked questions.

Is getting a loan with bad credit an option?

For many, many people, getting a loan for a car, house, or major expense is not an option when they have poor credit. Loans often take into account your credit score, which can be damaged after every late payment, and a wide array of arbitrary-seeming factors. That’s why many people have turned to TitleMax to help them. It can be very frustrating for people to be denied a loan, especially when they know that they can make a payment based on their personal budgets.

How long can a bad decision or late payment impact my credit score?

As a general rule, late payments can continue to make an impact after as much as seven years. That means a missed payment can have a resounding impact on your score for most of a decade. A bankruptcy can be relevant for an entire decade, and unpaid taxes can lead to 15 years of bad credit! Personal Title loans allow people who’ve only made a handful of small, bad mistakes the opportunity to get a loan with bad credit.

Is it possible for the information in my credit report to be wrong?

Yes! Everyone makes mistakes, even banks and federal agencies. The problem is that dealing with negative or incorrect information in your credit report can be a very frustrating and often time-consuming process, requiring a great deal of mail, copying, and negotiating with the three major credit-reporting agencies. Also, unless you constantly maintain and watch your credit, it’s possible that something negative could happen while you’re not aware. If you’re ever in an identity theft situation, this can also have a horrible impact on your credit score, and at times, the victims must be responsible for taking care of these problem themselves.

How do I fix my credit score?

For most people, the only way to fix a credit score is to wait. Doing it fast is often not an option. Illegally committing fraud to get a better score fast can have a resoundingly bad impact, so beware of those sorts of scams. Continue to pay bills on time, pay off any outstanding debt, never max out your credit cards, and continue to be patient. This can take several years. It’s sort of like gaining and losing weight; it’s easy to negatively impact it and very slow to improve it. The only exception is for people who’ve suffered from identity theft (for which other measures can be taken). Continue to watch and examine your credit report, and be sure to understand what everything means.

What do I do in the meantime?

While continuing to pay off debt and pay all bills on time, many people suffer while trying to improve bad credit. Title Loans and Pawns give you the option to get the cash you need quickly, without having to wait several months or years for your credit to improve. When you already know you can pay off a loan and just need a big payment and some time to recover, the best solution might be to consider personal title loans. Bad credit can be improved while you maintain payments, and you don’t have to wait for banks to approve your loan.

Tips on how to get a loan with bad credit

When choosing where and when to get a personal loan, it’s important to find a company that’s safe and reputable. So-called “payday” loans can be a bad thing to get started with, often leading to too-large payments. With TitleMax®, you could have better options. The basic idea is that you use a car title (without liens) as collateral, leading your payments to be far more manageable. This title loan calculator can help tell you how much loan you can get. TitleMax® is one of the nation’s largest auto title lending companies, with car pawn, motorcycle title options. We have fast online applications and excellent customer service. Learn about how it works or read our frequently asked questions to find out more.