Considering the unemployment rate and poor economy in general, many people are impacted by less than positive credit scores. Many people had no choice but to pay bills late, resulting in a negative credit score. Your credit score is the key aspect that a traditional loan provider (such as a bank), evaluates when you apply for a loan. When your credit is bad or you do not have established credit, a bank usually won’t give you a loan.
If you had a bankruptcy it will be almost impossible to borrow money from a bank.
One option for borrowers with bad credit scores who require cash quickly is an auto equity loan, sometimes referred to as a car title loan. Using the equity in your car or truck as collateral, an auto equity loan provider will ignore your credit situation when evaluating your loan application. All you need is clear title to your vehicle and proof of residency.
Loans can be designed to be flexible in length, so your payments are affordable. Interest rates are reasonable and the entire process can take less than one hour.
A big bonus is that if you make your payments on time, the lender will report this fact to the credit bureaus. This will help you establish or rebuild your credit score. A win-win situation!
Embassy Loans – Loans Made Easy
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or visit us online at EmbassyLoans.com – Car Title Loans in Florida
Read the complete Article: http://www.southfloridabusinessworld.com/2012/08/car-title-loans-are-available-to-people-with-bad-credit/