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Car Title Loan Company
Car title loan companies are those that lend you money in exchange to the title of your car. You are required to hand over your car title along with a set of keys as collateral. Car title loans are the short-term loans that have a loan term of 30 days. Auto title loan companies lend title loans for cars, trucks, motorcycles, boats, RVs and other vehicles. The best thing about these loans is that you can take the money and still have your vehicle in your possession.
There are a large number of car title financers to provide you the loan. The lenders provide flexible loan terms to suit different needs. Most do not check the credit histories of borrowers and offer loans even for people with bankruptcies, no credit and bad credit. They can furnish the money quickly in a hassle-free manner.
Applying for car title loans through online financing companies is very easy. You need to fill in an online form and a company representative will let you know in no time whether you qualify for an auto title loan or not. There are few conditions in which the companies lend you money. Prospective borrowers generally need to have a clear title to their car. Loan companies then assess the vehicles and estimates the amount which you are eligible to borrow.
Most loan companies provide flexible loan terms. They give you the option of extending your loan for another month once it is payable. This can be done by paying the interest at the end of the loan term. Loans can be paid off at any time and do not carry any pre-payment penalty.
These small emergency loans generally have an annual interest rate of a three-digit figure and are made for less than the value of the car. One can extend a loan for any number of times. Some companies even offer to refinance your existing loan which enables you a pay off an existing car title loan with a new one.
Unsecured High Risk Loan
An unsecured high risk loan can be hard to find, and even harder to find is an affordable interest rate, but there are things you can do to better the situation.
When lenders look at applications they decide who to lend to based on how much of a risk they are taking with each applicant that they won’t be repaid. When you have a bad credit history the lender sees this as a pattern, and decides it is riskier to lend to you than other people. If they decide to still lend to you, they raise the interest rates according to how much of a risk they feel they are taking. To ensure approval of your application, and to get offered the best interest rates possible, you want to show the company reasons you are likely to make your payments on time.
Unsecured high risk loans are given largely based on your credit score. Your score is determined based on the information in your credit report. The first thing you can do to better your application is to fix anything you can on the report. If accounts you’ve already paid are still marked open or overdue call the company and keep talking to them until that is fixed. If you have high credit card balances paying these down will also help a lot.
Another thing you can do is offer some form of collateral and apply for a secured loan, instead. In this case if you fail to make payments the company will repossess the item you offered as collateral. This greatly lowers the risk the lender is taking, and you are rewarded with lower interest rates, and an easier time finding approval. Of course, this increases the risk you are taking as well.
Other than doing any of the things stated above, the best thing you can do for your unsecured high risk loan application is play up your strong points. Do you have a steady income? Have you been with your current employer for several years? Do you have a budget plan that shows your expenses, and how you’ll be able to easily afford your monthly payments? These are all things the lenders will be interested in, and will help you. Also, if your credit issues are all around one particular event, like medical bills, divorce, etc, then have a short one or two sentence explanation prepared to tell the lender. You do not want to dwell on this, but companies do want to hear how you came to be in that problem in the past, and why it won’t happen this time.
Once you get funding, remember to make your payments on time. This unsecured high risk loan may be your chance to build up a positive credit history so you’ll have an easier time in the future.