The financial sector has had a rough ride since the Millennium. Everything looked great until the Collateralized Debt Obligation (CDO) crisis precipitated the recession then there were plenty of casualties. Subsequently traditional financial institutions have been far more cautious, wanting to avoid a recurrence of toxic debt. However the breed of online lenders that has emerged are ensuring that even those with a poor credit history have somewhere to turn if they need a loan.
Many families whose monthly income would be classified as low seem to live from pay check to pay check with little leeway to pay other than basic bills. Those with poor credit scores, and there are many, have limited access to bad credit loans from other than the online lenders. One way that certainly guarantees approval of a loan is to provide security. Often that can be in the form of their car with loans usually up to a maximum of 50% of their value. The problem comes that in the event of default they can lose their car for what is effectively half its value.
That said title loans are a service that fill a gap in the market. Obviously if you are offering security you must own that asset debt-free. In the case of a car you must have documents to prove your ownership and be over 18 years of age to qualify for a loan of any kind.
As long as you have the necessary documents to hand the process of applying and the speed of approval will mean you should have the money you need within a single working day.Continue Reading