There are approximately 313 million people living in the United States. Minus the kids and that leaves roughly 220 million Americans that have credit files maintained by the “Big Three” credit bureaus (Equifax, Experian, and TransUnion).
20% of those people have very poor credit, or “deep subprime scores,” according to Experian. This means that 44 million people are in the same boat you are in! Not feeling so special now are you?
When you take that many people (and the number is rising fast) and you add to it that it will take about 5 years to get a credit file in ok condition once it has been hurt… you can understand now why title loan and payday companies are going crazy!
Where there is a need you can count that a business will follow and in THIS case an entire industry.
What does this mean to you:
MOST TITLE LOAN LENDERS WILL NOT AND DO NOT CARE IF YOU HAVE A BAD CREDIT FILE! You need to read this line over and over until your fear is gone. As soon as you get it in your head that the very reason why they exist is because you cannot simply waltz into your local bank and walk out with money unless you put it in there in the first place, you will be on your way to getting what you need. Care title loans ARE for poor credit. They are not just car title loans for some people with okay credit.
Sure a title loan company would love it if everyone had great credit and yes, if you have a really good credit score you probably will get a lower interest rate but the truth is your credit score is not an issue.
Most title loan owners hate this question because they know that people have so much fear when they say they check credit that people typically won’t do this if they hear that their credit is pulled. So why do title loan companies pull credit (and not all do)? To see if you are in credit counseling or if you are in active bankruptcy. If you are, then they cant do the loan. It also tells them that you are who you say you are which helps with the underwriting (putting the forms together and verification of your information).
So if you are a person who is looking for car title loans for poor credit then please… man up (or woman up if the case applies) and drive right past this fear and apply. You will feel SO much better of you do!