If you’re searching for a loan, your bad credit history may prevent you from applying for most traditional bank loans. While you were searching for a way to get fast cash, you might have overlooked the perfect solution! Title loans in Tewksbury, Massachusetts can be the easiest way to get fast cash if you have a bad credit score.
Title loans work by using a borrower’s vehicle title as collateral. Since collateral is used to secure the loan, borrowers from all credit histories can apply.
When looking for a title loan in Tewksbury, Massachusetts, start with Max Cash® Title Loans. We are the #1 nationwide title loan marketplace. We can help connect borrowers to thousands of verified car title loan lenders online in just minutes!5 To learn more about the best title loans and how they work, visit our FAQ page. Or give us a call at 855-561-5626.
Can I Still Apply for Online Title Loans if I have Bad Credit?
Even if your credit history is less than ideal, you can still apply for a title loan! Since title loans are secured through collateral, your credit history is not the most important part of the approval process. Many direct lenders will not rely on just a credit check for loan approval. Instead, they will look at:
- Your Ability to Repay the Loan
- The Value of Your Collateral
The more your vehicle is worth, the more your loan amount will potentially be! While other types of loans will require you to have a perfect credit score to apply, many title loan companies will look more closely at your vehicle’s value and your income when it comes to loan eligibility.
How Do Tewksbury Auto Title Loans Work?
Title loans are installment loans. They can be short-term, or long-term depending on the lender you choose and your repayment terms. The amount of money you can obtain through a title loan will vary, but it is based upon the value of your car and your income.
For a title loan, you will use your vehicle’s title as collateral for the loan. During the repayment process, you will have a lien placed on your title. This makes your chosen lender the lienholder, and they will remain on the title until it has been repaid in full. A lien simply means they have a legal right to the asset and the collateral will act as a form of security to the lender that the loan will be repaid one way or another.
While you are paying off your title loan in a timely manner, you can continue to drive your vehicle as you normally would! The payment terms simply mean that you will need to make your payments on time.
What Other Types of Cash Loans and Financial Services are Available to Me in Tewksbury?
While easy title loans may be the right option for a lot of financial problems, there are other cash loans and options to consider. Here are some of the options available if you are looking for a solution to your financial problems:
1. Cash Advance: When you already have a credit card provider, a cash advance can be one way to obtain fast cash. It works by a borrower accessing their available line of credit and turning it into cash. Borrowers can access their cash through an ATM that supports their credit provider.
While this is a convenient way to obtain cash without applying for a new loan, there is a catch. Any cash you take from your available line of credit will be subjected to the same interest rates as a purchase with your card would! Think of a cash advance as a short-term loan that you should repay immediately to avoid high interest fees.
2. Personal Loans: If you have a good credit score and enough funds in your bank account, a personal loan can be easily obtained through your current bank or an online lender. While these can be a great way to get cash, borrowers are often denied if they do not have good credit. If you are not confident with your credit history, these may not be the right option!
3. Payday Loans: These loans are meant to last a borrower in between pay days! They are short term loans, with the expectation that they will be repaid in two weeks to thirty days. In most cases, the lender will not perform a credit check, and those with bad credit can apply and get their cash fast. While this can be a fast way to get funds, there is a disclaimer! Payday loans often come with additional fees and other hidden fees that make the repayment process difficult.
Depending on state laws, you may also have to pay other fees as well. In cities like Chicago, San Jose or Riverside, many payday lenders will often charge an additional fee for borrowers to access money. Generally, this looks like for every $100 you borrow, there is a fee of $10. In addition to these fees, payday loans have astronomically high interest rates! There are much better financial services to consider if you need fast cash.
How Do I Apply?
Applying for a title loan in Tewksbury shouldn’t be a hassle! That’s why Max Cash Title Loans has made the online application process simple and easy. Here’s what you can expect the process to look like:
- Apply Online Through Us, or Over the Phone: Applying can take just minutes to do! Borrowers can fill out a short questionnaire and answer basic questions about their vehicle and income. Or, they can apply over the phone with a representative at 855-561-5626. It’s free, and fast!2
- Submit the Right Documents: After applying, a loan agent will reach out and ask for a few documents to help approve you for a loan. These documents include the title to your vehicle, proof of income, proof of address, and other necessary items. For your convenience, they can all be submitted online!
- Sign Your Loan Agreement: If you are approved, the last step is to sign your loan agreement and collect your funds!
Why Wait to Apply? See if You Qualify Today!
If you’re a resident of Tewksbury looking for cash, Max Cash Title Loans has your back. Our loan agents are available seven days a week to help make your life easier! Apply online today, or give us a call at 855-561-5626.
Disclaimer: Max Cash Title Loans services this area but this map does not represent an actual location