For some people the reason why they get a title loan is because all other credit sources are basically shut off to them because of a bad credit score. The problem is that if no one will give you credit or a loan how do you start getting positive credit? Not an easy one at that right?
Because title loans only look at your credit report because they need to verify who you are and they you are real, the score makes no difference. They just need to see if you are in ACTIVE bankruptcy (prior bankruptcy is no issue) or if you are in credit counseling which is the step you would do, sometimes by court order, right before you declared bankruptcy.
SOME, not all, title loan companies report to credit bureaus and not all report to all three big ones. Some do. Some do not report at all!
This is a massive positive thing and for some people the very reason why they should get a loan this way. I know for a fact that 800LoanMart does. So does a few others but they report to all three.
Now try to image if you had a paid off loan that is RECENT good credit and it was a big amount? This would raise your credit score and more importantly STAY on your file for years. You would be able to counter some negatives and start yourself on the road to credit recovery.
MAX CASH SUGGESTION OF THE DAY… Ask your lender if they report to the credit bureau and if they report to all three. This way you can start yourself on the positive path of rebuilding your credit AND get the cash you need as well. Why just borrow money and get no long term benefit if all you have to do is just ask this question and pick the right lender.