Loan options for people with bad or poor credit

In today’s economy anyone can have the issue of having poor credit. With how the economy has performed since 2008, it is easy to get behind on one’s bills due to lack of good employment opportunities. Just one missed bill payment, or going over on a credit card, or facing challenging financial circumstances out of nowhere that can eat all your savings away overnight.

Once you start having credit problems and bad credit hits, lenders and other creditors will look at you as a high risk borrower, which means that you may not be able to get the money you need when you need it most. There are, however, several options for you to look at for getting money in times of an emergency.

First: Go to your friends and family.

Nobody likes to admit they have a problem, because often times people are embarrassed they have to ask for help. But, many times your friends and family will support you even if you are in financial trouble. Why? Because they love and care about you no matter what you might think.

One thing you can do instead of borrowing money outright is to speak to friends and family members are co-signing a loan. Most lenders are willing to approve loans with someone who has weak credit when there is a someone who has good credit cosigning involved.

Of course, be honest with yourself and the person who is co signing for you on the loan. Make sure to talk to your co-signer to ensure they understand the risk involved. If you, the borrower, don’t pay back the loan on the agreed upon terms, then the cosigner can have his or her credit damaged. Furthermore, if you default the cosigner is likely to get contacted by the creditor. Not only can this hurt relationships, but it can be annoying for the person who is dealing with the credit issues.

Car Title Loans

If you still are in need of money and cannot have a friend or family member cosign with you one option you can look into is a car title loan. There are pluses and minuses with any type of loan and that includes auto title loans. Car title loans provide a very fast way to get cash when you do not have other loan options and have a poor credit history. A car title loan works like a home equity loan. You borrow against the equity in your vehicle.  The car title lender will use your pickup truck, your car, crossover, or SUV as collateral for a loan and in California this generally ranges from $2,500 up to as high as $50,000. Now, you need to make sure you understand some things. With an auto title loan the lender is out to make money, and they are only going to lend you what they feel they can comfortable recoup if you default on the loan. The lender will repossess your car if you default, since they will have access to your car’s title.

Check with your Local Credit Union

Another option you can do is to check with your local or regional credit union. Many times these people have programs for people who have poor credit, and they may be willing to work with you versus a giant bank like Wells Fargo, Chase, Bank of America, or Chase.  When you go into a credit union or local bank, make sure you show them you have legit proof of income so you can show how you will pay back your loan. It is also a good idea to show them that you are working to improve your credit score and history.  All is not lost, however, if you have bad credit. An auto car title loan is an option that many people turn to. If you are in need of a loan and need cash within a few hours, Big Car Title Loans can help. We can help you get the cash you need generally within 24 hours, and sometimes within a few hours.  Just call us today (818) 217-8960