How To Get A Loan Regardless Of Your Credit

Posted by Jason Norman on August 2nd, 2023

Don’t let your credit score stop you from getting a loan

Your credit score plays a vital role in your chances of being approved for a loan.

Borrowers with excellent and good credit ratings typically sail through the loan approval process.

However, it’s more difficult for those with poor, bad, or no credit scores.

Even when you have a great job, you may still be denied.

So, how do you get bad credit loans in Lakewood?

Thankfully, you have a few options.

Agree to High-Interest Rates

You may be able to get cash loans in Brick, even if you have bad credit.

Having good and stable earning potential can indicate you can repay the loan.

The downside is the high-interest rate. You receive less cash than someone with a good credit score while also paying back more on the loan.

A way to possibly lower the interest rate, and even receive a larger loan amount, is to get a co-signer with good credit.

The co-signer is essentially responsible for the loan while you get the cash.

If you miss a payment, the co-signer is responsible for the remaining loan amount.

Visit a Check-Cashing Store

Finding a local check-cashing store isn’t difficult. There’s a least one in most neighborhoods.

These types of places offer bad credit loans Lakewood.

To qualify, most only require proof of income. You will probably need to show a few current paycheck stubs to prove proof of employment.

It also helps if you regularly cash your checks at the location.

Typically, you will receive your money in minutes or at least within one business day.

While it will put cash in your pocket, be aware of the exceptionally high-interest rates.

It’s not uncommon for the interest rates to equal at least half of the loan amount. Sometimes, you may end up repaying more than you borrowed.

Put Your Vehicle Up as Collateral

Do you own a vehicle and have the title?

If so, you may qualify for a loan regardless of your credit score.

Auto or car title loan places may be a solution for you.

They offer cash loans Brick without a credit check.

The loan approval process is also quick and easy.

Bring in your vehicle title, driver’s license, and proof of insurance, and fill out the short loan application.

Most title loan stores require vehicle insurance as protection against the loan.

Even though your car is collateral for the loan, you get to keep it as long as payments are made on time.

If your vehicle is in an accident, the insurance payout becomes the loan’s collateral.

Like check-cashing stores, you can expect higher than average interest rates.

What About a Pawn Shop

Pawn shops also offer loans, regardless of credit history.

The loan amount will depend on the item you are willing to pawn.

Interest rates are also high, but you are not risking your vehicle potentially going to a collection agency.

Before you make a decision on where to apply for a loan, consider which option best fits your financial needs and budget.