What Is The Easiest Loan to Get With No Credit?
May 14, 2021 | June Mckaig
You might’ve been taught that there is no such thing as the easiest loan to get if you happen to have bad credit. So where does that leave those whose credit is outright nonexistent?
There is some truth in what you’ve been taught, for example, your chances of getting a loan from a bank or a credit union are slim to none if you have no credit. Fortunately, there are other options out there.
Yes, there are, in fact, multiple loan options for those with no credit. And the easiest loan to get among them? Car title loans. Here’s how it works.
How Is It Even Possible to Get A Loan With No Credit?
Short-term fast loans are usually welcoming towards all credit types – good, bad, nonexistent.
What makes title loans the easiest loan to get among them is that they’re a secured type of loan. For a loan to be secured it means that the lender gets a guarantee or collateral that ensures they’ll be getting their money back.
This security allows them to be laxer with their loan approval policy, making the title loan an easy loan to qualify for.
What Do I Need to Qualify for A Title Loan?
Being one of the easiest loans to get, a title loan does not require much from you.
There are only a few qualifying requirements you need to satisfy, and if you do, the loan could be yours as soon as the end of the same day you apply!
That said, even the most accommodating loan representative can’t qualify you without these items, so do make sure you have them on hand when applying.
Here’s what you’ll need:
- A state-issued ID (a driver’s license is also applicable) – You’ll need to provide a valid government-issued document verifying your identity and age (you must be over 18), to be eligible.
- Your car – as mentioned above the car will be acting as collateral, so it will be inspected to determine if you qualify for the loan. Its value will also determine the amount of loan you could qualify for (up to $15,000).
- The car’s lien-free title in your name – only people who outright own their cars can qualify for a title loan. This means there shouldn’t be any outstanding financial obligations against your title (i.e. it must be lien-free), and it should be in your name. If the title is in another person’s name, you cannot be eligible.
Will Getting A Title Loan Affect My Credit Score?
No, it won’t! In fact, a title loan won’t have any influence on your credit history.
This is another thing that makes this the easiest loan to get, when you get your title loan through Wisconsin Auto Title Loans, nothing gets reported to the credit agencies.
The loan is entirely between the lender and potential borrower.
Can I Get A Title Loan With No Credit If I’m Unemployed?
Yes, you may still qualify without employment.
This is another reason that makes a title loan the easiest loan to get out there. You don’t need to be employed to potentially qualify for one, and your credit score does not need to be high.
An unemployed person with good credit has a chance of getting a title loan, and the same is true for an unemployed person with bad or no credit.
All you need is to have the required items on hand and you have a chance to qualify for a title loan.
It May Be The Easiest Loan to Get, But Does The Lender Keep My Car?
The lender does not keep your car for the duration of the loan.
The car stays with you while you’re paying the loan off. It’s the car’s title that stays with the lender, as indicated by the name “title loan”.
How to Get A Title Loan Near Me
Another thing that makes a title loan the easiest loan to get is the simplicity of the application process.
It is not a must to visit a store to start the application process. You can do so online from the comfort of your own home.
All you need to do is go to the Wisconsin Auto Title Loans website, fill out the inquiry form for title loans, and submit it. After a few minutes, you’ll be getting a call from a loan representative from the location of your choice (Wisconsin Auto Title Loans locations are spread across the state).
The loan representative will provide you with further instructions and schedule an appointment for you. You will need to take the required items (your ID or driver’s license, your car, the car’s lien-free title in your name) to the appointment where the loan representative will assess everything and determine if you qualify for the loan.
Finding An Easy Loan Isn’t Impossible
You can qualify for a title loan with only a few items needed. If you do – you can finish the application process and get your title cash in as little as just 30 minutes. If you need cash for an emergency, you’ve got no reason to wait on the easiest loan to get. Apply for your title loans online today.