Feb 05, 2014

3 Important Things to Consider When Choosing Among Loans for Bad Credit

If you’ve found yourself in a tight financial situation, you’re not alone. Every day, countless Canadians search for reasonable and affordable solutions to their immediate financial needs. Some turn to their banks, others to credit cards and some to credit unions. But what can a person do when their credit score is poor and none of the traditional lenders are willing to give loans for bad credit?

The Dilemma: Bad Creditloans for bad credit

The major credit reporting bureaus have slightly different algorithms for calculating individual credit scores, but in general, scores range from around 300 to 850. The higher the better and traditional lenders always check personal credit scores in order to determine the level of risk associated with a client before they offer loans. Your credit score may have been negatively affected by:

  • Failure to pay bills on time or at all

  • Borrowing funds from too many different accounts (or, in some cases, too few)

  • Declaring bankruptcy

  • Association of your name with another person’s account who has negative marks on their score

In some cases, a bank or credit card company will even deny a loan due to a client not having enough of a credit history built prior to application. So whether you are new to borrowing money and are just trying to start building credit or you actually have a low credit score and are looking for loans for bad credit, Get Loan Approved can help.

The Solution: Car Title Loans for Bad Credit

For those who have been denied loans from traditional lenders, but need some cash fast, there is another solution! Car title lenders such as Get Loan Approved offer clients the opportunity to get significant loans in exchange for the title of their fully paid for vehicle.

If you’ve heard negative feedback about other car title loan companies, then you’ve never talked to one of our friendly account specialists here at Get Loan Approved. We’ve set out to do lending the right way. You won’t find any predatory lending techniques here. Just simple terms and reasonable rates.


3 Important Things to Consider When Choosing a Lender

If you’re considering taking out loans for bad credit from a car title lender, there are a few things to keep in mind. Be sure to ask:

1. What is the Interest Rate? This is probably the most important question and the one that can indicate whether the company is a reasonable, professional provider of financial services or whether they are simply a predatory lender. Shop around to get the best possible interest rate before you sign any paperwork!

2. Are There Associated Fees? Some car title loans come with alot of fine print. There could be processing fees, documentation fees, origination fees and many more. Ask lots of questions and make sure that you are aware of ANY potential fees before agreeing to the terms of a loan.

3. What Happens Next? If you think you have to give up your car to get a loan, think again! While some lenders may require your keys, we let you keep your vehicle. Be sure to also ask questions about what would happen in the case of failure to repay on time.

Here at Get Loan Approved, we pride ourselves on our ability to offer great loans for bad credit clients. And we do it in the most honest, professional manner. Call us today for more details and for complete answers to questions 1, 2 and 3 above!