Have you run into issues with getting approval for an online title loan? Do you have a bad credit score and face high finance charges? The best option is to apply for next-day money with other online lenders. Most types of auto equity funding are available from various providers. Another lender may approve your loan application within an hour. This can occur if another online lender turns you down.
It’s worth a try to apply for a title pawn elsewhere. If you continue being turned down, you may have better luck applying for a payday loan or cash advance. Both loans are similar in turns of offering access to quick cash. Online title loans require that you own a vehicle. The vehicle acts as collateral for the loan. With payday loans, no collateral is needed for fast financing. Another option is to apply with short term lenders in your neighborhood. These include companies who have offices in your city. Sometimes, showing your face and meeting the person handling the title loan is best.
You can be rejected for a title loan because of bad credit
You may be declined if the application is missing information. If so, consider reviewing the online application process for errors or mistakes you can fix. Did you leave out any vital information that the lender would need to check your loan application? If you did, you could try again or fill out a more complete loan application via another lender. You may not have met the loan criteria the specific lender underwriting department requires. For example, the pink slip you use as collateral may not be what the lender wants to see. Also, some elements of your financial picture may not measure up.
Most borrowers will ask for a loan amount that comes with high finance charges because of a bad credit score. Direct lenders don’t look at credit backgrounds and bad credit scores. Some may look at the financial situations of applicants like a past bankruptcy. This may lead to rejections for bad credit title loans in some cases. Reading up on future loan qualification rules from a variety of lenders can help you to figure out why your online application was turned down.
Denied For A Title Loan – What To Do Now
You may also ask the lender why you didn’t get the loan after a formal rejection. Every lender may not offer up this type of information, and it’s helpful to know what needs to be improved. Some will understand why your application is denied, and it’s often because of vehicle value or overall payoff limitations. Information like this should help you to decide what to do next to improve your credit score. Another aspect to consider is checking your credit report. If you have unknown requests on your credit, there may be identity theft or something of that nature. Review your credit and identifying documents to determine if this is a problem. Online title loans aren’t always dependent on your credit score, but they sometimes come into play.
Bad credit is a common reason a title loan lender will deny your loan request.
You can search for a list of direct title loan companies in many other ways. Also, try for bad credit title pawns, but any variation of that will work. After you start a search, you should see a list of lenders that offer vehicle equity financing. The ones at the top of the list get the most business and often have the best rankings. That doesn’t mean the other car title loan lenders are not worthy of your business. It only means they may only offer financing in certain states. For instance, dozens of companies offer car title loans in Atlanta, GA. But few lenders provide installment loans in that same area. While installment financing is a good option, qualifying with a bad credit score is hard. Once you’ve found new lenders, consider applying to see if you have better luck on your second attempt.