Where to Get Money with Bad Credit
September 07, 2021
A credit score is a scale that determines whether that person is eligible for a loan in most agencies. While there are some variations depending on the agency you turn to, a person's credit score is normally considered good when it's above 630, with bad credits ranking below 601. A person's credit score can be marred when they fail to complete a due payment on time, often accumulating interests and having their debts reflected on their credit history. Because of this, your credit score can either make or break your chances to purchase properties, attain new work opportunities, or in the worst-case scenario, make a contingency plan in the event of an emergency. There are ways to get money quickly and safely with bad credit, but first, you need to know how to plan for a financial crisis.
Is It Common to Have Bad Credit in the U.S.?
While a fair percentage of people in the U.S. keep a good hold of their credit history, poor credit can't be seen as an exception to the rule. According to an article from Credit.com
, nearly one third of the American population had crossed the threshold to bad credit in 2016. The financial crisis caused by COVID-19 also made way for new circumstances in areas that would normally be deemed safe. Work became scarce in many industries, and people became indebted to cover essential needs without a stable income.
An article released by Review 42
stated that 659,881 Americans had filed for bankruptcy in 2020, with millennials being the most affected by a bad credit score. This has also made loan companies set higher standards for borrowers, and the main result of this is that a bad credit score is often enough to rule out a person completely. While the average credit score nationwide has improved compared to a decade ago, the struggle to maintain a good or at least fair credit remains consistent for most Americans.
Bad credit and money troubles go hand in hand, reducing a person's options when trying to find a way out. A number of physical and mental issues stem from the stress that financial instability causes on a person. For some people, financial stress manifests through episodes of depression and panic attacks, sometimes devolving into consistent physical ailments like gastrointestinal problems, high blood pressure, drastic weight changes, insomnia, etc. Bad credit takes away many investment opportunities, making it harder for people to see any progress in their efforts to become financially stable. When you add a pending debt into the mix, it's easy to grow anxious.
Money Troubles and How They Can Affect Your Credit
From completing your education to buying a new house, most of life's common milestones involve a considerable financial expense. It's common to fall into debt while trying to navigate these challenges and, once you've reached a certain point, it becomes harder to go clear this debt without continuing a vicious cycle of endless loans. Many more people have enough money to live reasonably well, but no way to get the extra amount needed to get their plans and projects off the ground. How does this relate to your credit score? Well, unless you plan on paying all your transactions in cash, a credit report is essential, not only to help you keep tabs on your finances but to make you eligible for major investments.
The main problem with having bad credit comes with several loan options being completely off the table. Banks and credit unions will conduct a long screening process, and your credit score will be key to determine whether you're eligible for a loan. Other services like payday loans might grant you a loan but with very high interests that will continue to pile up the longer you go without paying the money you owe. On a related note, there are many other reasons why a person could be denied a loan with any of these institutions. Some companies might deem your credit score fair enough to remain eligible for a loan, but with limited options regarding terms and monthly interests.
It's difficult to find yourself with no way out of a financial setback, but there are ways to deal with it without adding more expenses to your budget. HelpGuide
recommends taking inventory of your finances to identify your limitations and what improvements you can make to your budget. If there are multiple payments to get through, this can help you set clear priorities until you can start boosting your credit score. Getting a loan will get you nowhere if you don't have a clear outline to prevent a new financial crisis, but this doesn't mean that you're out of options if your need to apply for a loan.
Bad Credit? A Car Title Loan Is the Way to Go
If you're burdened by bad credit, don't lose hope! A car title loan is a viable option, with many advantages to save you stress while getting the money you need. We are aware that bad credit makes it harder to overcome a financial crisis. That's why your credit history is irrelevant when applying for a car title loan with Quick Cash Auto Loans.
If you have a deadline to meet, our loan specialists ensure a fast process, meaning that approval comes right after the vehicle inspections. Unlike, banks and other financial agencies, Car title loans
don't involve more than a handful of steps. After applying for the loan online, you can be done with the process on the appointed date if you follow the instructions from our loan specialists.
Quick Cash Auto Loans will get you approved for a car title loan with nothing more than your basic documentation, a clear title, and a vehicle in proper condition to serve as collateral. Depending on the equity in your vehicle, you could borrow up to $25,000. This means that you'd get the chance to pay your credit card debt and improve your credit score all at once. We also offer monthly rates as low as 1.50%, so there's no need to compromise your budget while paying for your loan.
With Quick Cash Auto Loans, you don't have to worry about making drastic changes in your plans because you can comfortably pay the money throughout a reasonable loan term, and continue driving your car the whole time. If you have any questions about the process, remember that our loan specialists are always happy to assist you. You just have to call (786) 600-3411
or fill out the contact form
and you can get started with the process right away. Quick Cash Auto Loans helps you regain your financial stability.
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