It's true that the economy is slowly recovering, but this doesn't mean that millions of Americans aren't still struggling to get by. Millions were hit by the economic collapse with job loss, foreclosure, bankruptcy and debt. If this describes you and you've been working to rebuild your life, you probably already know that banks aren't too forgiving of bad credit, regardless of the reason. If you need money to pay the rent, repair your car or pay bills, you may even be feeling pretty desperate for a small loan to get you through.
The good news is there is one option you can always turn to, even with bad credit, and that's car title loans. Dallas has plenty of reputable lenders who will not run your credit and allow you to take out a loan against the value of your car, truck or motorcycle.
Getting a loan with bad credit couldn't be easier with Dallas car title loans available to all Texas residents over the age of 18 who own their own vehicle. Title loans require just a five minute application process with instant online approval. You can even have the cash in less than an hour.
Car title loans in Texas can be a smart choice when used responsibly to get through a short-term emergency of any kind. While a bank won't loan you money with bad credit, a title loan provider will give you anywhere from $1,500 to $15,000, which is based on your car's value.
To qualify for Dallas car title loans, you must be at least eighteen years old and own your own vehicle with a clear title, although some lenders will still give you a loan if you have a small balance remaining on a car loan. In this case, the loan from the title lender will first pay off your car loan, and you will keep anything left over.
While car title loans in Texas are great as an emergency source of money, they must be used responsibly and never frivolously. If you default on your loan, the lender can repossess your car, sell it at auction and even come after you for the remaining balance you owe. Only borrow what you can afford to repay, and what you need to get through the emergency.
It's also a good idea to compare loans between lenders, too, because the interest rates and terms will vary by lender. Look for the best rate and don't sign if you aren't comfortable, no matter how rushed you feel to get the money. After all, twenty minutes of shopping around may save you hundreds in interest charges, and ensure you'll be able to afford your loan.
If you're in a tough situation, consider turning to title loans to get the money you need, but don't give in to temptation and borrow more than necessary. You'd be surprised how many people are offered more money than they asked for when the lender checks the equity in their car! Put together a budget before you go loan shopping and know what you can afford every month, and plan to pay back your loan as fast as possible to reduce interest charges and avoid any consequences.
