I Have Poor Credit. Where Can I Find Bad Credit Loans Near Me?
November 18, 2021 | Emma Frost
Having poor credit doesn’t have to mean complete financial ruin for you when you need some help. There are bad credit loans near me you can use when times are tough. But you do have to do your research to see if these loans – like our title loans – could actually work and how your bad credit could affect you. Here is what you need to know.
How Bad Credit And Title Loans Work
Do You Really Have Bad Credit?
Before diving into the specifics of bad credit loans near me, it's important to understand your credit and determine if you actually have poor credit. Multiple credit-scoring models exist that you can use to look at your credit score.
However, we recommend using the most popular one — the FICO scoring system. It ranges from 300 to 850. The lower the figure, the worse your credit score. According to the aforementioned scoring system, poor and fair credit sit within the following brackets:
- Poor Credit — 300 to 579
- Fair Credit — 580 to 669
What Contributes To Your Credit Score?
It's not unusual to consider why you have a bad or fair credit score at this stage. In fact, we'd say it's pretty standard! It might help to consider the factors that make up your score and work backward, eliminating the things you know you're on top of and working on those you aren't. The contributing factors are as follows:
- Payment History — 35 percent
- Amounts Owed (i.e., debt and loans) — 30 percent
- Credit History Length — 15 percent
- New Credit — 10%
- Credit Mix — 10%
Degradation of any of these factors causes your score to drop. For example, if you have a long history of paying your rent and utilities late, it impacts your score massively. Foreclosures, bankruptcies, and any high debt amounts also result in a fair or low credit score.
If you have a credit score above the brackets we mentioned earlier, you do not have bad credit, and thus, don't need to acquire bad credit loans near me. You have a high chance of gaining approval for a traditional loan. Now, if you do fall within these brackets and find yourself needing a loan, you're in the right place. You can get bad credit loans near me right now.
Where To Get Bad Credit Loans Near Me
Plenty of financial organizations and companies provide options for borrowers with bad credit. There is no reason why you shouldn’t get the financial help you need just because your credit isn’t perfect. Here are three options for bad credit loans near me for you to consider.
Installment Loan Places
Installment loans – which we offer at New Mexico Title Loans, Inc. – are perhaps the first type of loan people consider when thinking about funding emergencies when they have poor credit. Installment loans allow you to handle short-term emergency expenses and then pay back the loan in installments. While we do run a credit check, you can still qualify with poor credit.
Online lenders offer a fantastic range of bad credit loans near me. From HELOCs (home equity line of credit) to cash advances to unsecured and secured persona loans, you can get your hands on just about all types of loans online these days.
Title Loan Place
Finally, you can visit a title loan place like us, New Mexico Title Loans, Inc., for help getting bad credit loans near me. With our New Mexico title loans, you can borrow between $300 and $10,000, depending on the value of your car, truck, or van. The process is simple. You can start it from the comfort of your own home by filling out the online form.
From the time you walk in it takes roughly half an hour from the beginning to the end, and you get your cash on the same day – if you are approved. Furthermore, you get to keep your car while repaying the loan. We use your car's title as collateral; we don't ask you to keep your vehicle in storage when you need it most. Follow the steps below to get a title loan from us:
- Complete the title loan inquiry form found on this website. It sends your information directly to your local New Mexico Title Loans, Inc. so we can give you a call. This form is only so we have your contact information. We keep any information you provide confidential.
- After a few moments, one of our loan representatives calls you back to confirm your information and explain the necessary items. This is also your opportunity to ask any questions you have about our title loan place or process.
- Following the phone call, head to your local New Mexico title loans in my area with your driver's license, lien-free vehicle title, and your vehicle itself. You can also arrange it so that we come to you instead of you coming to the store. Whichever you prefer.
- As soon as you arrive, one of our friendly, expert loan associates inspects your vehicle to determine how much you could qualify for and examines your information to figure out whether you qualify for the loan. This shouldn’t take too long to complete.
- If you do qualify for the title loan, you finish the paperwork alongside the representative and they also go over the loan terms in detail. Finally, you receive the cash you need either on the same day or the next bank business day and leave with your vehicle.
Get Bad Credit Loans Near Me From Our Title Loan Place Today!
There are always methods to help improve your credit score. But when you need money right away, a title loan place is an option. If you are worried about your poor credit, this information proves you do not have to be! Just get on our website and fill in the form to get started right away. We will help you with the rest of the process.