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Bank Loans Vs. Car Title Loans

Explore the Different Loan Options that Are Available for Your Financial Needs & Wants

There are many factors that assist us in making a decision of where to take out a loan. The crucial things to consider when deciding where to apply for a loan are the application process, speed of loan approval, credit history, assets and repayments. Applying for a loan at your bank requires completing detailed application forms and submitting your credit history. Banks have very specific loan guidelines that they follow and this increases the amount of time it takes them to process your loan.

Banks’ Flexibility in Loans is Limited

When applying for a car title loan, your car title is used as an asset to secure your loan. The lenders do not require you to complete detailed application forms or to submit your credit history, as your car is used as their security.The benefit of this loan is the speed at which you can apply and receive the much needed cash. You do need to meet the lenders credit criteria and state laws, these credit criteria may include proof of ability to repay the loan.

Get Personal Loans – The Easy Way!

Credit history is a major determining factor of loan approval when applying at a bank. Due to the bank loan guidelines, zero or poor credit holders are seen as high risk customers, making it very difficult for the applicants loan to be approved. With a car title loan, you are not required to submit your credit history, making this the preferred loan choice for owners of bad credit.

The loan market is filled with loan opportunities and one should compare the different options before making a decision!