If you decide to borrow money with Fast Auto Loans Inc., your credit score won’t prevent you from qualifying for a personal loan. We offer title loans and registration loans, which means that we will consider additional factors when making a loan decision.

In this guide from Fast Auto Loans, Inc., we will explain the process of getting a personal loan with no credit history. We will review how secured personal loans allow you to get approved for personal loans with bad credit or no credit.

Can You Qualify For A Loan With Bad Credit?

There is a common misconception that only those with a good credit score can qualify for loans. With many traditional loans, that can be the case, especially if you’re working with a bank or credit union. However, for some lending options, a higher-than-average credit score is not a requirement.

It is typically easier to qualify for secured personal loans with a poor or non-existent credit score. Such loans are less of a risk for lenders, as the borrower will be leaving collateral that the company can hold onto until the full amount is repaid.

The reason banks and lenders check your credit score is to ensure you have a strong payment history and that you can be trusted to repay the loan on time. With your high-value collateral as security, the lenders of secured personal loans are protected in case you fail to repay the loan on time.

What Personal Loans Do We Offer?

If you’re looking for bad credit personal loans, Fast Auto Loans, Inc. can help with our two options: title loans and registration loans. Both require you to have a car, but neither requires a good credit score. You can get approved as long as you meet the other simple requirements.

Learn more about these personal loans below:

1. Title Loans

A title loan is a secured personal loan that uses your vehicle title as collateral. In order to get approved, you must own your car, truck, or van outright. That means fully paying off any outstanding loans, debts, or judgments. You must have a lien-free vehicle title to get approved.

Car title loans let you borrow up to $15,000 based on your car’s value. We will use a nationally recognized pricing guide to determine the value of your car based on its age, make, model, condition, mileage, and other relevant factors. The higher the value of your car, the more you can borrow.

Approval for title loans is also easy with our simple required items:

• A driver’s license or state ID that displays your photo, full name, and age
• A lien-free vehicle title in your name
• Your vehicle for a fast inspection

2. Registration Loans

If you haven’t fully paid off your vehicle, you're better off opting for a registration loan. This is another secured personal loan using your car, but this one involves putting your registration up for collateral. You do not need to have fully paid off your car to get approved, making it more accessible to most borrowers.

For this type of loan, you can borrow up to $900. While that is far less than title loans, it’s better and less risky for those with smaller financial emergencies, such as overdue rent, unexpected travel costs, and small home repairs.

Here are the required items for registration loans in Arizona:

• A state-issued photo ID that displays your name and age
• An Arizona motor vehicle registration in your name
• An active checking account in your name
• A valid Social Security number

Which Personal Loan Should You Choose?

How do you choose between title loans and registration loans? You first must ask yourself if you have fully paid off your car, truck, or van. The only reason you would have to choose between them is if you meet the title loan requirements. If you haven’t paid off your vehicle, the choice has been made for you: registration loans.

However, if you can qualify for both, you must consider the risk. Failing to repay a title loan can cost you your car, whereas registration loans have far less risk. That said, a registration loan can only help with small emergencies, but title loans can help you afford bigger urgent costs like medical bills and auto repairs.

If you’re still weighing your options, this guide on the differences between title loans and installment loans offers a clear breakdown to help you decide: Installment Loans vs Title Loans: Which Type Of Loan Is Best For Me

When choosing between these loan options, consider the requirements and how much money you need. Remember, only borrow what you need to make repayment down the line even easier. 

Personal Loans For Bad Credit Step-By-Step Instructions

Once you have decided which personal loan to choose, you can proceed with the approval process, which is similar for both. Before starting, make sure you have all of the requirements we mentioned above. You can then begin online with our request form before getting approved at one of our Arizona store locations within 30 minutes.

Here is how to get personal loans for bad credit step-by-step:

1. You can begin the process by contacting us. While you can call us or visit us directly in person, we suggest filling out our online request form as the easiest way to begin. You can provide your name, zip code, email address, phone number, and vehicle details online. After submitting the form, a loan representative near you will receive and review your information.
2. For the next step, we will call you to discuss the process. We will verify the information you provided while explaining how the loan you seek works, including the requirements, loan amounts, approval process, etc. You can also ask questions to verify anything you’re unsure about. You’ll also get to schedule a meeting with the lender representative at one of our stores.
3. Arrive at the chosen location with all the necessary items and sit down with the expert. The professional will need just half an hour to verify your documents and determine whether you qualify for approval. If you’re getting a title loan, they will also have to inspect your car to determine its value.
4. In case you do get approved, you can sign the loan agreement to complete the process. You can now receive your cash, either later that day or by the next business day.

Our speedy approval process allows you to get access to same-day funds for your emergency. Don’t let urgent costs ruin your financial future; get the help you need with personal loans at Fast Auto Loans, Inc. Apply today to get cash within 24 hours!

Borrow Personal Loans For Bad Credit – Get A Title Loan Or Registration Loan Today!

With Fast Auto Loans Inc., taking out a personal loan is easy; even a bad or non-existent credit score won’t prevent you from getting the much-needed cash! We offer title loans and registration loans that allow car owners to access fast emergency cash. Use collateral to secure these loans and allow you to borrow money with bad credit or no credit.

Are you ready to get urgent cash for bad credit? Simply fill out our online loan form on this website, and we will call you shortly. You can then visit us in person to get approved in less than 30 minutes. Apply for our personal loans to get same-day cash!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.