Credit Perks of Getting a Las Vegas Title Loan
When you have bad credit, you will have a very hard time getting a loan when you need one – especially getting a loan that doesn’t have astronomical interest and such poor terms that it will only hurt your financial situation more than it helps it. If you have no credit history, you’ll also have a hard time.
So what do you do when you get sick and get hit with a hospital bill worth a few thousand dollars? Or when Uncle Sam comes calling because you ended up owing more than you thought you would?
Title loans are a great option if you own your vehicle. Unlike some other bad credit or no credit loans, Las Vegas title loans have reasonable rates so that you can get the money you need without creating more financial problems for yourself.
Applying for a title loan requires that you show proof of vehicle ownership and proof of income. You then receive an estimate of value for your vehicle, and you may be able to borrow up to that amount. The loan company doesn’t look at your credit because it uses the vehicle’s value as collateral. At Title Loans 365, we never report your payments to the credit bureaus.
However, there are other ways that getting a Las Vegas title loan can help you improve your credit. Here are a few of the perks for title loans in Las Vegas:
Free Up Money to Pay Debts
Title Loans 365 in Las Vegas offers competitive interest rates and monthly payments. You can take out a title loan to pay off debts that have a higher interest rate, and at the same time, you may have a lower monthly payment that will free up money to pay off some of your other debts.
By paying off or paying down these debts, you will improve your overall credit score. You will lower your debt-to-income ratio, and you will avoid delinquencies, which will both positively impact your credit report.
Keep You from Taking Out High-Interest Loans
Maybe you are able to get approved for a loan through a bank or another agency that would report your payments to the credit bureaus. But if you have no credit or bad credit, chances are good that those loans would come with very high interest rates. Paying back these loans would prove to be difficult, and every mistake you make would be reported to the credit bureaus, making your credit score worse.
Even if you are able to pay back those high-interest loans, they can still hurt your credit by simply showing up on the books. Every time you apply for credit, it is a hit against your credit score. And the more debt you have out, the worse it is for your credit score. So by applying for a title loan, you are helping out your credit score just by keeping that application and debt amount off your report.
Get the Money to Avoid Foreclosure or Collections
You may have fallen behind on payments to other debtors and that’s why you need money. Now you’re facing foreclosure or other collection action if you can’t come up with the money you owe. You can take out a title loan to get the money you need and stop immediate action. You can then create a financial plan for paying back the money while also staying current with your other payments. Stopping the collection action will also buy you time to negotiate better terms with the debtor.
Foreclosures and collections have a significant negative impact on your credit score. By avoiding them, you can help protect your creditworthiness.
Put Some Money in the Bank
By opting for a title loan instead of some other no credit or bad credit loans, you are helping yourself save a lot of money. You can put aside a little of that money each month in a savings account. Over time, you can develop a habit of saving and collect a nice bit of money.
How does this help your credit? If you have no credit or bad credit, one option that’s available to you is a secured credit card. You typically get a line of credit equal to what’s in your savings. As you use the card and make timely payments on it, you will build up your credit score so you can access other types of credit.
Title loans can be the answer to your financial needs when you are having credit issues. And over time, Las Vegas title loans can help you rebuild your credit if you make the right financial decisions and make the most of your opportunity.
Title Loans 365 offers competitive rates on title loans in Las Vegas. We don’t check your credit to approve you for a loan! We just need to see proof that you are a Las Vegas resident, that you own your car, and that you make the income you say you make. You can get approved in minutes, and you can have the cash in hand in 30 minutes or less. Apply online for a Las Vegas title loan!
TITLE LOANS 365
1810 E Sahara Ave #391
Las Vegas, NV 89104
5550 Painted Mirage Rd #320-A19
Las Vegas, NV 89149