5 Myths About Personal Loans & How To Get Cash In Missouri

Some popular myths about personal loans have made it seem like they are hard to qualify for, only available for good credit borrowers, and have unrealistic terms. This couldn’t be further from the truth – you can get personal loans in Missouri with fast approval.

In this guide from Missouri Title Loans, Inc., we will take a closer look at the most widespread misconceptions about personal loans to figure out once and for all what’s true and what’s false. We will also explain how you can borrow title loans and installment loans with us.

5 Personal Loan Myths Debunked

A personal loan is basically any loan that gives you access to a lump sum that you can use to take care of your personal expenses. There are plenty of borrowing options that can be classified as a ‘personal loan.’

Unlike popular belief, these loans are not only available to borrowers with good credit, and they don’t take weeks to qualify for. With Missouri Title Loans, Inc., the process is simple, and they are available to borrowers of all credit types. We offer title loans and installment loans with favorable terms.

Learn more about the five major misconceptions about personal loans below:

1. You Can’t Get Approved With Bad Credit

You might still get approved for a personal loan even with a bad credit score or no credit history. The reason is that most personal loans consider factors beyond your credit score to determine approval. For example, title loan approval is based mainly on your vehicle’s value. If your car is worth a lot and you own it outright, you won’t struggle to get approved even with a poor credit score.

However, your credit score can affect other personal loans, such as installment loans. Lenders will do a soft credit check and use your credit score to determine how much you can borrow. However, poor credit won’t necessarily prevent you from qualifying, as the lender will have a look at other factors as well (like how much you earn, for example).

In a nutshell, getting approved for a personal loan with a bad credit score will be possible if you manage to meet the rest of the lender’s requirements.

2. You Need Collateral

Collateral is not a guarantee for every personal loan. There are secured and unsecured personal loans. Some may require collateral, while others will not.

Those taking out a title loan really would have to secure the loan with a clear title to their vehicle. If you’re still making payments on the car or there are any other liens attached to it, you won’t qualify.

However, you’re not going to need any form of collateral to take out an unsecured personal loan like an installment loan. This is a convenient option for those who do not have a clear title or those who don’t want to put their valuable asset at risk. Such a loan would be secured by your signature and promise to repay.

3. You’ll Need Tons Of Documents

Many people think that you would have to gather plenty of documents to begin the loan application process. While that may be the case if you work with a traditional banking institution, you won’t have to worry about that with title loans and installment loans. We have a simple list of requirements for each loan that makes approval easy.

To take out a car title loan, you will need the following required items:

• Your state-issued photo ID or driver’s license to verify your identity and age
• A lien-free vehicle title in your name
• Your vehicle for a fast inspection

For an installment loan, you’re also going to need your photo ID, as well as proof of income and a checking account statement from an account that’s open in your name. The easiest way to show that you earn enough to be able to pay off the loan is to bring to the lender’s office your most recent pay stub.

The main aim here is to show the lender that taking care of what you owe won’t become a problem for you in the future. If you’re not sure which documents the lender might consider, ask a representative beforehand over the phone.

4. Personal Loans Hurt Your Credit Score

One of the most damaging personal loan myths is the idea that they will lower your credit score by 50-100 points. Many assume personal loans count as debt just like credit cards, and their credit score will go down until they repay the loan.

At Missouri Title Loans, Inc., that is not the case. We do not conduct hard credit inquiries like they do at banks, which can lower your score. If we check your credit, the major credit bureaus will not be notified.

We also will not report our loans to the credit bureaus. This means you can borrow money for an emergency without worrying about your credit score going down. Those already struggling with poor credit can turn to Missouri Title Loans, Inc. to borrow personal loans for bad credit without having their score go down even further.

5. The Approval Process Takes A Long Time

The best thing about personal loans is that you might be able to get the money that you urgently need the next business day or even the same day. There are only a few steps you need to complete when working with Missouri Title Loans, Inc.

We make starting easy with our online inquiry form that you can fill out in less than five minutes. After beginning online, you can visit us in person to get approved in less than 30 minutes!

Here are the steps involved in getting approved for Missouri personal loans:

• Fill out our online loan form with your basic details
• Discuss personal loan terms over the phone with a loan specialist
• Bring your required items to the nearest Missouri store location for verification
• If you’re getting a title loan, have your vehicle inspected for its value
• Sign the loan agreement to complete the process
• Get your personal loan funds later that day or by the next business day

As you can see, the whole process is straightforward and fast. If you need to take care of an emergency bill ASAP, a personal loan might be your way out of an unpleasant situation. You can start the process today and get same-day cash from emergencies. You won’t have to worry about your credit score hurting your chances of getting approved, as long as you meet our simple requirements.

Borrow Personal Loans In Missouri – Receive Title Loans Or Installment Loans Today!

Don’t let personal loan misconceptions dissuade you from pursuing fast emergency financing. Missouri Title Loans, Inc. offers title loans and installment loans that you can get approved for the same day you apply. We have a short, straightforward approval process, and you can even get approved with bad credit.

Ready to get fast financial relief? Apply for our title loans or installment loans by filling out our online loan form. A loan rep will call you to explain how our personal loans work. You can then visit us in person to get approved in less than 30 minutes. Receive fast cash within 24 hours with our personal loans!

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