Can I Get St. Johns Title Loans With Bad Credit?

Getting a title loan in St. Johns, MO might seem a little scary to someone who has never tried to get a loan before. It's probably even more intimidating if you have bad credit.

You may be wondering if there is even a point in applying if you have bad credit. Can you be approved for St. Johns title loans even then? We understand that these are questions many people are likely to have, which is why we are going to answer them here today.

What To Know About Getting Title Loans With Bad Credit

What Is A Car Title Loan?

To understand how poor credit impacts your ability to get a title loan in St. Johns, MO, one should first understand what a title loan is and how it works. These are secured loans in which a borrower puts up some form of collateral in exchange for the loan money. All credit types are welcome and can easily qualify. 

In this particular case, that collateral comes in the form of a car title. A car title is a legal document that specifies who is the legal owner of a car. So what you are offering as collateral is the legal ownership of a vehicle.

As collateral, you will forfeit the car and the title to the lender if you do not pay them back the money you borrowed from them. This might sound like a pretty bad proposition at first, but it means something good for people with bad credit.

Yes, You Can Get St. Johns Car Title Loans Even With Bad Credit

What is a credit or "credit score"? Well, it's an assessment of how likely you are to pay off your debts, in a sense. This is determined by several things including: how often you pay back debts, how often you do it on time, how much debt you have compared to how much income you make, and things like that.

The point is, that a lender uses credit scores to get a rough idea of how likely a borrower is to pay back a hypothetical loan. This is very important in unsecured loans, where a lender has no collateral to fall back on if things go south.

In such a situation, someone's credit is the only indication they have of how likely they are to get their money back. In such cases, bad credit would make it very hard to get approved for a loan. This financial option is available for all credit types. 

representative from st johns title loans location meeting with client with text can I get St. Johns' title loans with bad credit?

Car Title Loans Are Secured Loans

Title loans are secured loans and collateral is involved. Even if the borrower does not pay the loan back, the lender still gets a return on their investment. Because this is the case, a borrower's credit score doesn't matter as much when it comes to approval.

After all, if you, as a lender, are going to get a return on your investment whether or not the borrower pays the money back, you aren't taking much of a risk by lending money to someone with bad credit. For this reason, even people with bad credit can be approved for St. Johns title loans.

This is not to say that your credit has no bearing on the approval process at all. However, it's not as important for St. Johns title loans as it would be for an unsecured loan.

Getting A Car Title Loan In St. Johns With Missouri Title Loans, Inc.

If you want to get St. Johns car title loans to handle some sort of financial emergency, look no further than Missouri Title Loans, Inc. We have a quick and efficient application and approval process that will help you get the money you need as quickly as possible:

First, submit an online inquiry form here on our website, letting us know what type of loan you are interested in and some basic information about yourself. One of our loan representatives will contact you via phone as soon as they can discuss the particulars of a meeting in person.

You will need to bring a state-issued ID, a lien-free title to your vehicle, and your vehicle for inspection.

Description Of Requirements

A "lien-free" car title has no current loans against it. That means your vehicle must be paid off in full, and it cannot currently be used as collateral on another car title loan either.

The loan representative will examine your documentation and your vehicle to determine whether or not you qualify for the loan. Keep in mind that the age and condition of your car will determine how much money you can get out of a car title loan. A newer car that is in better shape means you can borrow more money.

Qualify With These Simple Steps

  1. Select your store of choice from our location webpage.
  2. Fill out your car title loan application online on our webpage.
  3. Talk with a Missouri Title Loans representative when they call you.
  4. Drive your car to the Missouri Title Loans location of your choice with the documentation you need.
  5. Wait a short amount of time while the representative appraises your car.
  6. Get your cash! 

Get A Car Title Loan With Bad Credit Today!

If you are approved, you will just have to sign some documents, and you'll be able to get your money either that day or the next business day. All in all, the meeting can take as little as thirty minutes. It's about as quick and easy as you can get, which is why you should trust Missouri Title Loans, Inc. for all of your loan needs, whether you have good or bad credit.

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

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.