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Need A Loan If You Have Bad or No Credit? We Can Help

loan approval with bad credit

Having bad credit might seem embarrassing, but it’s not as life-threatening as it is made out to be. In fact, more than half of Americans have “subprime” credit scores, which means that they fall beneath the credit range that makes applying for cards, obtaining loans, and taking out mortgages easy. Additionally, there is strong evidence that low credit scores and trouble with obtaining credit-related services strongly correlate with race and gender, implying that the system can actually be stacked against you for reasons that are entirely out of your control. If you are in a situation where you need a loan but have no credit or bad credit, Mid-South Title Loans is uniquely qualified to help you get the money that you need. Read more to find out why.

Why Poor Credit Prevents You from Getting a Loan

Borrowing is an age-old tradition that has both helped and hindered humanity for as long as it has been on earth. Most financing works on incentives – even modern couples who pay for dinner often do so with the expectation that their partner will return the favor the next time they go out. In the same way, banks use incentives to determine how much, if anything, they are willing to lend to their customers in the form of a loan. As large companies, however, they have ways to protect themselves from consistently losing financial assets, and this is how credit works.

Credit is the standardized method of monitoring personal financial health. It is set up to examine how many lenders trust you, thereby verifying your credit-worthiness, how often you make late payments, and how much debt you carry. For many, the credit scoring system allows for a much easier loan and credit card application, streamlining everything that lenders need to know about a loan applicant. But for others, this can unfairly vet the loan industry against them.

How Title Loans Work

If the credit system is set up to be a foolproof way to show your spending habits, then how can people who pay off their bills on time have lower scores? Some of the reasons include having many loans still out with high balances and having balances of over 30% on credit cards. In this way, despite the best efforts of loan and credit payments, the system can still be set to work against you. It can make obtaining a loan seem like a distant dream even if you have your credit card payments under control.

But with title loans, there is no need to evaluate your credit score. Title loan providers are uninterested in the statistics that make up your credit score, and in turn deal with the physical collateral that is the ownership of your car. When you seek out a title loan, you will visit a title loan agency like Mid-South Title Loans and you will talk to an agent about your needs. When the agent determines the blue book value of your vehicle they will then make an offer on your car and will pay you during the same visit. Most title loan offices will even let you drive away with your vehicle. The catch? You just make payments toward the full price of the loan until it is paid off. When that happens, you receive your title back and the car once again legally belongs to you.

The Perks of a Title Loan Through Mid-South Title Loans

There are many reasons why a person might choose to take out a title loan, but one of the most obvious reasons is if a person has low/no credit. Some of the other reasons why it might be beneficial to seek out a title loan through Mid-South Title Loans include:

  • Local service you can trust. Many times, loans through large banks can take a while to be processed, and service through large banks can be lackluster at best. Working with a local institution like Mid-South Title Loans in Memphis allows you to get to know your loan providers, as well as allowing your loan providers to get to understand you and your unique loan situation.
  • Quick turnaround. Sometimes, traditional loans are not optimal because of the amount of time it takes to process them. Generally, with traditional loans, you meet with a banker who evaluates your credit history, number of loans, and loan references prior to approving you. Even after approval, which can take days, it takes quite a long time before those funds are available to you. In the event of an emergency, title loans can be processed on the same day, which allows you to pay for whatever you might need almost immediately.
  • Less payoff time. Title loans generally have a faster repayment time, which is ideal for those who need a payday loan or another type of loan quickly. Quicker payoff times can ultimately lead to less payment interest, which is ideal when preparing for the long-term. Other quick cash loans, like trading credit for cash, can rack up your credit card balances and increase the amount that you pay off in the long term.
  • You don’t need to borrow a certain amount. Many bank and credit union loans require you to take out a certain amount, and while smart financial planners might just opt to repay this immediately, it’s probable that they will end up paying more than they bargained for. Title loans are flexible, allowing you to take out as much as the car is worth or as little as you need in return for the transfer of your lease until the completion of the loan payment.
  • Direct Deposits are Available. While traditional loans do have the benefit of direct deposit, most title loan providers (including Mid-South Title Loan) also offer the option of direct deposit for your convenience.

Mid-South Title Loan is committed to making the lending process more straightforward for those for whom the credit industry is set against. If you live in the greater Memphis metropolitan area and need financial assistance, stop by one of our locations on Summer Avenue, Winchester Road, or Perkins Road for further assistance. For further contact methods, visit our contact page.


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1680 Winchester Rd
Memphis, TN 38116
Phone: (901) 346-1040

4965 Summer Ave.
Memphis, TN 38122
Phone: (901) 821-9211

2798 S. Perkins Rd.
Memphis, TN 38118
Phone: (901) 794-5460