Need Cash ASAP? Here's How 3 Personal Loans For Bad Credit Compare

October 29, 2021 | June Mckaig

personal loans for bad credit

 

For those looking for personal loans for bad credit, Mississippi Title Loans, Inc. has three different options. While each option may be suitable for those that have a less-than-brilliant credit history, each loan type has been designed for a slightly different situation.

Before you can attempt to get any of these loans, you need to know the key differences between them. Only then can you make the right decision on what loan would best help. Here are a few key differences between these three loans you need to know about.

Key Differences For Our Personal Loans For Bad Credit

Title Loan

A title loan is a loan that you receive when you put up your vehicle’s lien-free title as collateral. With Mississippi Title Loans, Inc., you may be able to borrow between $300 and $2,500. We base how much you can qualify for on your vehicle’s resale value and condition.

Before we can issue you a title loan, your vehicle will need to undergo an inspection. This inspection, carried out either at one of our stores or at a location of your choice, will enable us to determine how much your vehicle is worth. There more your vehicle is worth, the more you may qualify for.

In order to obtain a title loan, you must hold a lien-free title to your vehicle. This means that there are no outstanding liens or judgments on your title. The vehicle that you are looking to get a title loan for must either be a car, truck, or van and you have to finish paying off the vehicle before you come in.

With our Mississippi title loans, you are not required to show proof of your income or employment. This means that they could be an option for those that may be temporarily unemployed or claiming certain benefits.

Installment Loan

An installment loan is very similar to a traditional bank loan. This means that you are borrowing a fixed amount of cash. You will then pay it back in installments. However, unlike a traditional bank loan, we welcome all types of credit – either good or poor – to come in.

Mississippi Title Loans, Inc. can loan up to $1,250 with our signature installment loans. Your credit report and your income help us determine how much you could qualify for. This means you will need to undergo a credit check. However, don't worry because even if you have bad credit, it doesn't necessarily mean that you won't qualify for an installment loan.

An installment loan may be an option for those that wish to borrow a sum of cash over a longer period of time, but do not own a vehicle. Or if they do, there is a lien attached to the title of their vehicle. You must have an active checking account in order to receive an installment loan.

Payday Loan

When you need personal loans for bad credit while you are in between pay periods at work, you could turn to a Mississippi payday loan for help. A payday loan is a short-term loan that helps bridge the gap between pay periods. This means you usually pay it back on your next paycheck. You can get between $100 and $400 with our payday loans.

Contrary to popular belief, you do not necessarily need to have a job in order to get a payday loan – even though you do need proof of income. We can usually consider those that have non-employment sources of income. Just make sure you have the right paperwork at the meeting.

A payday loan is an option for those that need small amounts of cash that they wish to pay back quickly. Many people that consider a payday loan may have to deal with an emergency expense that simply cannot wait until their next paycheck. This can include medical bills and, in some cases, repair bills. You will need an active checking account for a payday loan.

 

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Get Your Loans From Mississippi Title Loans, Inc.

No matter which one of our personal loans you are considering, the process will always start off the same. This means that you will need to fill in a form on our website. You will give us a few contact details, which we use to give you a call within minutes of submitting the form.

Shortly after you submit your form, one of our loan representatives from Mississippi Title Loans, Inc. will give you a call. We will let you know the documents that you need for your selected loan. You are free to ask any questions at this point. We know that many of you may be inquiring about personal loans for bad credit for the first time, and you may have some burning questions about how the process works.

During the phone call, you will need to come to your closest Mississippi Title Loans, Inc. location. It is here that we run through a few final checks. And if you are going for title loans, this is where we will inspect your vehicle to determine how much you could qualify for.

If everything is in order and we can approve you for either three loans, we will go over the terms and have you finish the paperwork. Once the paperwork is done for either three loans, you can get the cash either the same day or the next bank business day.

Get Emergency Cash Quickly Today

If you have bad credit, you may find asking the bank for money tough. Mississippi Title Loans, Inc. can be an option for those that require personal loans for bad credit. Fill in an inquiry form for your selected loan type today to get started.