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

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

Before you apply for any of these loans, you should know the key differences between them, and comparing personal loan options will help. Only then can you make the right decision on what loan would best help? Here are some personal loan comparison tips for these loan options that you should know.

Key Differences For Bad Credit Personal Loans 

Traditional bank loans may not be an option if you have had credit issues, but they aren't the only option when you've been hit with a financial emergency. Find out more about the bad credit loan options with title loans, payday loans, and installment loans so you can make an informed decision on poor credit borrowing options that fit your situation best.

Title Loan

A title loan is a secured loan that allows you to use your vehicle’s lien-free title as collateral. With Mississippi Title Loans, Inc., you can borrow between $300 and $2,500 with this type of loan. The amount you can receive will depend on the value of your vehicle and its condition. 

Before we can issue a title loan, your vehicle is required to undergo a quick inspection. This inspection can be performed at one of our stores or a location of your choice, which will enable us to determine how much your vehicle is worth. The more your vehicle is worth, the more you can qualify for.

To qualify for a title loan, you must have a state-issued ID, a vehicle for the inspection, and a lien-free title to your vehicle. This means that there are no outstanding liens or judgments on that title. The vehicle you are using as collateral must either be a car, truck, or van but it must be paid off before you can use it to obtain a loan.

With our Mississippi title loans, all credit situations are welcome to apply and you are not required to show proof of income or employment to qualify. Because of this, title loans are an option for those who may be temporarily unemployed, claiming certain benefits, and have bad or non-existent credit. 

If approved, you can receive money by the next business day, and sometimes even the same day you apply.

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, all types of credit are welcome to apply and can still be approved.

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 who wish to borrow a sum of cash over a longer time but do not own a vehicle or wish to use it as collateral. To qualify for this type of loan, you must have an active checking account in your name, proof of income, and a state-issued ID, such as a driver's license.

Payday Loan

When you need bad credit personal loans 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 giving you access to cash when you need it most. This loan type, typically, requires repayment with your next paycheck. You can get between $100 and $400 with our payday loans.

Contrary to popular belief, you do not necessarily need a job to get a payday loan – even though you need proof of income. We can usually consider those who 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 who need small amounts of cash that they can pay back quickly. Many people consider a payday loan to deal with an emergency expense that 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, as well as, a state-issued ID, and your most recent paystub. 

Using Mississippi Title Loans, Inc. To Access Poor Credit Borrowing Options

No matter what bad credit personal loan you are considering, the process will always start the same. You will do this by filling out an inquiry form on our website. That will give us the information we need to contact you.

Shortly after you submit the form, a loan representative from Mississippi Title Loans, Inc. will give you a call. At that time, we will let you know what documents are needed for the loan you selected. You are free to ask any questions during the call and if you need help comparing personal loan options we can assist you with that as well. We know many of you are seeking personal loan comparison tips if it is your first time, and you may have some burning questions about each process.

While on the phone, you will set up a meeting at your closest Mississippi Title Loans, Inc. location. That's when we run through a few final checks to complete the loan process and determine approval. If you are seeking a traditional title loan, this is where we will inspect your vehicle to determine how much you could qualify for. If you prefer not to visit a store location, a loan representative can come to you for the inspection.

If everything is in order we can approve you for any of these loans even with poor credit, and we will go over the terms and have you finish the paperwork. Once that's done, you will get the cash you need the same day or the next bank business day.

Get Emergency Cash Quickly With A Personal Loan Today

If you have bad credit, the strict guidelines of a bank loan may not be for you. In addition, the extensive paperwork and lengthy process may not be as convenient as one of our loan options. At Mississippi Title Loans, Inc. you can be approved for bad credit loans in about 30 minutes and have the cash you need to address your financial emergency by the next business day.

To speak with one of our helpful loan representatives about your loan options, fill out the online inquiry form with your basic information and receive a call soon after.

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