What Is a Personal Loan?
Personal loans are fixed sums disbursed as a one-time payment and repaid over a period of time. People most often get a personal loan to pay down other debts, cover emergency expenses, or finance large purchases. Personal loans are unsecured, meaning you don’t need a vehicle or a title as collateral.
What Is an Unsecured Personal Loan?
An unsecured loan means the loan is not protected by collateral, but rather by the person. For TitleBucks, unsecured personal loans are a greater risk; however, for those who don’t have collateral, unsecured personal loans are a valuable option.
How Do You Qualify for a Personal Loan?
When qualifying for personal installment loans, lender standards will vary. In most cases, you’ll need good credit, which means you’ll have to make sure you’re paying bills on time and can prove that you have a stable income with a decent credit score. Some lenders will also require a creditworthy cosigner. TitleBucks makes this process accessible to more applicants by not requiring either a perfect credit score or cosigners.
Can You Get a Personal Loan With a Credit Score of 550?
A personal installment loan lender may make it difficult for you to get a loan with a credit score of 550. However, TitleBucks takes factors into account other than your credit score, so it’s certainly possible for you to qualify for a loan when you apply with us. Factors like the loan amount and your income will affect the decision, so don’t hesitate to contact our representatives even if your credit score is less than perfect.
Can a Personal Loan Help Your Credit?
A personal loan can help your credit score if you use it to consolidate and pay off credit card debt. Credit card debt has a more severe negative impact on your credit score, so in the long run, you can save money and improve your credit by paying off credit card debts in this way.
Can I Use My Car as Collateral for a Personal Loan?
For a personal loan, you don’t use your car as collateral. However, if you do wish to use your car as collateral for a loan with TitleBucks, you should explore our title loan options instead.