Is There A Bad Credit Short-Term Loan That I Can Get Today?

It's been a rough couple of years, making it even harder to get money for a home or car repair which is why some companies have started providing the option for a bad credit short-term loan. 

Although some wages are higher than ever before, some just haven't kept up with inflation and have left many people scrambling to make ends meet, not to mention those who never fully recovered from the 2008 housing crash.

Now, some banks are failing again and people with bad credit don't know where to turn when they need cash fast for an emergency. One option those people are considering is private companies that provide a bad credit short-term loan. With these loans, you get your money quickly once approved. 

Defining Bad Credit

Everyone has an idea of what bad credit is but there are some numbers associated with it. It’s the FICO scoring system that defines bad credit. The FICO scoring system goes from 300, which is the lowest, to 850, considered to be perfect.

The average credit score for those living in the United States is 678, according to 2021 data, and 714 in 2022. That's considered good but not excellent. Excellent starts at 740.

Younger people have more challenges in keeping a good credit score. Gen Z has the lowest average with 679 and baby boomers have the best with 740. 

A bad credit score is one from the 300 to 579 range. To put it in perspective, most banks won't even consider a loan application if the applicant has a score of less than 600. 

Defining Short-Term

A short-term loan is defined with two distinctions. It is typically a small loan and that can be repaid in a year or less. Sometimes, it is scheduled to be repaid in weeks or a few months. 

Short-term loans can be loans with collateral or those that are personally guaranteed, sometimes called signature loans or unsecured loans. 

Why Would You Need A Bad Credit Short-Term Loan?

Those seeking a bad credit short-term loan are usually individuals who have an immediate need but know they wouldn't get approved by a traditional bank or other financial institution, such as a credit union. The need is typically an emergency, like paying for a car repair, a high utility bill, a home need, or a co-payment to see a doctor or dentist. 

These are often things that can't be put off until the next payday. The good news is most lenders for a bad credit short-term loan can take your loan request today with a decision in as little as 30 minutes.

One reason why many people get a bad credit short-term loan is companies that offer them don't report to credit bureaus so there isn't another ding on your credit report. Short-term loans can be things like title loans and payday loans where your vehicle or your job guarantees repayment. 

Finding Those Offering Bad Credit Short-Term Loans

Those looking for such loans want reputable lenders who are licensed to help them. One way to find a lender is through At Home Title Loans. At Home Title Loans connects you with licensed lenders in your area. This makes it easier to talk to a loan specialist about what's best for your financial situation. 

The great thing about modern technology is you don't ever have to leave your home to get a title loan. With access to At Home Title Loans right at your fingertips, you can submit an online title loan inquiry form to have a loan representative, from a lender near you, come to you. There is no need to visit the loan store to complete the title loan process!

All you have to do to get started is fill out the online title loan form to find a lender in your area today. Once that form has been submitted, a loan representative will call you to explain the rest of the process. 

To get fast cash through these lenders, you will need a driver's license or state-issued ID, a lien-free title to your vehicle, and the vehicle for inspection. Sometimes, they also ask for an active checking account to deposit the money from the loan and take automatic payments, but it depends on the lender. 

The loan representative will set up a time for you to come into the store if you chose to do so or meet you at a location of your choice to verify your documents and inspect your vehicle. 

The amount of loan money you are offered will depend on the value placed on your vehicle. Lenders associated with At Home Title Loans typically lend up to $15,000. For most companies, you will get the cash either that day or the following business day. 

It is one quick option for those with bad credit who need money fast.

Submit The Form Today

Filling out an online title loan inquiry form is simple and easy because it just asks for basic information. By submitting a form, you are not obligated to accept the loan but a loan representative will contact you to answer any questions you may have.

Fill out the form to see how At Home Title Loans' range of lenders can help you! Experienced loan representatives are waiting to give you a call today.

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