We’ve all been there before. We’ve made on bad mistake and our credit has been hit hard.
nyone can experience the frustration of having less than perfect credit. One missed payment, spending too much on a credit card, or facing financial circumstances out of the blue that eat away your savings all have the potential to damage your credit.
Once bad credit hits, lenders and other creditors see you as a high-risk borrower, which means you may not be able to easily get a loan or credit card from a conventional lender when it’s needed most. Don’t worry, though! There are several loan options for bad credit when you know where to look.
First, talk to Friends or Family about Getting help.
It may not be comfortable to ask friends or family for help, but often times you can get the lowest interest rate by going to friends or family members. Traditional lenders will generally have lower interest rates for people than other forms of borrowing, but they generally almost always want you to have good credit. One option you can do is use a family member or friend to co-sign the loan. But, keep in mind that if you default on the loan it will hurt the co-signer’s credit.
Car Title Loans in San Diego
One option if you need money quickly in San Diego, without having to get a co-signer, is getting a San Diego car title loan. Vehicle title loans provide many options for people with poor or bad credit, and by getting a car loan you can still keep driving your car or truck.
When getting a loan the lender will want to secure their loan with some sort of collateral to mitigate their risk in loaning you the money. A vehicle, of course, must have enough equity in it to qualify for the car title loan. The loan you can get depends on the amount of equity in your car, but in California the minimum loan amount you can get is $2,500 to a maximum of $50,000. Lenders will look at the market re-sale value of your car, SUV or pickup truck to determine how much the car is worth, and then loan you a percentage of the resale value. Normally, you do not need to have good credit.
You can Check with a Credit Union
In a lot of cases, you can get money at a decent interest rate by going to a local credit union. If you take the time to show that you have income, and are working to repay your bills they may have programs available for you. Generally, credit unions are more apt to listen to your situation than a big bank like Chase in San Diego.
The good news is you are not out of luck. Loan options for people with a poor credit history are available if you are able to secure a co-signer, work with a good car title lender in San Diego, or speak openly and honestly with your credit union. Of course, before you take out any loan you should take time to review your budget and know that you can realistically afford the repayment.