Home equity loans are one of the fastest and easiest ways for home owners to open a line of secured credit.

This is a type of loan that requires the borrower to have equity in their house, however, it’s not available to just anyone with a mortgage.

In order to get a home equity loan, you’ve got to have first built up some equity in your home. (meaning that it’s worth more than you still owe on it)

Sometimes referred to as a second mortgage, home equity loans generally come with extremely competitive interest rates, typically ranked amongst the cheapest forms of lending.

In addition, it’s often the case that interest payments made toward home equity loans are tax-deductible, allowing borrowers to decrease their tax liabilities when it comes to filing income taxes.

However, there’s a dark side to this popular form of credit since using your house to secure a loan means that you’ll lose the home should you fail to make payments and end up in default.

But if you have bad credit and are looking to take out a new loan, don’t neglect to look into this opportunity to generate some easy, quick cash.

How to Get a Home Equity Loan

To get a home equity loan, you’ll need to first figure out just how much equity you’ve built up in your house.

Talk to whoever services your mortgage to get the appropriate paperwork. The most important items you’ll need to collect are how much you still owe on the house, as well as how much you think it’s worth.

As long as you owe less than the house’s market value, you should have a shot at qualifying for a home equity loan. And the larger the difference is, the larger a loan you’ll be able to get. However, keep in mind that the value of your house and the amount that you owe aren’t the only variables in the equation, since your credit report, current income and previous financial history are all going to come into play as well.

Virtually all lenders offering home equity loans will force you to undergo a credit check, prove how much you’re currently making, and show that you’ll be able to pay back the loan that you’re hoping to take out, before approving you to borrow any money.

If you feel that you’re financially stable enough to make your way through the process, it’s recommended that you apply for a loan from at least two to three competing lenders so that you can find the best possible deal for yourself.

Should you receive approval from these lenders, make sure to compare their loan terms and especially their interest rates to determine which lender is actually offering the best deal.

Points of consideration to include in you evaluation are things like whether or not the loan comes with a fixed or variable interest rate (fixed is typically far safer – and cheaper), the loan’s interest rate (higher interest rates cost more to borrow money), payment schedules (some loans require that they’re paid back in just a few years, while others may offer you 20-30 years of time for repayment) and any other potential fees or charges (like origination fees, refinancing fees, etc.).

Potential Risks of Home Equity Loans

There’s no doubt about it – home equity loans are one of the fastest, easiest ways for responsible home owners to come up with some much-needed cash, but don’t forget about their dark side before agreeing to borrow money in this fashion.

Remember this ever-important point – should you borrow money against your house, but fail to be able to pay it back, the bank is likely to take possession of your home, leaving you with no place to stay.

Missing regular payments risks losing the roof over your head, crashing your credit score, and preventing you from easy access to further funding, so don’t go taking out home equity loans if you aren’t completely sure that you’ll be able to pay them back.

Alternatives

If you don’t own a home, don’t have enough equity in your home to get approved for a new line of credit using it, or just flat out can’t borrow enough money this way, then it’s time to consider a vehicle title loan.

Title loans are a safe form of secured loan that uses the value of your car, boat, or other vehicle as collateral, instead of your house.

A title loan works almost exactly the same way as a home equity loan, since you use the title for your vehicle as the collateral to secure the loan, rather than the title of your house.

Title loans may not be able to raise as much money as home equity loans, though in certain cases they can raise more, but they’re a great form of financial assistance for those borrowers looking to borrow a few thousand to tens of thousands of dollars.

The more valuable your vehicle is, the more money you’ll be able to borrow!

If you need money now, and you’ve got a vehicle that is either totally paid off, or nearly paid off, then you’ve virtually guaranteed to qualify for a car title loan.

If you’re in Southern California and own a vehicle worth at least $5,000, then please call Car Capital Financial now to get the cash you want in as little as 30 minutes.

We’re Southern California’s best title loans company, and we’ve served customers from San Diego to Santa Barbara for over 15 years.

We’ll give you 3 years to pay back your loan in full, won’t require that you leave your vehicle with us and won’t restrict your usage of the vehicle as long as you continue to make your monthly payments on time.

We don’t require credit checks, we won’t structure your loan based on your previous financial history, and we’ll give you back your vehicle’s title as soon as you’ve paid back your loan in full. Title loans are issued based on the borrower’s ability to repay the loan.

To get your own safe, reliable and affordable vehicle title loan today, please call us now at 1-888-500-9887!

The most common types of loans for people with bad credit are called secured loans, which require putting up some form of equity as collateral to secure your loan.

Leveraging your personal assets can help you secure a personal or business loan at a substantially lower interest rate, and if you’ve got poor credit, it’s probably also one of the only forms of affordable financing that you’ll have access to.

The value of the assets you use as collateral – whether that’s your home, car or business equipment – is used to determine the rate of your loan.

With several different types of secured loans available, including secured personal loans and secured business loans, as long as you’ve got some assets to put up as collateral, you’re virtually guaranteed access to credit.

So whether you need some additional money to start your own business, or to help keep the lights on, you’ll want to review this guide to secured personal and business loans.

Secured Personal Loans

As stated earlier, a secured personal loan is typically provided at a lower interest rate than an unsecured loan because it’s been “secured” by your personal assets.

The reason why lenders are willing to give lower interest rates on these types of secured loans (even to borrowers with poor credit) is that they don’t have to worry about losing all the money they lend if a borrower fails to pay off their loan.

When a borrower with a secured loan defaults (fails to pay back their loan), the lender is legally entitled to take possession of whatever asset was offered up as collateral to secure the loan in the first place.

In that way, you can think of the securing part of the loan as an insurance to protect the lender from whoever they’re offering money to.

That may sound like a bad deal for the borrower, but the reason why you’d want to put up collateral to get a secured loan instead of pursuing an unsecured loan is that you’ll be able to get the funds at a lower interest rate, meaning it’ll cost you less to pay the loan back in the long-run.

Some common types of personal assets people use as collateral for secured personal loans include houses, cars, pieces of property, jewelry, valuables or anything else that they and the lender both agree has some value.

Borrowers give their lender the title to whatever asset they decide to use as collateral and in return the lender provides them with money in the form of a loan. Typically, loan payments are due each month, but oftentimes loans can be structured differently to fit particular financial situations. The key point to keep in mind is that once the borrower pays back their loan in full, the lender returns the title or other form of collateral used to secure the loan to the borrower.

And, alternatively, don’t forget that things can go south quickly should borrowers miss payments, fall back on their loan repayment schedule, or completely default on their loans. Should that occur, lenders will keep whatever was issued as collateral for the loan, taking permanent possession of the borrowers assets, whether that’s their house, property, or car that was used to secure the loan.

Secured Business Loans

On the other side of the same secured loan coin is the business loan, which is a secured loan taken out by a sole proprietorship, limited liability corporation or any other type of business.

Secured business loans are used to large corporations, mom and pop shops, start-ups, and virtually every other form of business entity in existence.

Whether the business is looking for help to expand their company’s staff, launch a new product, or pay off some debt that’s about to run late, lenders are likely to scrutinize both the business owner and the businesses books in an effort to determine how safe issuing a loan to this business entity might be.

In most cases, businesses will need to offer some form of collateral to secure their business loan. Common forms of collateral used to secure business loans include real property, but also cash savings or deposits, equipment, stock or other assets owned by the business.

Businesses need to be realistic about what they’re issuing as collateral, since a poorly structured loan could lead to significant challenges, defaults, and loss of assets. It’s also important that business owners remain realistic about the risk they’re taking on when taking out a new loan, especially since failing to live up to the conditions is likely to sink the business entirely.

How Car Capital Financial Can Help

Car Capital Financial provides low interest secured loans to both individual people (secured personal loans) as well as businesses (secured business loans).

Our secured loans are tied to titles of assets, meaning that we can issue a loan for taking temporary possession of the title of any vehicle (be it a car, truck, RV, boat, airplane, helicopter, motorcycle, personal watercraft or anything else).

With over 15 years of experience providing affordable vehicle title loans to clients throughout Southern California, we’ve helped thousands of customers out of sticky financial situations.

We don’t run credit checks, don’t care what your credit score is, and won’t use any of your previous financial history to influence the affordability (interest rate) for your title loan or repayment schedule. Title loans are issued based on the borrower’s ability to repay the loan.

But better yet, we’ll get you the money you need without requiring that you leave your vehicle with us, as all we’ll need is the physical title.

And, we won’t place any restrictions on your use of your vehicle. Feel free to drive it as often and as far as you like.

To get your own safe, reliable and affordable title loan in as little as 30 minutes, call us now at (888) 500-9887.

The most common types of loans for people with bad credit are secure loans, which use some kind of equity to secure the loan. For example, a mortgage is a secure loan, as is a title loan. Both of these use something you own, to make the loan secure.

However, if you do have bad credit, this doesn’t always mean you can’t qualify for unsecured loans as well. Unsecured loans have the advantage of not having to risk something you own, in order to take out a loan.

In fact, there are various ways you can take out an unsecured loan with bad credit, and these include:

Get a Credit Card

It is not at all unusual for credit card companies to award cards to poor credit holders. Therefore, you may want to try applying for at least a couple of credit cards. While a credit card isn’t a loan in a traditional sense, the credit does essentially act as one, and it can be a useful way to make major purchases which you can’t afford to pay for all at once.

Take Out a Neighborhood Loan

If you receive a regular pay check, you may qualify for a neighborhood loan. While it’s true that neighborhood loan companies don’t have the best reputation, a neighborhood loan will typically award you the value of your next paycheck. Unsecured personal loans for people with bad credit are best used for people who are in absolute desperate need of fast financial relief. Just make sure you know exactly what you’re getting yourself into when you take out one of these controversial loans!

Consider an Online Loan

Online loans have become popular since the 2008 Recession, as they are a fast way anyone with internet access can borrow money fast without the requirement of a credit check. However, it is important to consider two things before you take out an online loan. Firstly, they often enforce extremely high interest rates. Secondly, usually a very small repayment window is provided, which can make these loans very difficult to pay back on time.

Try a Traditional Bank Loan

While it’s true that traditional banks are less willing to award personal unsecured loans to those with poor credit, the recent upturn of the economy is leading some banks to loosening this policy. If you are able to explain why you have a poor credit score, how you are working to boost your credit score and that you have a steady income – a bank may be willing to lend to you. You will probably have to shop around a bit, but it’s absolutely worth your consideration.

Borrow from a Friend

Do you have a wealthy friend, or even just one you’d think would be willing to help you out financially? Ask around with your friends and family to see if anyone is willing to lend you a cash loan. You could provide them with a timeline on how you will repay it, and even draw up a repayment contract to make it official. Asking loved ones for financial help is always a little awkward, but if you’re facing difficult financial times, it’s in your interest to at least try.

Car Capital Financial – An Alternative Option

For a secure loan you can count on, choose Car Capital Financial. We are a leading Southern Californian title loan company that can provide you with a fast, safe loan of significant value.

All you need to have to qualify is a car that’s almost paid off or paid off in full, has a wholesale value of at least $5000 and be a Southern Californian resident. Title loans are issued based on the borrower’s ability to repay the loan.

Get your loan today. Call us at 1-888-500-9887 to get started.

 

A personal loan is a type of loan which is used for personal, individual uses. It is one of the most common forms of loans, and banks tend to prefer to award these loans to people with good credit.

However, even if you have bad credit, this doesn’t necessarily mean you can’t get a personal loan. There are in fact various ways personal loans for bad credit holders can get loan approval.

To help you get a personal loan, follow these suggestions:

1.       Apply for a Credit Union Loan

Credit loans work similarly to traditional banks, but differ in that they are owned by specific members of society. For example, teachers may belong to a school credit union. Credit unions are non-profit and as a result are often more willing to award loans to people with bad credit. If there is a credit union you are eligible to join, definitely consider doing so, as this could lead to you getting a loan fast, regardless of your credit score.

2.       Explain Your Situation

Is your bad credit due to unforeseen, easily explained circumstances? Such as illness in the family, or the sudden loss of a job? If your credit score has plummeted because of something temporary, and it can be fixed within a reasonable time frame, a bank or other lender may be more willing to award you with a loan. Explain to lenders why you have a poor credit score, and they may be more lenient in awarding you with a loan.

3.       Explore Bad Credit is OK Loan Options

Did you know that there are many different loans that don’t require a credit check whatsoever? This means even if you have a bad credit score, you can get a personal loan. A common example is a neighborhood loan. While these loans definitely come with their disadvantages, they are a common method for raising money fast. Another option is online loans, which while only award you a small amount at a time, often don’t require any kind of credit check.

4.       Work to Improve Your Credit Score

If you have bad credit personal loans become easier to get if you actively work toward improving your credit score. Even if your credit score is dismal, simple actions such as making higher credit card repayments each month or paying off an outstanding loan can have a positive impact on your credit score. Ultimately, the higher your score reaches, the easier it will be to get personal loan approval.

5.       Consider a Title Loan

If you own your car in full or have almost paid it off, you could qualify for a title loan. These loans work by awarding you cash in exchange for temporary ownership of your vehicle’s title. Once you’ve repaid the loan in full (you often have several years to do so) the title will be returned into your name. These loans can be for substantial amounts – depending upon how much your vehicle is worth – and rarely require any kind of credit check at all.

Car Capital Financial

For a title loan you can trust, choose Car Capital Financial. We are a leading Southern California title loan company that specializes in awarding fast loans of value to our Southern Californian clients. If you want a loan but can’t get approval from a bank, we are a great and safe alternative option. Title loans are issued based on the borrower’s ability to repay the loan.

To find out how you can get your loan as soon as today – call us at 1-888-500-9887.