If you are in need of a fast way to pay for an emergency or pay off debt, you may be considering taking out a credit card. Before you do, consider a title loan with Car Capital Financial instead.
We are a leading Southern California title loan company, that delivers cash loans to our clients often on the same day of request and in many cases in as fast as 30 minutes!
If you need cold, hard cash now to pay for your unique financial needs, call us at 1-888-500-9887 to get your money today!
And if you’re still curious about what a secured credit card is and how to get a secured credit card, read on:
What is a Secured Credit Card?
A secured credit card is a type of credit card that works differently from the traditional credit card by requiring a cash deposit. This deposit provided by you will usually serve as the line of credit. For example, if you provide $500 as a deposit, your total line of credit will be $500.
At first glance this may not seem like a great deal, especially because a cash deposit is required, but it is an excellent method for people with bad credit to rebuild their credit and increase their chances of getting approved for a traditional credit card in the future.
Before you apply for a secured credit card, consider the pros and cons to getting a secured credit card:
The Pros:
- Helps Rebuild Credit – If you’ve been refused approval of a regular credit card because of your bad credit or have no credit history, a secured credit card can be a great solution. Approval of secured credit cards for bad credit holders is common, as many people see this as one of the cheapest and most reliable ways to rebuild their credit score and eventually get approved for a traditional credit card. If you want to boost your credit score fast, getting a secured credit card is an excellent way to do so.
- Low Fees – Some regular credit cards charge high fees but luckily many secured credit card companies typically only charge a low annual fee for using the card, which can be as low as $25. For anyone that wants a credit card minus the pricey fees, a secured credit card can be a great solution.
- Easy to Get – As long as you have enough cash to put down as your deposit, you will likely get approved for a secured credit card. The deposit serves as collateral and financial security on the credit card companies behalf, so they will typically be more willing to approve applicants (regardless of their credit score) compared to traditional credit card companies.
The Cons:
- A Cash Deposit is Required – The cash deposit can also serve as a major con. If you don’t have cash to begin with, you won’t be able to get a secured credit card. For those that are in desperate financial need and need a credit card to pay for things they’re not currently able to do so with cash, a secured credit card simply isn’t an option. Only consider taking out this type of credit card if you have enough cash for the deposit.
- The Amount of Credit is Very Limited – The credit limit awarded to a secured credit card user is mostly only the value of the deposit, and as a result the line of credit will always be limited to what you can afford to put down as a deposit. If you want a credit card to cover expensive emergencies, you will probably be better off trying to take out a regular credit card with a larger credit limit.
- High Interest Rates – Many secured credit cards will charge higher interest rates than regular credit cards, making it imperative that you pay off your credit balance each month to avoid the steep fees. If you don’t think you’ll be able to pay off your credit card charges in full each and every month, a secured credit card probably won’t work out well for you.
Car Capital Financial – A More Valuable Option
If you don’t have the cash needed to set up a secured credit card or want to raise actual cash rather than depend on credit cards for purchases, then get a title loan from Car Capital Financial.
We deliver loans to our clients based on the value of their vehicle and your ability to repay the loan. Our cash loans can be delivered to you within hours, call us at 1-888-500-9887 to get your money now!