Kingston Auto Title Loans Advice: Loan Options for Bad Credit Borrowers - Instant Loans Canada

Blog

Kingston Auto Title Loans Advice: Loan Options for Bad Credit Borrowers

Jun 25, 2014

As with most people with bad credit, it may be very hard for you to obtain a loan or other financial aid owing to your credit reputation. Many of the people with bad credit end up with only few financial options for their cash needs. Often they are left with secured loans which use some form of equity to secure the loan. Some examples of secured loans are mortgage and Kingston auto title loans. With mortgage, you have to secure the amount of money you borrow with a personal property or a real property. On the other hand, Kingston auto title loans require your vehicle as the equity for your loan. During the loan term, you may still use your vehicle as the lender will only possess your vehicle’s title.

However, what is not known to many is that there are also unsecured loans available for people suffering from bad credit. Below are the list of unsecured loans subprime borrowers may resort to:

  • Credit Card.

There are now companies that grant cards to those suffering from poor credit. The good thing about credit cards is that you can make use of them especially when your cash on hand is not enough. However, there are disadvantages associated with credit cards. One of them is the higher interest rate compared to secured loans like Kingston auto title loans.

A payday loan is a loan based on the amount of the paycheck you will receive for that specific month. As long as you receive paychecks regularly, it would be very easy for you to qualify to a payday loan. This loan is perfect for those who are in need of immediate cash relief.

  • Resort to a friend or loved one.

If you know of someone who is more financially stable than you, it is wise that you approach him or her for help. Your friends or loved ones will surely be willing to lend a hand to you during your desperate times. Although this is a very awkward situation to enter yourself into, it is worth the try especially if you are financially in trouble.

In order to reassure your friend or loved one, you may draft a contract or ask him or her terms or conditions for the loan. This can help you avoid sour relationships in the long run.

These are just some of the very many unsecured loans subprime borrowers can try. If any of these solutions won’t work, just remember that you can still resort to secured loans like mortgage or Kingston auto title loans.