How You Can Access A Loan When You Don’t Have Any Credit
By Laura McElroy

It can be quite devastating to find out that your credit rating is not considered good enough to obtain a loan. You may be aware that your credit score is in poor standing or it may come as a surprise. 

Either way, there are options that you can access to obtain a loan even when your financial record is less than optimum. These options may encompass a title loan, pawn loan, borrowing from friends or family, using assets as collateral and others. 

Using your vehicle as security to obtain a loan

The quickest way to get a loan without credit is to make use of a title loan. A title loan means using proof that your car is registered in your name as security to borrow money from a business. 

A Lending Bear installment loan also provides for online title loans to access cash when you need it most. Simply use your vehicle registration to obtain this type of loan because the title provides enough security for the lender to consider you a viable risk. 

Insurance policies

If you have been paying for a private insurance policy for several years, you may have sufficient collateral in that policy to use it as security or to borrow from the policy itself. Speak to your insurance broker about your options for accessing cash funds from this type of asset since it is fairly liquid. 

This may not be a particularly fast way to access cash, but it is certainly an option to bear in mind. Knowing what your choices are will help you to make better financial decisions regarding loan sources.

Gold jewelry in exchange for cash

You can use gold jewelry to get your hands on some money quickly. Check your jewelry drawer to see how much of your gold jewelry is actually valuable in terms of 9, 18, 24-carat gold. Collect these items and take them down to a business that specializes in exchanging gold for cash

Alternatively, your local jeweler may be interested in paying you for these items. Take note that value will be lost in this exchange because the gold will be melted down to make new items. The labor and design costs that went into making the pieces exchanged will, therefore, be lost.

Access a payday loan to tide you over 

Even though a payday loan may be quite costly, it is a very convenient option when you need quick money. You can apply for most of these payday loans quite rapidly online. The process is straightforward. 

Friendly staff members will probably let you know within 24 hours whether you qualify for a payday loan, how much they can lend you and what the repayment sum will be. 

As with any loan option, it is always advisable to consider all your options rather than taking the first one available, whether you have a bad credit or a healthy one. In other words, do your homework and shop around to find the product that suits you best.

Get a loan from a pawnbroker

A pawn loan is similar to a gold exchange for cash loan, except you will have the opportunity to recover the goods sold as a security. The pawnbroker will place a value on your goods, hand you the cash and grant the opportunity for you to purchase your goods back in a certain time frame. 

You will have to pay more to get your goods back than what you received, but that is the fee paid for the service and risk inherent in this type of loan. You will also have the choice not to buy back your goods, which will then be sold to someone else so that the lender can recover their losses.


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