Yes, it is possible to get a registration loan with no credit history. In fact, some registration loan lenders actually target their business towards individuals with poor or no credit history. Registration loans require little information or documentation from the borrower in order to receive approval.
While this might seem like a convenient way to get some extra money, there are some major downsides to registration loans that you should know about. Here are just a few of them, registration loans almost always have:
- Steep interest rates that keep up your registration loan balance
- Inconvenient terms that make payments unmanageable
- Business tactics that are designed to actually keep you in debt
Auto title loans can be a much better option for you and your budget. Learn more about your credit and how an auto title loan help!
Credit History and Loans: How They Work
Your credit history is an important part of your personal finances. You want to maintain a higher credit score, so you are more likely to receive approval for things like new credit cards, loans, housing, and more.
It is important to understand your credit score before you learn about how registration loans and auto title loans can affect them. Here are the components that make up your credit score:
- Payment history– Refers to how often you are on time with your payments of reoccurring bills and other financial obligations. Getting a registration loan might put you in a position where you are unable to maintain your payment history. Things like missing a payment on your loan will have a negative effect on your credit score.
- How much money you owe – Refers to the money you owe on various lines of credit such as credit cards and loans, as well as money you might owe on accounts like medical bills and parking tickets.
- Duration of credit history – Refers to how long you have had your varying lines of credit and other accounts. This also includes how active you are with those accounts for example, how often you use your credit card since the time you opened the line of credit can affect this part of your credit score.
- Types of credit used The different times of credit and accounts you have are what make up your types of credit. How many credit cards and loans you currently have in your name have an impact of this part of your overall credit score.
- New credit – Every time you take out a new credit card, the credit lender looks into your credit score to see if you are a reliable borrower. Every time this happens, whether you are approved or denied, your credit score is affected.
A registration loan can severely impact your payment history, how much you owe, and the duration of your credit history. The high interest rates and short terms that are usually attached to registration loans can put you into significant debt, which won’t help your credit history whatsoever.
How Max Cash Can Help You
Auto title loans with Max Cash Title Loans2 are a useful way to get the money you need fast.
When you get an auto title loan from Max Cash Title Loans, we can use our competitive rates and convenient terms to set you up with the best payment plan. When your monthly installments are stress free and manageable, you won’t fall behind. Doing this will positively affect virtually all the components that make up your credit report.
Ditch the risks and hassles that come with registration loans. Max Cash Title Loans can connect you with an amazing auto title loan that could get you funded fast. You can even complete your auto title loan process and receive your money in 24 hours in some cases!
Getting Your Auto Title Loan with Max Cash Title Loans
The Max Cash auto title loan connection process is simple and easy. the 3 step process is designed with your best interest in mind. Here’s how it works:
- Go online to our homepage and fill out a fast information request. You’ll find out if you are approved right away!
- Talk to your auto title loan agent about your free quote and provide a few documents. Then your lender can draw up your title loan contract.
- Sign your loan contract and get paid! Pick up your money at a Wal Mart cash center or have it electronically transferred to your bank account.
There are so many ways an auto title loan could improve your life. Not only can they get you funded quickly, they can also help improve your credit.
Finally, nothing is stopping you from getting the money you need! Get started on your auto title loan today.