Anyone that files for bankruptcy knows that their credit score will drop extremely low and with that on your report for the next 10 years, you are sure that you won’t be eligible for traditional loans. With bankruptcy on your credit report, the credit score will most likely be in the 160-220 points range, which is considered to be poor credit and that is what makes getting a traditional loan difficult.
But the problem is that an individual that files for bankruptcy is the one that needs more funds but financial turbulence can be a sore spot on the credit report. But if you are one of those who has filed for bankruptcy and need to take a loan to tide over other financial irregularities or to pay debt, the question arises, who will give you a loan?
If you are out of options, there are Phoenix auto title loans that can be available if you have your own car. And that is the best way to borrow money in such times. There aren’t numerous options available if you have filed for bankruptcy but vehicle title loans allow you to take a loan on your car but you get to keep it too. And this is only possible because the lenders do not look at your credit score when providing the loan. They are only concerned with the state of your car, year of manufacture and your current repaying abilities. Your loan is based on just that.
The bankruptcy filing will not make a difference on your loan taking abilities as the Phoenix car title loan provider is not going to run a credit check so even with poor financial status, you are eligible for the loan. It is faster and much easier to get an Phoenix auto title loan than a traditional loan and you get the cash on your car the same day, if the documentation is in order. Most Phoenix vehicle title loan lenders prefer that you have no pending payments left on your car as it will be kept as collateral.
You are well on your way to get the loan approved when you can show your current pay slip stub which means that you are in a position to repay the loan on time. If you are looking at the amount that you will get, basically, it is easy to say that it can range from a few hundred dollars to about $3000. The lenders usually pay about 25% to 50% on the value of the vehicle. Think about it and work out the math before you apply.