Youre best off avoiding payday lenders if you need a bad credit loan. Auto title loans. Do not confuse auto loans that are meant for car buyers with auto title loans. Auto title loans require you to use your car as collateral in order to get a loan that can be used for any purpose. The amount of these loans varies, but its usually for much less than your car is actually worth. You usually wont need a credit check to get an auto title loan. According to the FTC, auto title loans typically last for 15 or 30 days and have a triple-digit APR.
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Short-term, high-interest payday loans can trap you in a cycle of debt. NerdWallet is here to help. Stop and think. Payday loans can ruin your family's finances. Interest rates can top 1,000, and nearly half of borrowers default inside two years. Explore other options. Search the alternatives below, borrow from friends or family, ask your boss for an advance, or even use a pawn shop - anything but a payday loan.
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