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Does a Title Loan Affect My Credit?

Does a Title Loan Affect My Credit?

Credit scores are a hot topic in the world now and among lenders who issue your loans. Everybody wants to have a great score, and now, more than ever, people are paying attention to their credit scores.

It’s great that there are so many free ways to keep up with everything that’s going on with your credit, and some banks even provide the service for free, as part of having a credit or checking account with them. These services help you make sure you’re doing everything you can to get the best score possible, since it is used in decision making for major purchases, loans, and lines of credit.

Credit scores are something that stay with you forever, so it’s important to keep track of what exactly is happening. When it goes up or down, you want to know why. And you should. Credit scores are important when you’re buying a house, getting a loan for a car, or getting a line of credit.

Since Kansas City’s Midwest Title Loans is a loan provider, it’s easy to wonder how your credit will play into your title loan. Will you need good credit to get one? Will your score increase or decrease, as a result of applying for or paying off a title loan? What are the benefits of getting a title loan? We’ve got all the answers for you here.

How Your Credit Is Involved in a Title Loan

Your credit and financial history aren’t used as a determining factor in your loan approval.

When you apply for a loan at a bank or credit union, the requirements can be extensive. Many times, you’ll have to show previous pay stubs, give your employment information, and consent for a background/credit check. You may have to give your current housing status and provide any places you’ve lived in the last five years. It is important that you’re financially stable in all ways to banks and credit unions.

At Midwest Title Loans, we understand that your current financial status and credit score may not be in top condition. Many times, our customers come to us in the midst of a gap in their finances or during a financial hardship. Because we want to help you get through your tough financial time, we only have a few requirements for getting a title loan:

  • Your lien-free title – It is one that is completely paid off. It must be in your name and issued in Kansas or Missouri.
  • Your current insurance card
  • Your current driver’s license or ID, showing you are 18 or older

That’s it! We want to make it as easy as possible to obtain the short-term loan you need, when you need it. And by shortening the application process, you can get your loan much faster than with most other lenders.

Your credit won’t be affected during the application process.

Have you ever applied for a loan and seen your credit score take a hit after? Sometimes, when you fill out a loan application that requires a credit check, you will see a soft or hard pull on your credit report.

When there’s a soft pull on your credit, you won’t see a decrease in your credit score. If there’s a hard pull on your credit, your credit will take a small hit. Since Midwest Title Loans doesn’t do either of these pulls on your credit, you don’t need to be worried that your current credit score will drop, as a result of your title loan application. This is just another benefit of getting a title loan with Midwest Title Loans over our competitors in Kansas City.

You may see an increase in your credit, once your loan is paid off.

A title loan is the same, to your credit score, as any other loan. Once your title loan is paid off in full, you may see an increase in your credit score, as a result. It may not be a huge increase, but there is a chance you may receive a small increase.

Since it’s our goal to help you get out of your financial rut, we love that our title loans may affect your credit score in a positive way. We want to be your financial partner anytime you need our help.

How to Get a Title Loan at Midwest Title Loans

One of the major benefits of getting a title loan at Midwest Title Loans is that our process is simple and quick. You can get the funds you need to cover overdue bills, basic expenses, and beyond, the same day that you apply. It can even take as a little as 20 minutes. Here’s how you get a title loan for your short-term funds:

  1. Fill out our online application.
  2. Gather your lien-free title, current driver’s license or photo ID, and insurance card.
  3. Drive the car that your lien-free title is for to the nearest Kansas City Midwest Title Loans location. We have six convenient locations all over Kansas City. Whether you live in Kansas City, Gladstone, St. Joseph, Olathe, or Overland Park, you’ll find a Midwest Title Loans location by you.
  4. We’ll inspect your car to determine your car’s value and the amount we’ll loan you – between $150 and $5000.
  5. We’ll offer you the money and provide your loan’s terms and conditions. Our loans are under a 30-day, renewable contract.
  6. You’ll temporarily give your title to us, as collateral for your loan.
  7. You’re ready to go cash your check and use the money however you’d like.
  8. Once your loan is paid off in full, you’ll receive your title back.

Get Started on Your Title Loan Today at Kansas City’s Midwest Title Loans

Are you ready to get the money you need to cover a gap in your finances? We’re ready to help you get started. If you have any questions, contact the Midwest Title Loans location near you. Whether you call, come by, or contact us through our website, we look forward to helping you with your short-term funds!

Proudly Serving the Kansas City Metro

Midwest Title Loans proudly provides car title loans to the Kansas City metro area, serving the cities of St. Joseph, Gladstone, North Kansas City, Kansas City, Grandview, Belton, Lee’s Summit, Raytown, Independence, Overland Park, Olathe, Lenexa, Shawnee, and the surrounding areas.

 

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OUR LOCATIONS

330 W. 85th Street
Kansas City, MO 64114
Phone: (816) 363-8600

6420 North Oak Trfwy
Gladstone, MO 64118
Phone: (816) 436-7711

603 S. Belt Hwy
St. Joseph, MO 64507
Phone: (816) 232-9100

8212 Metcalf Ave.
Overland Park, KS 66204
Phone: (913) 381-2222

2500 State Ave.
Kansas City, KS 66102
Phone: (913) 281-9997