How on Earth do you get a loan without your parents?
As a young person you likely have had to ask your parents for help with everything growing up. You had to get them to co-sign loans over the years.
Let’s change situations now. Let’s assume that you’re in your 20s and are working. You have been working hard and saving your money. You’re now doing your best and are proud of where you are. Things just go wrong and you need to borrow some money. What do you do? It’s time to ask an important question.
Can you get a loan without your parents?
Of course you can. You can leave your parents out of the equation.
How can you get a loan without your parents?
You can apply for all sorts of options. Specifically, you can always apply for a title loan. You don’t have to bother your parents nor do you have to inform them of your financial situation. This is very important depending on the sort of relationship that you guys may have.
What will they use to decide if you’re worthy of the loan?
When you go to apply for a loan without your parents, the following will be considered or factored in at some point:
- Credit. What’s your credit score like? You been on track or have you made some mistakes over the years? A poor credit score can really hold you back.
- Your income. What’s your income like? Do you have any money coming in? How would you pay this loan off? It’s difficult to justify loaning money to someone that doesn’t have a means for paying this money back. It’s pretty simple.
- Collateral. This is where title loans come into play. What can you use as collateral?
What’s the definition of a title loan? According to Wikipedia:
A car title loan, or simply title loan, is a loan where the borrower provides their car title as collateral for a loan..
Is a title loan worth it?
There are many benefits to a title loan, such as:
- Convenience. You don’t have to stress about spending hours at the bank or worry about the approval process.
- Quick. A title loan is quick. You can get your money on that same day. Why wait?
- Simple. You don’t have to deal with a credit approval or any background history. It’s pretty straight forward. You don’t have to worry about getting your parents involved.
- Fast cash. You don’t have to wait for weeks to get your loan. You can get it on the spot. When you’re in a bind, this is important because you don’t want to be stranded without the cash that you need so badly.
What are your experiences?