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    HOME > AREA SERVED > Oak Lawn, IL

    Loans for People with Bad Credit in Oak Lawn

    There are many types of loans for people with bad credit in Oak Lawn. Some people think having bad credit prohibits everyone from getting any type of loan, but it only prevents people from getting bank loans and other lending options requiring credit checks. People with bad credit have other options from alternative lending institutions.

    3 Types of Loans for People with Bad Credit in Oak Lawn

    1) A car title loan is a loan that uses a borrower's vehicle as collateral for the money lent. However, a borrower does not have to hand over the entire vehicle, only the title! That means one gets money while keeping their car too! Because title lenders have an asset to fall back on, they are more likely to lend out a heftier amount of cash with lower interest rates than other lenders would.

    2) A payday loan is an unsecured bad credit loan that must be paid back by the borrower's next pay period. This is a good option for those who do not have an asset to secure a loan with because one does not need a credit history or asset to get one. However, payday lenders do not offer as much money as car title lenders do because they have nothing to fall back on. Interest rates are generally three times higher as well.

    3) A pawn loan is a type of bad credit loan that uses a luxury item as collateral for the money borrowed. Pawning can give borrowers money on the fly, but usually with higher interest rates. Some pawn brokers are more flexible with their repayment periods as well . . . so some prefer this method to payday loans.

    What is the Best Type of Bad Credit Loan in Oak Lawn?

    If a borrower has a car, their best bet is taking out a car title loan. Borrowers get more money with lower interest rates, and they get to keep their car. However, if a borrower does not have a vehicle in their name, pawning is probably the second best bet. It is always better to get a loan if you have an asset to secure it with. Payday lending is generally the worse option, but many people do find it helpful in their situation, especially when all other options are closed off to them.

    It is not hard as one may think to find loans for people with bad credit. Oak Lawn has many different lenders throughout the city available to help those who are financially struggling.

    If you decide you want to pursue an auto title loan in Chicagoland, please fill out the application on this site and let us give you a free, no obligation quote based on the value of your vehicle.