When the banks have rejected an application or a fast easy cash advance from a payday lender isn't quite sufficient, a motorcycle title loan could provide the answer. Putting up a vehicle as collateral means that no credit checks need to be performed because the lender is always able to recover his or her money in the event of default. A history of bad credit is no obstacle to approval and the money can be used for any purpose, such as fixing a broken car or meeting a business expense.
How to Qualify for Motorcycle Title Loans
Although credit scoring isn't used at any stage of the application process, it is still necessary to comply with a different set of lending criteria. Lenders are more interested in ensuring that there is sufficient collateral to recover any unpaid debt and that affordability can be proven. A number of U.S. states have also introduced their own laws that specifically govern vehicle title loans. The standard eligibility criteria are as follows:
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