Are There Any Alternatives To Cosigning A Loan?
There are several alternatives to cosigning a loan that can help you get the emergency money you need.
However, it’s tough to find someone who’s able and willing to guarantee a loan. Even if you’re close to them, they may be uncomfortable about signing a legal document that obligates them to take over your payments if you fall into financial trouble.
Thankfully, you still have many alternatives to cosigning a loan, so keep reading to discover the best option for you.
Cosigning A Loan Alternatives
Go To A Credit Union
Credit unions are cooperatives where members contribute to a joint fund that provides financial services like loans. Some establishments have low-interest rates or may be able to grant small loans even if you have a low credit score.
However, you may need help finding a credit union willing to work with you. Some will only grant loans to cooperative members and not the general public.
Others focus on specific communities. For example, the Navy Federal Credit Union only grants loans to veterans, while the State Employees Credit Union only grants loans to government employees and teachers.
So, even if a credit union is one of the great alternatives to cosigning a loan, it is only available to some.
Peer-to-Peer (P2P) Lending
With P2P lending, you don’t borrow from an institution or organization; instead, you post a loan listing on the platform, and then other individuals will decide whether or not they will “invest” in the loan.
Anyone can add a loan listing. However, you may still need to meet the platform’s pre-qualification criteria, and you have to wait for an investor to notice your post and decide to fund your loan. So, even if P2P sites are alternatives to cosigning a loan, they’re not a viable option if you need the money immediately.
Before choosing this option, read several reviews of P2P sites because some are very inefficient and can take a long time to release funds.
Ask Family Or Friends
If you aren’t sure what other alternatives you have to cosign a loan, try asking your friends or family if they can lend you some money. You can offer to pay them interest and sign a contract. Even if you’re close, it’s better to have this all on paper.
Ask Your Employer For A Salary Advance
Ask your employer if you can advance your salary and pay it off in installments. Tell them that the amount can be directly deducted from your paycheck, so they have the reassurance that you will pay off the loan on time.
Get An Auto Title Loan
A South Carolina auto title loan is a secured loan where you use your paid-off vehicle title as collateral. Unlike other alternatives to cosigning a loan, the application process can take as little as 30 minutes.
You can apply for an auto title loan even if you have a bad credit score or have no credit history. You don’t have to present proof of employment and income or ask someone to cosign the loan.
The only requirement to get this loan is that you own a vehicle with a paid-off, lien-free title. That means you are not currently using it as collateral for another loan, and it has no other legal claims or court judgments against it.
How Much Can I Borrow?
You can borrow up to $15,000, but the amount you qualify for depends on your car’s model, age, mileage, and condition.
Benefits Of An Auto Title Loan
- No minimum credit score. You can qualify even with bad credit.
- Less paperwork. Unlike bank loans which require a lot of documents, you only need to present the paid-off, lien-free vehicle title registered under your name, your vehicle, and a driver's license or state-issued ID.
- Easy application. You can inquire through our online form and finish the process at the branch in as little as 30 minutes.
- Fast approval and payout. Find out right away if you qualify for the loan. Upon getting approved and signing the documents, you will receive the money on the same day or the next business day.
How To Get An Auto Title Loan Now
If you're facing a financial emergency, an auto title loan can help you meet your urgent needs. Carolina Title Loans, Inc. makes getting a loan easy even if you have bad credit. First, fill out the short inquiry form. Then, a loan representative from one of our branches will call you to explain more about the different loan packages and answer any questions you may have.
Go to your nearest Carolina Title Loans, Inc. location to show your vehicle title and ID, get the vehicle inspected to determine the loan amount, and sign a few documents. If approved, you will receive the money on the same day or the following business day.
Have any questions, or are you ready to start your application? Just fill-up the form, and we’ll help!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.