It’s only natural to wonder if getting a title loan from Carolina Title Loans, Inc. involves a report to credit bureaus. If you’re in a tough financial position, the last thing you’ll want to do is borrow money that can further lower your credit score. Thankfully, you won’t have to worry about a title loan affecting your credit score.

In this guide from Carolina Title Loans, Inc., we will explain why title loans don’t lower your credit score. We will review how you can borrow title loans for bad credit and what a title loan repossession on your credit report can do to your score.

Do Title Loans Report To Credit Bureaus?

No, title loans aren’t typically reported to credit bureaus. That’s because title loans fall under the category of alternative funding, which tends to have different rules compared to more traditional loan options.

Our title loans are secured using collateral, meaning you won’t have to prove your creditworthiness to get approved. We may run a soft credit check to see your score, but it won’t affect approval or your score. The difference between hard vs soft credit checks for title loans is that a hard credit check with banks will lower your score a bit, whereas the credit bureaus aren’t notified for soft checks.

Without your title loan being reported to those bureaus, you won’t have to worry about your credit score being affected. Still, there are some exceptions you must be fully aware of.

When Can A Title Loan Appear On Your Credit Report?

As long as you make your payments on time, your title loan will not appear on your credit report. However, missing title loan payments may affect your credit score, since the loan lender may need to report the loan going into collections.

If you fail to make multiple payments in a row (for a period over 90 days), you may default on your loan, leading to a vehicle repossession. A title loan repossession on your credit report can lower your score, especially with the debt going into collections. Title loan collections on your credit report can lower your score by 50 to 100 points.

As long as you stay on top of making your repayments, you won’t have to worry about a title loan affecting your credit score. In fact, even borrowers with bad credit can get approved for title loans in South Carolina.

Can I Get A Title Loan With Bad Credit?

Yes, you can still get a title loan even with bad credit. That’s because having perfect credit isn't required for this type of loan. Having full ownership of your vehicle and its value is much more important to getting approved than having a good credit score.

Since you use collateral to secure the loan, the lender doesn’t need you to prove you have a good payment history. They can recoup the value lost by you failing to make payments by repossessing your car.

All credit types are welcome to apply and may still be approved if they meet the qualification requirements.

What Are The Requirements For Title Loans In South Carolina?

As we’ve mentioned previously, we don’t have a credit requirement for our title loans. To get approved, you will only need a few items to verify your identity, age, full car ownership, and vehicle value. Proving you meet these requirements will necessitate just a few items that you should be able to find at home.

These are the required items for title loans in SC:

• Driver’s license – Getting approved for loans in South Carolina requires you to prove you’re at least 18 years old. You will also have to verify your identity with an ID that displays your portrait photograph, full name, and date of birth. You can use any state-issued photo ID, such as your driver’s license, passport, or school ID.
• Lien-free vehicle title – You must have fully paid off your car, truck, or van to get approved for a title loan. Your lien-free vehicle title proves you own your vehicle outright. We will take it as collateral and place a lien on it until your loan is paid off. Just remember, the vehicle title must be in your name.
• Your vehicle – You can borrow up to $15,000 with a title loan. Your loan amount will depend on your vehicle’s value, determined during an inspection. The factors that can influence the title loan amount are your vehicle’s age, make, model, condition, mileage, and service history.

Do you have these required items? Then, you can proceed with the fast title loan process; it only takes a few steps to get approved.

SC Title Loans Process: Step-by-Step Guide

You can get approved for a title loan in South Carolina on the same day you begin the process. Our simple online inquiry form lets you begin the process in just a few minutes. After kickstarting the process online, you can visit us in person at a South Carolina store location to get approved in 30 minutes or less.

Here is the approval process for our title loans:

• Fill out our online title loan form
• Speak to a loan representative over the phone about title loan terms
• Bring your required items to the nearest Carolina Title Loans, Inc. branch
• Get your requirements verified and vehicle inspected in person
• If approved, sign a few loan documents to finish the process
• Receive your title loan cash later that day or by the next business day

Do you have more questions about how our title loans work? Our representatives are available to speak by phone or via live chat.

Who Can I Talk To If I Have More Questions?

Suppose you have questions or concerns when getting a title loan. In that case, the best person to speak to is the representative helping you through the process.

The representative is there to ensure that you go through the process with complete peace of mind. They’ll be more than happy to answer your questions and clarify anything that has you feeling unsure.

You can speak to them when they call you at the beginning of the process. Similarly, you can ask them questions when you meet them in person or at any other stage of the process.

FAQs About Title Loans

Will you check my credit score for a title loan?

It depends on the location. Some will conduct soft pull prequalification to see what your score is before getting approved. However, we will not conduct hard credit inquiries that can lower your score.

Can I get approved for online title loans?

While you can begin the process online, you must finish the process at one of our branches. Thankfully, we have 16 stores across South Carolina that you should be able to drive less than 20 miles to reach. Visit us at our branches in Greenville, Florence, Rock Hill, Columbia, etc., to get approved in less than 30 minutes.

Can I get title loans with no income required?

We do not verify your income for our title loans, so you can borrow without a job. However, this can be dangerous since you have to repay the loans with interest. Make sure you can afford repayment before borrowing to avoid losing your vehicle due to missed payments.

Borrow Title Loans In South Carolina With No Credit Check – Borrow Up To $15,000 Today!

You can borrow title loans without it affecting your credit score. At Carolina Title Loans, Inc., you can take out a loan without it affecting your credit report. Same-day approval, simple requirements, and no income required are just a few of the benefits of our title loans. Apply with our online title loan form today and visit us in person to get approval in less than 30 minutes!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.