Why Banks Make It Hard to Get Personal Loans

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Why Banks Make It Hard To Get Personal Loans

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It’s not the old days where banks would hand out money hand over fist. With massive losses in personal loans, they simply closed out this for the average consumer. If you are in need of cash to pay for a large bill, due to a health emergency, or because you have been temporarily or permanently laid off, you may think that a personal loan is the only option. Personal loans are offered by banks and other lending institutions such as credit unions and generally offer anywhere from $2000 to $50,000 for those who qualify. While they often are a good option for those who have high credit scores and who can wait weeks to get the money they need, they are difficult to qualify for and there’s a reason for that.

Banks make money by loaning money to those who can repay it. By tacking on interest, banks recoup the money they loan as well as the extra fees involved and the amount of interest that was agreed to when the loan terms were set. Because of this, a lending institution may make as much as $1000 off a $5000 personal loan. However, to stay profitable, they must keep the number of people who default on loans to a minimum. Many banks therefore gravitate toward business loans or lines of credit that are secured and less risky to the institution. Because personal loans do not require collateral that can be repossessed by the bank if the loan is not repaid, a bank is out the amount of money they loaned. For this reason, they must take strict measures to ensure that those who qualify for personal loans are the ones most likely to repay them in full.

How do they do this? Most lending institutions have stringent guidelines on qualifying for personal loans. They know that the more difficult they make the process, the less likely that those with unreliable repayment history will apply. The ways they do this often include:


Requiring High Credit Scores

Credit scores are based on a number of variables such as an individual’s open revolving credit, their assets, their income, and their history of paying bills on time. Incidents such as divorces, bankruptcies, or job losses can have devastating effects on credit scores and it may take years to recover. In addition, a credit score may not have any bearing on how likely you are to repay your loan, especially if your low score is due to something outside your control.

However, credit scores are one of the most quick and reliable ways for lending institutions to determine if a loan applicant is a good candidate for paying back their loan. While this is good news for those with high credit scores, it also means those with not so stellar credit will likely be turned down.


Prior Relationship with the Bank

Many lending institutions will not consider loan applications from those who do not have a prior relationship with their bank. That means that if you do not have checking or savings accounts with the bank, your application may be immediately rejected. Banks do this because they know that those who are already clients are much more likely to pay back their loans than those who have never done business with them. If you have a good relationship with a bank, you may be able to use that to qualify for a loan. However, if you do not have this type of history, you may have trouble qualifying.


A High Paying Job

Most institutions that offer personal loans will check your employment history and determine how much money you make on a monthly basis. They will weigh this against your monthly bills and the amount of revolving credit and other loans you already have. However, many of those who are in need of quick cash simply do not have the credentials needed to qualify for one of these types of loans. Even if they do, they might not have the time to go through the credit and employment history check that banks require.


A Different Option

Banks make it difficult to qualify for personal loans for a reason they’re protecting their bottom line. Fortunately for you, though, there are other options when it comes to getting the cash you need. If you live in California and own your vehicle, one of the best options is a car title loan. These loans do not look at credit or employment history and only require that you have a free and clear title and that your vehicle is valued at or over the amount of money you wish to borrow. If you qualify for a loan, you can continue to drive your vehicle as you pay back the loan and can borrow anywhere from $2510 to upwards of $10,000 depending on the value of your vehicle. You’ll also get your money quickly and easily with no long waits in line or extended qualification periods.


Working with a Professional Company

Once you have decided that a car title loan is right for you, it’s essential that you choose a professional company that will help you get the best rates and repayment options available. At Max Cash® Title Loans, we are a broker that works with a variety of lenders to get you the best possible loan. Because we make all of our money from the lending companies, we can offer our services free of charge to the customer and our cutting edge technology makes it possible for applicants to qualify almost completely online. With dedicated service representatives, a vow to never sell your information, and a 4 ¾ star rating from Consumer Affairs, Max Cash Title Loans is simply the easiest and most reliable way to get fast cash.


Are you in need of cash due to an unforeseen bill, a health emergency, or another situation such as tuition or funeral arrangements for a loved one? If you find yourself in this situation and cannot qualify for a personal loan from a bank, you should consider a car title loan. This quick cash option is convenient and dependable and takes the stress out of getting the money you need to pay your bills.