Unsecured Loan VS Secured Auto Loan Kelowna British Columbia – What’s the Difference?

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An unsecured loan does not require collateral. Interest rates are higher compared to secured loans because of the high risk involved on the part of the lender. There is a possibility that the loans they granted may not get paid. If the borrower does not pay, the lender has no assets to take. 

This is the reason why the borrower has to pay extra money for the interest. There are several types of unsecured loans. Credit cards and personal loans are a few examples of this. Because of the high risk involved in unsecured loans, lenders make sure that borrowers have the source of income to pay their debt. They check your credit history and evaluate your capacity to pay. While a secured loan is different.

How is a Secured Loan Different from an Unsecured Loan?

A secured loan needs collateral, it can be a house, land, or a car, just like an auto loan Kelowna British Columbia. In case you failed to pay your loan, the lender will get your collateral. 

Advantages of a Secured Loan for Borrowers

Because of the lower risk involved on the part of the lenders in secured loans, lenders are enticing borrowers with attractive offers. For car collateral loans, for example, you can enjoy the following advantages:

  • Lower interest rates – Lenders can offer lower interest rates because there is collateral. In cases of payment defaults, they have assets to take.
  • Flexible payment terms – You have choices for terms to pay back without penalties.
  • Fast approval – It is fast cash so you do not have to worry about credit checks.  
  • Easy processing – Paperwork can be processed in less than an hour.

Borrow money with the lowest interest rate in the industry at Canadian Equity Loans. You can borrow as much as $50,000 without a credit check. Visit our website or contact us at our toll-free number at 1-844-586-6311. Our friendly representatives will be happy to process your paper works in less than an hour.

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