Canadians can avail of a wide array of loans. However, this also means that qualifying and getting approved for loans have become more competitive. Fortunately for those who need cash fast, they can avail of bad credit loans Gloucester Ontario. While these loans are easy to apply for, their interest rates can be higher than unsecured loans.
What’s the Average Interest Rates for Auto Title Loans?
Interest rates for title loans depend on two things – the borrower and lending company. Factors like your credit score, the appraised value of your car, the proportion of equity in the vehicle, your employment status or capacity to pay, and other financial aspects could influence the interest rate the lender would offer. While your credit score and employment status are not major factors when it comes to approving your car pawn loan, it can impact the interest.
Interest rates also vary from one lending company to another. Secured loan rates are generally lower than unsecured loans for applicants with low credit scores. Online lending firms might also have better rates than lenders with physical offices. However, interest rates for title loans typically fall between 20% to 60%. It cannot go beyond 60% though as the government has enforced a cap.
The Best in the Industry
You can borrow more money and enjoy low-interest rates with Canadian Equity Loans. Considered as one of the country’s top lenders, they can provide loans as high as $50,000 without conducting credit checks. The company also offers low-interest rates and accepts early payouts without penalties. Their fast approval process means you can receive the cash you need within the hour. You also get to keep your vehicle even while the loan is active. Applying is so easy. Just sign up at their website or call their toll-free number at 1-844-586-6311.
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