There will come a time when you need to expand your small business. While bank loans are the usual recourse, it takes time to secure an approval. Your application will also be denied if you have a low credit score. Fortunately for small business owners, they can always avail of bad credit car loans Toronto Ontario. Here’s what you should know about these loans.
Title loans have grown in popularity for several reasons. One, it’s a secured loan, so you’re qualified for this loan as long as you provide collateral. Your credit score won’t matter here. What’s important is your car’s equity. Specialized car equity loans are also startup-friendly. The application and approval process is so quick that you can get the funds you need in a matter of hours. Their interest rates are low, and the monthly payments are very affordable.
However, you can’t expect to borrow a substantial amount as title loans depend on your collateral. The most you can get is about $50,000, depending on the lending company. You’re also personally accountable for the loan, so regardless of what happens to your business, you’re mandated to repay the lender. Missed payments or defaulting on the loan will result in your vehicle being repossessed.
Canadian Equity Loans is the lender to talk to when you need extra cash immediately. One of the most respected companies in the country, they can offer as much as $50,000 in loans. The company’s interest rates are among the lowest in the industry, and they also have flexible payment plans. You don’t even have to worry about your credit score or employment status. Applying is easy. You can either log on to their website or call their toll-free number at 1-844-586-6311.