It’s a great time to be a consumer. You have a multitude of choices open to you, whether we’re talking retail shops or bank loans. Conventional lenders are providing more diverse offers while car collateral loans Nanaimo British Columbia are steadily gaining strength. However, borrowers should make sure they understand the critical differences between title loans and bank loans.
How Auto Title Loans Differ from Traditional Loans
- Faster Application and Verification Process: Title loans are known for their application procedures. With conventional loans, you have to go to the bank to submit your application form along with numerous documents. But with title loans, everything is done online, from filling up an application form to submitting requirements.
- One-Hour Approval: Bank loans are notorious for their snail-paced approval. The sheer amount of documentation alone means a week-long application period. It also takes weeks before you get feedback about your loan application status. In contrast, title lenders can approve an application in less than an hour. Borrowers can even get the cash they need within the day.
- Lower Loan Amount: Another key difference is that the amount you can borrow from a title lending company is significantly smaller than what you can get from a bank loan. Most lenders only offer loans between $5,000 to $10,000. The most you can hope for is $50,000. It’s because the loan is dependent on car equity.
The Best in the Industry
You’re getting the best when you sign up at Canadian Equity Loans. The company offers as much as $50,000 in loans. They also have low-interest rates, low monthly payments, and early payouts without penalties. You don’t even have to worry about credit checks or job requirements. What’s more, you get to keep your car during the loan. Log on to their website to apply or call 1-844-586-6311.
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