What’s the Difference Between Car Collateral Loans Woodbridge Ontario and Other Short-Term Loans?

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More people are applying for loans for various reasons. A lot of borrowers need extra cash because of the pandemic’s impact on their finances. Others might need work done on their homes or have to pay the rent. There are many short-term loans that you can use for your needs. Many people are choosing car collateral loans Woodbridge Ontario over payday loans and other similar services. But what’s the difference between them? 

What’s the Difference Between Title Loans and Payday Loans?

A loan is a serious commitment. If you’ve reached the point where you need to apple for one, you must make sure you do your research and compare the choices open to you. You have the option to get a secured loan or an unsecured one. A poor credit car loan is a secured loan. You’ll have to put up your car as collateral. It acts as security and incentivizes the borrower to repay the loan on time. The collateral also helps make it easier to qualify and apply for this loan. You can borrow about 50% to 75% of your car’s value. 

An unsecured loan like a payday loan is also a short-term loan. But it doesn’t require collateral. Lenders will demand postdated checks to ensure you won’t miss a payment. These loans also have higher interest rates.   

Lowest Possible Payment in the Industry

 Apply at Canadian Equity Loans today and get the financial assistance you need. You can borrow as much as $50,000 without undergoing credit or employment checks. We offer low-interest rates and affordable monthly payments. We also accept early payouts without penalties. You even get to keep your car even while the loan is active. Log on to our website to apply. You can also call our toll-free number at 1-844-586-6311.

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