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Consumers today are fortunate. They have more loan options open to them if they require a substantial amount of money. Aside from borrowing money from conventional lenders, they can also go to companies that offer loans based on car equity Nanaimo British Columbia. While both provide financial assistance, there are several key differences between the two.

Differences Between Title Loan Companies and Traditional Lenders

  • How the Application is Processed: One of the main differences between these two types of lenders is the way the borrower’s application is processed. Banks tend to have more requirements and a longer, more convoluted application process. They will also check everything, from your personal details, employment history, and credit score. Meanwhile, bad credit car loans have a streamlined and fast application process. Most lenders don’t check credit ratings because of the collateral, and this helps speed things up.
  • How Quickly the Loan is Approved: People who have applied for a bank or federal loans know they might be waiting months before they find out if their loan has been approved or not. Title loans are known for their quick approval process. Some lenders even approve loans in less than 24 hours.
  • How Much One Can Borrow: When it comes to loan amounts, you can get more money from a traditional lender. With title loans, you can expect a loan anywhere from $1,000 to $45,000. How much you can get will depend largely on the value of your vehicle.

Trusted Car Loan Expert

You know you’re working with a trusted lender when you apply at Canadian Equity Loans. The company can provide you with as much as $50,000 in loans. They have the lowest interest rates around and accept early payouts without any penalties. Log on at their website to apply or call their toll-free number at 1-844-586-6311.

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