Auto title loans are designed so that even consumers with bad credit can apply. It’s one of the driving forces behind this secured loan’s popularity. It has also made them attractive to predatory companies. While most consumers are now more aware of scams, some devious companies have a few more tricks up their sleeves. Here are some simple strategies to watch out for when applying for a car pawn loan Markham Ontario:
Watch Out for These Fast Loan Strategies
- Promises of guaranteed approval: No legitimate lender can promise such a thing. Companies who advertise are out to make some fast cash and don’t really care if you can meet payments or not.
- Pressures you to borrow more: No matter how tempting it is, you should never borrow more than what you need. Lenders who push you into taking out a higher loan are looking to cash in on the corresponding interest rates.
- Numerous loan renewal choices: Being able to rollover your loan sounds good in theory, but the reality is an endless cycle of debt.
- Demands of upfront payments: Never borrow from a company that requires upfront payment. It’s a sure sign of a scam as legitimate lenders will deduct any application or origination fees from your loan before it’s released.
- Nontraditional payment methods: Be wary of lenders that allow payments to be made via cash, gift cards, or other untraceable means as it won’t leave a paper trail.
Lowest Possible Payment in the Industry
Canadian Equity Loans is your best option when you need immediate cash. You can borrow as much as $50,000 without undergoing credit checks. They have the lowest interest rates and accept early payouts without penalties. Sign up at their website or call their toll-free number at 1-844-586-6311.
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