No one can really go through life without borrowing money. Consumers today usually choose between a traditional or a short-term loan for their needs. The two types are quite different. Bank loans are examples of the former and they’re often used for major purchases. An easy bad credit loan Calgary Alberta is a prime example of the latter and requires collateral. The two loans also differ in their application methods.
How Auto Title Loans Differ from Conventional Loans
Conventional loans typically have a longer application process. These loans are unsecured, and the bank will be placing a lot of faith on the borrower that they will pay back the loan. But before that happens, the bank will first ensure that the applicant has the capacity to do so. Conventional loans have more requirements and a stricter vetting process. Applicants must have a regular source of income and a credit score of 700 or better.
Meanwhile, car equity loans are considered secured loans since they require collateral. With this particular loan, the applicant has to pledge a car they own. It should have enough value to cover the loan. The car’s title should also be lien-free and in the borrower’s name. The application process is fast, and most lenders can release the loan within 24 hours of filing a form. The collateral means one’s credit score isn’t a major factor, and those with poor credit scores or no credit history can apply.
Trusted Car Loan Expert
Canadian Equity Loans is your best choice when you need help fast. You can borrow as much as $50,000 without worrying about credit or employment checks. The company offers low-interest rates and affordable monthly payments. They also accept early payouts with no penalties. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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