Minimum credit score loans Etobicoke Ontario are one of the more popular ways of generating quick cash. More people are turning to this loan these days because of its easy application process and numerous benefits. However, it also carries certain risks. It’s why you should have a clear understanding of title loans before you make any decision.
The ABCs of Title Loans
The application process is quick and easy. Bad credit auto loans have fewer requirements than bank loans. You can apply for this loan online or at the lender’s office, although the former is the popular option. The lender can approve your loan in less than four hours, and you can receive the money within the day.
Borrowers need good collateral. Lenders accept all types of vehicles as collateral for this loan, but cars are preferred. Your collateral should have enough equity to cover the loan. It should ideally be less than 10 years old, has low mileage, and is well maintained.
Credit scores are not a big factor. Banks require a credit score of 700 or better but because title loans have collateral, lenders don’t place a big emphasis on the borrower’s credit rating. Even people who are unemployed, have poor credit scores, or no credit history can apply.
Defaulting could lead to vehicle repossession. This is one of the biggest risks of title loans. Lenders have the right to pull out your car and sell it to recover their investment.
Lowest Interest Rates You Can Find
Need cash fast? Canadian Equity Loans is your best choice. You can borrow as much as $50,000 without undergoing credit checks. The company also offers low-interest rates and affordable monthly payments. They also accept early payouts without penalties. Sign up on their website or call their toll-free number at 1-844-586-6311.
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