One loan available to people with poor credit is the auto title loan. This is a secure cash loan that allows the owner the chance to liquidate part of the car’s equity in exchange for money. Your auto lender can do this for you if your account is still active. Another option is to go with a reliable title loan company. Make sure you clearly understand the consequences of not paying minimum credit score loans Victoria British Columbia before going down this route.
Why You Never Default on an Auto Title Loan
There’s a tacit agreement that you will pay back any loan you make. Unfortunately, some people never give loans the seriousness they deserve. This is a huge mistake as there are dire consequences when you default. You stand to have your vehicle repossessed if you don’t pay on time or miss payments. The lender has the right to take your vehicle since it’s the collateral that you put up. They’re even within their rights to do so by force if necessary.
Another serious consequence is the penalty that you’ll be facing. Each missed payment has a corresponding penalty that can drastically increase if you default. Plus, this will stay on your record for 15 years or more. This is a big black mark against your credit score and will also make it more difficult to apply for another car equity loan.
Faster Than the Competition
You can get the financial support you need with Canadian Equity Loans. Touted as one of the country’s most reliable lending company, they offer loans as high as $50,000 and the lowest interest rates around. They work faster than their competitors, so you can get the money you need in just a few hours. You can go to their website to apply online or call their toll-free number at 1-844-586-6311.
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