While there are more loan options now than ever before, your choice will be limited to two to three selections when you’re facing an emergency. It’s because very few institutions offer quick cash. Bank loan applications often take weeks to process. The two most popular choices for sudden expenses are bad credit loans Brampton Ontario and payday loans. Here’s why the former is a better choice than the latter:
Reasons Auto Loans are Better for Emergencies
Title loans and payday loans admittedly have several similarities. Both are short-term loans, don’t require credit checks, and are popular among those who need fast money. But specialized car equity loans require the borrower to put up their own automobile as collateral. The vehicle will remain with the owner though, and the car’s title will be surrendered to the lender. Loan duration typically runs for 30-days but many lenders offer extended terms. Meanwhile, payday loans don’t require any security, but applicants will either have to issue post dated checks or give the lender access to their bank accounts.
Title loans are better if you need immediate funds since its application process can be done in a few hours. You can even secure a higher amount, especially if your car is a popular model and relatively new. Interest rates are also lower, and you can still use your car even while the loan is active.
Lowest Interest Rates in the Industry
You are in secure hands with Canadian Equity Loans. This trusted lender can provide you with $50,000 in loans. They also offer the lowest interest rates around. Their monthly payments are very affordable, and you can even request for extended loan terms. You can also opt for early payouts without penalties. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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