People who need fast cash for an emergency or unexpected expense have several options, like borrowing money from family or friends, pawning a valuable, or taking out a loan. But which one is better? For a lot of people, bad credit loans Kamloops British Columbia is the best choice.
Reasons to Pick Title Loan Over Pawn Shops
- Easy Application and Approval Process: Title loans and pawn shops are popular because of their simple and streamlined application. You simply fill up a form, submit the necessary documents or, in the case of pawn shops, the item to be pawned, and get instant cash.
- Extended Pay Period: Most pawn shops give borrowers a month to pay off the loan. This can be extended but you’ll be paying a penalty and an increase in interest rates. Meanwhile, title loan contracts can run for as long as 12 months.
- Retain Ownership of Collateral: While both pawn shops and title lending companies require collateral of sorts, you will retain ownership of your vehicle. You can even keep using it to get to work or for your business.
- Low-Interest Rates: Compared to pawn shops that typically have a 25% interest rate, car collateral loans boast of lower rates. Some companies even offer rates as low as 1.5%.
- Possibility of High Loan Value: With the right collateral, you can get a substantial loan. The lender bases the amount they will offer on the value of the vehicle, so it’s a good idea to keep your car properly maintained.
Lowest Interest Rates in the Industry
Get instant cash with Canadian Equity Loans. You can borrow as much as $50,000 in loans and enjoy low-interest rates. The company also offers low monthly payments and flexible payment plans. Sign up on their website or call their toll-free number at 1-844-586-6311.
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