You’ll receive several different answers to the question of whether bank loans are better than bad credit loans Markham Ontario. Both loans have their own advantages and disadvantages. What you should be focusing on is which one is right for your needs. To know the answer, you must consider the following factors:
Side by Side Comparison of Conventional Loan vs Title Loans
- Methods of Applying: The application process for these two loans are as different as night and day. As the more traditional of the two, bank loans require the borrower to submit their application at the bank’s nearest branch. With title loans, you can either apply online or go to the lender’s office. Bank loans also have more requirements while title loans only require the essentials – your car’s title, valid IDs, and proofs of residence and income.
- Approval Timetable: If you have an emergency and need fast cash, then a title loan is the better option. You can finish the whole application process in an hour. Loan approval can be received in under an hour and the funds can be released within 24 hours. In contrast, bank loans are notorious for their long and convoluted process.
- Amount of Loan: Bank loans are the best choice for major acquisitions, as a new home. Meanwhile, the amount you can borrow from a title loan will depend on your collateral. If you have substantial equity in your car, you can borrow anywhere from $10,000 to $50,000.
Faster Than the Competition
You don’t have to stress over financial emergencies with Canadian Equity Loans. You can borrow as much as $50,000 from this trustworthy lender. The company also offers low-interest rates and early payouts without penalties. Log on to their website to apply. You can also call their toll-free number at 1-844-586-6311.
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