It’s so stressful when you’re faced with an emergency that requires a lot of money, especially if your funds are not quite enough to cover it. While you can apply for a bank loan, it takes time and you’re not guaranteed approval. If you’re fortunate enough to have your own vehicle, you can use your car to apply for car loans Edmonton Alberta. The process is easy enough, as long as you have a clear understanding of what this loan entails.
3 Important Title Loan Terms to Remember
As with any financial decision, it’s important that you know what to expect and do when it comes to specialized car equity loans. So try to remember the following terms:
- Collateral: It refers to the asset, item or property that you will be offering up to the lender. It is typically put up as security for the loan. It is also considered as the mode of payment in the event that you cannot pay back your loan.
- Collateral Loan: This type of loan is commercial-based and involves the use of an asset as collateral. It depends on the value of the asset or collateral and not on the borrower’s credit history or score. However, this loan demands that collateral can be repossessed or seized in the event a borrower defaults.
- Rollover Fees: Borrowers who can’t meet their payment are given the option to roll over on their loan. They will be given an extension on their due date but will be levied additional fees. =
Get You More Money than the Competition
Borrowing some much-needed cash is not a problem with Canadian Equity Loans. You can get a loan as high as $50,000 and receive the money on the same day. You don’t even have to worry about your credit score. Just log on to their website to apply or call their toll-free number 1-844-586-6311.
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