A loan is one solution open to you if you’re going through a financial crisis. However, there are several types available and you have to weigh each one carefully. For those who need money fast, they must decide between conventional loans or specialized car equity loans High River Alberta. Our quick comparison can help you choose which one is best for you.
What’s the Difference Between Auto Title Loans and Bank Loans
- Method of Applying: Bank loans would require the borrower to submit an application at their bank’s office. Meanwhile, borrowers can apply for a title loan either online or by going to the lender’s office. Both institutions require a properly filled up application and the submission of several documents. Title loans have fewer requirements though.
- Approval Speed: These two loans diverge greatly when it comes to how fast one can get approved. Your application for a title loan can be approved within hours of submitting all the requirements. The funds will then be released in less than 24 hours. This is due to the presence of collateral. Bank loans take longer to process.
- Credit Score: You need to have a good credit score to qualify for a bank loan. FICO scores lower than 600 are considered poor and will disqualify you from a loan. That’s not the case with car collateral loans. Since this is a secured loan, your credit score doesn’t matter.
Borrow More Money than Any Competitor has to Offer
Enjoy hassle-free lending with Canadian Equity Loans. This trusted lender can offer as much as $50,000 in loans. They have the lowest interest rates around and offer early payouts without penalties. You can receive the cash within the hour and retain your vehicle. Sign up at their website or call their toll-free number at 1-844-586-6311.
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