The Different Kinds of Title Loans Victoria British Columbia

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Whether you got injured or fell behind on the rent, you can be assured that you can get a loan. Title loans Victoria British Columbia will give you access to some fast cash. All you need is a well-maintained vehicle with enough equity to cover the loan.

2 Main Kinds of Title Loans

Vehicle title loans are considered as secured loans. It means that you would have to offer collateral as security to the lender. Anyone can avail of this loan, even if they have a poor credit score or have been laid off. There are two kinds of loan:

  • Installment Loans: As the name implies, this fast loan lets the borrower make several payments over the course of a few months to a year or more. While this type of loan typically runs for just three to six months, you can request an extension. Most lenders will grant it but will also set a penalty so make sure you stick to the agreement. The estimated APR for installment loans is 259 percent.
  • Solo Payment Loans: With this type of loan, you could pay off your debt in a lump sum. A lot of lenders would issue a 30-day contract for this kind of loan. This loan generates an APR of around 300 percent.

Borrow More Money than Any Competitor has to Offer

You won’t go wrong with Canadian Equity Loans. As one of the country’s most reliable lending company, they offer as much as $50,000 in loans. The company also offers low-interest rates and payment plans that can be customized to fit the customer. You don’t even have to stress out about your credit score. Applying for this loan is so easy. Just log on to their website or call their toll-free number at 1-844-586-6311.

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