Unlike short term loans and unsecured bank loans, collateral vehicle title loans offer secured and low interest loans using the borrower’s car and car title as collateral.
The rise of the collateral vehicle title loan
Since 2009 collateral car title loans has been on the rise while short term loans and unsecured bank loans have been on a downward spiral. This is probably due to the facts that unsecured loan approval depends on the borrower having good credit, short term loans only offer very short repayment terms, and both loans offer very high interest rates. Collateral auto title loans can very much help borrowers with bad credit or no credit because the secured loan only needs a fully owned car and lien free car title plus other minimal paperwork for a loan approval in just one hour. Also, borrowers of this loan get to keep driving their car while repaying the loan.
A fully owned car and lien free car title are the main requirements for the collateral. Other requirements include a valid driver’s license and proof of permanent residence.
Short term lending is expensive
No credit check title loans offer the lowest interest rates in the whole lending industry and repayment terms are the longest and most flexible ever. Another factor is that the process is very fast because anyone who owns a car can get the loan in just one hour. While consumer doubts continue to soar over short term loans and unsecured loans, collateral auto title loans continue to help more borrowers in need of fast cash for urgent emergency needs.
At Canadian Equity Loans, we loan you money based on the value of your fully owned car and not your credit history and score. That means that you have fast access to emergency cash whether you have bad credit or no credit at all. Call Canadian Equity Loans now at their toll-free number 1-844-586-6311 or apply online.