How Will Car Collateral Loans St. Thomas Ontario Impact Your Credit Score?

Car collateral loans St. Thomas Ontario are an appealing option for people who need extra cash fast. It’s easy to see why borrowers find this loan interesting. The application process is simple, you can get your money in a few hours, and it reportedly doesn’t affect your credit score. But is there truth behind the general concept that this secured loan won’t change your credit standing?

How Title Loans Impact Credit Scores

Title loans essentially have little to no impact on your credit. The majority of title lending companies won’t even look into your credit standing or history before approving the loan. It’s what makes this loan perfect for people who are underemployed or who have poor credit.

With traditional loans, you can boost your credit score by making sure you pay on time always. That’s not the case with car title loans. Early or on-time payments won’t increase your score. Conversely, late or missed payments won’t cause your score to go down. But this only holds true if your car isn’t repossessed. Lenders typically report this to credit bureaus, and this could cost you a few points. So not only will you lose your car, there will be a black mark on your credit report.

Borrow More Money than any Competitor has to Offer

You can always depend on Canadian Equity Loans if you need fast cash. The company can provide you with up to $100,000 in loans, without having to check your credit score or employment status. They also have low-interest rates and offer early payouts without penalties. Their fast approval process means you can receive the cash within the hour. Applying is so easy. Just visit their website to apply from the comfort of your home. You can also call their toll-free number at 1-844-586-6311.

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