Busting Open the Common Misconceptions Surrounding Bad Credit Loans Sherwood Park Alberta

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Most people think of home equity whenever a secured loan is mentioned. Its close cousin, the title loan, is often dismissed because of certain misconceptions. This is quite unfortunate as bad credit loan Sherwood Park Alberta offers basically the same benefits. This article aims to bust open some of those myths and set things straight.

Top Misinformation About Auto Title Loans

  • Borrowers must have excellent credit. This is the number one lie surrounding this loan. While other loans do require borrowers to have a credit score of 700 or better, title loans utilize collateral. It covers the loan and makes the applicant’s credit rating redundant.
  • You can’t pay early. Most lending companies prefer customers to follow the payment plan as they generate higher profits this way. However, some do accept early payments and will not penalize you for closing the loan early. Your best bet is to find a company that has no prepayment penalties.
  • Applicants will have to give up their cars. Unlike when you pawn a valuable, you don’t need to surrender your car to the lender. Your car’s title is enough for them.
  • Lenders prey on the desperate. While it’s true there are shady lenders, it’s not exclusive to car collateral loans. Most lending companies are just and compassionate. They understand the hardships that drive people to borrow money and are willing to work with them fairly.

Borrow More Money Than Any Competitor has to Offer | Bad Credit Loan Sherwood

Canada Car Cash has more to offer you. This title loan specialist can give you more money than other companies. Their interest rates are 70% lower and they have very affordable monthly payments. You don’t even have to worry about credit checks or employment requirements. Sign up on their website or call their toll-free number at 1-844-598-7631.  

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