Bad credit loans Red Deer Alberta can’t be described as cheap. These loans might be known for their few requirements and fast application process, but their interest rates can reach the double digits. However, the right lender can provide you with an affordable and fair deal. It’s best if you know what you’ll be getting into in terms of interests before you apply for a title loan.
What is the Usual Interest Rate of Title Loans?
The interest rate you would get for minimum credit score loans depends on several factors – how much you are borrowing, your collateral, where you live, and the duration of the loan. The collateral you’ll pledge plays a big part in the amount you can get, and how substantial or not it is also impacting the rate the lender will levy.
Where you live also plays a big factor in your interest rates. While there’s base regulation, some cities might have a different policy regarding short-term loans. For example, one area might have a cap on interest rates while another does not. However, Canadian law states that lenders cannot charge more than 60% annually. But this depends on the terms of the contract. It also includes all fees and other costs you’ll need to pay to secure the loan.
Faster than the Competition
Applying for a loan with Canada Car Cash is your best option when you need money fast. This title loan specialist can offer you a percentage of your car’s total value. The company’s interest rates are 70% lower than its competitors and they offer loan terms of up to seven years. Their quick approval means you can instant cash while keeping your car. You can log on to their website to apply. You can also call their toll-free number at 1-844-598-7631.
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