Bad credit loans Sherwood Park Alberta can provide you with the cash you need when you need it. These short-term loans are ideal for emergencies, although you can get them for whatever reason. They are also open to everyone, even those with poor credit scores. But don’t take our word for it. Read on to find out more about this loan.
How Auto Title Loans Work
Title loans are secured loans due to the borrower pledging their car or any vehicle as collateral. There are two ways to apply for this loan – online or at the lender’s office. The value of said collateral will determine how much you can borrow. Depending on where you live, this can be as little as $200 to $20,000 or more. Or typically about 25% to 50% of the vehicle’s value. You also need to have the car’s title in your possession. It should be lien-free and in your name. Lenders will also require you to provide valid IDs and proofs of residence, employment, and insurance.
Because of the collateral, the borrower’s credit score ceases to be a key consideration for approval. Many lending companies don’t even run a credit check. You can also apply for this loan even when unemployed, but you have to prove that you can return the money. Defaulting on a poor credit car loan is grounds for repossession, and the lender can sell your car to recover its investment.
Lowest Possible Payment in the Industry
Canada Car Cash is the company to go to when you have an emergency. This title loan specialist offers loans equal to a high percentage of your car’s value. Their interest rates are 70% lower than other lenders and they have the lowest monthly payments. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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