You might find yourself needing to apply for a loan to acquire a substantial amount of cash. While traditional lenders can offer several types of loans, they all depend on your credit score or financial standing. This obviously discriminates against those who are struggling to find jobs or have poor credit scores. Fortunately, car collateral loans Edmonton Alberta are open to providing assistance to people from all walks of life.
Your house and car are two of your biggest investments. They’re also two of the best and most valuable collaterals that you can offer. You can use your car when applying for bad credit loans.
A title loan is a secure loan wherein the lender will provide you with money in exchange for collateral, namely your vehicle. You will be required to surrender your car’s title to the lender as security for the loan. This is a short-term transaction and the majority of loan contracts will only run for at least 30 days.
Title lending companies accept all types of vehicles as collateral. Borrowers retain use of their car even during the loan period, thus allowing them to continue conducting their business or going to work. The application and approval process for these loans are fast, with lenders often releasing the funds on the same day.
It’s not the end of the world if you got laid off or have poor credit. You can still avail of loans, thanks to Canada Car Cash. The company offers borrowers loans amounting to a percentage of their vehicle’s total value. Their interest rates are the lowest around and they also offer flexible payment plans. Sign up on their website or call their toll-free number 1-844-598-7631.