An increasing number of millennials have been turning to vehicle title loans when they need extra cash. The number of borrowers in the 18 to 35 age group has doubled. From 12% in 2015, the number of car equity Surrey British Columbia applications has risen to 24% in 2018. Millennials are using title loans to help fund their weddings, dream vacations or to make major purchases. There are other reasons why this loan has gained popularity.
Why Millennials are Choosing Title Loans
Car collateral loans are secured loans so there’s a bigger chance that the borrower will have their applications approved. And since there’s collateral involved, you can apply for this loan even if your credit score is not good. It can also help you improve your credit standing as this loan can be a good way to consolidate high-interest debts like credit cards. If you can just have one loan, it will help lower your credit use ratio and boost your score. The interest rates of title loans are generally lower than those levied on credit cards. It’s also fixed, so you can determine just how much you’ll be paying and the interest it will cost you.
Like any loan, there are also things you need to watch out for. Title loans are short term loans. Lenders typically give only 30-day contracts, but you can extend it. You’ll have to pay a penalty for that though.
Faster than the Competition
You’re guaranteed the best deals and the lowest interest rates with Canada Car Cash. The company can lend you more money than the competition. Their approval process is easy and fast so you can get the cash you need on the same day. What’s more, you get to keep your car during the loan period. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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