Title loans and pawning are considered short-term loans. They’re both very popular among people who need some fast cash. The similarities are enough for people to confuse one for the other. If you’re considering getting one of these loans, you should first understand their similarities and differences. From there, you can decide whether you prefer to pawn a valuable or use your car equity Moncton New Brunswick to get out of a financial pickle.
What’s the Difference?
While title lending companies and pawnshops might look like they’re offering the same services, there are distinct differences. With challenged credit auto loans, a lien-free car ownership title will qualify you for a loan. If you meet the other requirements, you can apply and have the chance to secure some extra cash even with a poor credit score. How much you can borrow will depend on your car’s value though. The newer and better maintained it is, the more money you can get. If you get approved, your car’s title will be surrendered to the lender during the contract period. However, you still retain possession and use of the vehicle.
Things are done a little differently with pawn shops. For one, they prefer to accept smaller items, like jewelry or gadgets. Some do offer pawn loans and require the borrower to hand over their car and its title over to the lender. Another big difference is the fixed loan amount regardless of the car’s equity.
Get You More Money Than the Competition
Enjoy higher loans but low-interest rates with Canada Car Cash. The company specializes in title loans and can offer more money than its competitors. They also have extended loan terms and flexible payment plans. Their swift approval also ensures that you receive the money on the same day. Log on to their website or call their toll-free number at 1-844-598-7631.
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