You have several options when you need to take out a fast loan. But the two most popular choices are payday loan and car pawn loan Markham Ontario. Both are easy to qualify for and have a fast application process. So how do you choose between the two? Knowing the key differences between them could help. Read on and find out what they are.
Differences Between Payday Loans and Auto Title Loans
Payday loans and specialized car equity loans are good options when you need fast cash. The former requires you to pay the next time you receive your salary. Meanwhile, the latter needs the borrower to put up their car as collateral. But what really sets the two apart from each other are their cost and payoff duration.
Payday loans are more expensive than a title loan in the long run. First off, payday loans have an upfront fee. It can be anywhere from $10 to $30. Title loans don’t have any advance payment. Any application fee charged to the borrower is just a small percentage. The payment duration between the two loans is also different. As the name implies, payday loans must be paid off by the next payday. You have about two weeks to return the money. Payoff time for vehicle title loans is 30 days. But this can be extended to several months.
Borrow More Money Than Any Competitor has to Offer
It makes sense to borrow money from Canada Car Cash. This title loan specialist can give you more money than other lenders. Their interest rates are 70% lower and they have low monthly payments. You can get the cash you need within the day too. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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