Are Borrowers Exempted from Paying Their Fast Loan Toronto Ontario if Their Car Crashed?

People who need a fast loan Toronto Ontario often turn to auto title loans. They’re easy to qualify and apply for, and you even get the money you need on the same day. All you need to do is put up your car as collateral. But what if you were involved in an accident and your car was wrecked?

Do I Still Have to Pay My Loan If My Car is Wrecked?

Yes, you still have to return to the lender the money you borrowed. Even if it was destroyed in an accident, the vehicle was still utilized as collateral in a car equity loan. In this arrangement, you agreed to receive cash in exchange for pledging your car as collateral. Lenders do require that borrowers have liability or comprehensive insurance on their vehicles. It is a way of protecting the lending company and the borrower in case the car is damaged.

If the collateral was declared a total wreck in an accident, the insurance company will cover the title loan. But if both parties didn’t use insurance, the borrower will shoulder the payment of the loan. If there was insurance but it lapsed during the period the car was damaged, the borrower will be held liable for the debt.

Faster than the Competition

Applying for a loan is quick and painless with Canada Car Cash. The company specializes in title loans and can offer more money than other lenders. Their interest rates are 70% lower than their competitors and they offer affordable monthly payments. You don’t even have to undergo credit or employment checks. What’s more, their fast approval process means you can receive the money on the same day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.

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