Building a nest egg is difficult, especially with today’s economy. And even if you successfully save some money, emergencies and surprise expenses can happen and will see you scrambling for extra funds. Minimum credit score loans Edmonton Alberta can help you in these situations. However, it’s best if you know the pros and cons of this secured loan before applying for one.
Pros and Cons of Auto Title Loans
There are several advantages to title loans, like having easy access to fast cash and not undergoing credit checks. The collateral you’ll pledge will cover the loan, which is why most title lending companies don’t bother with credit checks or going over your credit history. It’s why this loan is very popular among people with low credit ratings. Plus, the approval process is so quick you can get the money you need a few hours after you applied.
Of course, there are also risks when you take out a title loan, like repossession and liability. Missing payments or defaulting on the loan could lead to your car getting repossessed. This can happen at any time and could lead to embarrassment. Plus, when the lending company sells the car to recover their investment and they get less than what you owe, you will still be held liable for the balance.
Same Day Cash
Canada Car Cash will ensure that you get the loan you need at fair prices. The company specializes in title loans and can lend you a percentage of your car’s total value. Their interest rates are 70% lower than their competitors and they offer low monthly payments. They also don’t do credit checks so the approval process goes faster. You can even get the money you need in 24 hours. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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