It’s quite easy to secure a poor credit car loan Edmonton Alberta these days. There are hundreds of online lending companies that can process and approve your loan in a few hours. While title loans are more affordable than traditional loans, many people still struggle to make payments. This had led to concerns that borrowers who default on their loan might end up in jail.
Will You Be Arrested for Defaulting on Your Auto Title Loan?
No, you cannot be arrested for default when you take out a fast loan against your car’s equity. You also can’t be prosecuted for not making payments on your title loan. The only thing the lending company can do is to repossess your vehicle. However, that will also be done in a reasonable way. The lender will send you a notice that they’re about to take this action.
The terms of vehicle repossession differ per company. Some states might allow lenders to repossess the collateral immediately while other areas might give borrowers a longer grace period. But regardless of your locale’s rules, loans are done in good faith so both parties should do their utmost to follow the law regarding them. It’s also in your best interest to brush up on federal regulations and your city’s specific rules about title loans.
Borrow More Money than Any Competitor has to Offer
Get the loan you want with Canada Car Cash. The company can lend you more money with fewer requirements. You can get a high percentage of your vehicle’s total value without worrying about credit score checks. Their interest rates are also 70% lower than their competitors. What’s more, you can get the money you need in less than an hour. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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