Secured loans vs. unsecured loans

A secured loan is taken with collateral offered in exchange for the loan, such as the collateral for collateral equity loans which is the car, although only the car title is left with the lender.

On the other hand, unsecured bank loans are offered without any collateral offered in exchange. However, the big disadvantages of unsecured bank loans are that loan approval is only given if the borrower has good credit history, interest rates are enormously high, and loan payment terms are very short at 30 to 60 days only.

Bad credit, no credit, no problem at all

If a borrower has bad credit or no credit, loan approval is still given in one hour. This is because the loan is secured by the collateral. With no credit check title loans, the borrower continues to use and drive the car while paying off the loan. Repayment terms are even flexible up to 4 years.

Secured loans are the best

You only need to give proof of permanent residence and a valid driver’s license. The lender then only needs to inspect and appraise the car for its true market value. This is to determine the loan amount. Interest rates for collateral car title loans are the lowest in the lending industry with payments as low as $97 per month.

For more information about collateral car title loans in Medicine Hat Alberta, or if you’re a subprime borrower, get in touch with Instant Cash Canada. You credit score will not matter with us because what’s important is the car title loan you need. All you need is to call Instant Cash Canada now at 866-840-7395. Apply now and our dedicated team will immediately get to work and gather all the information necessary to get you the loan you need.