The Best Option Available to Borrowers with Bad Credit is Equity Loans Lethbridge Alberta

June 17, 2016

Secured loans vs. unsecured loans

A secured loan is taken with collateral offered in exchange for the loan. For instance, collateral for collateral equity loans is the car and car title. However, only the car title is left with the lender to serve as collateral while the borrower continues using the car.

On the other hand, unsecured loans are offered without any collateral needed such as with unsecured bank loans and short term loans. However, the big disadvantages of these loans are that loan approval is only given if the borrower has good credit, 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 at all, loan approval is still given in one hour. This is because the loan is secured by the collateral. Credit checks are not needed to approve collateral car title loans. The car is inspected and appraised for its true market value

Secured loan requirements

All you need to show is proof of permanent residence and a valid driver’s license aside from the lien free car title. Loan repayment terms for no credit check title loans are a very long and flexible 4 years coupled with the lowest interest rates with payments as low as $97 a month.

For more information about collateral car title loans in Lethbridge 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.