Clarence-Rockland Auto Collateral Loans: The Best Payday Loan Substitute - Instant Loans Canada

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Clarence-Rockland Auto Collateral Loans: The Best Payday Loan Substitute

Nov 01, 2013

Despite the flaws of payday loans – high interest rate, short repayment terms and small amount of loan, still many are drawn to them because when cash need is urgent, they are one of the few cash solutions that offer quick cash. But do you really have to suffer the payday loan’s disadvantages when you’re in an urgent need of cash? Is there an alternative which comes with better conditions?

Clarence-Rockland Auto Collateral Loans – The Best Alternative to Payday Loans

Auto collateral loans are the best alternatives to payday loans taking into consideration the following factors:

  • Loan Amount – Just like payday loans, auto collateral loans provide quick funding to those in need of emergency cash. But unlike the payday loans, Clarence-Rockland auto collateral loans come with more favorable terms and conditions. The amount of cash offered for loan is much bigger. In Instant Loans Canada, for instance, you can borrow as much as $25,000 depending on the equity of your vehicle.
  • Interest Rate – Interest rates are also much lesser compared with payday loans. This is because the loan is secured by the title of your vehicle. So there is no point in increasing the interest rates of auto collateral loans as lenders will always be secured by the borrower’s car title which will be given as collateral for the loan.
  • Repayment Period – As to the repayment term, it is longer with auto collateral loans. Instant Loans Canada has repayment periods as long as two years.

Are There Other Financial Options?

Of course there are lots of financial options other than payday loans and auto collateral loans. Let’s take a look at some of them:

  • Bank Loans. Advancing cash from a bank offers the advantage of low interest rates. However, if you need large amount of money quickly, loans from bank are not the most suitable. This is because to be approved of a bank loan, it will take about 3-4 weeks.
  • Cash Advances. You may also resort to advancing cash from credit cards or small-scale lenders. The best thing about this type of financing is that they provide quick access to cash. Unfortunately, it comes with a price – high interest rates.
  • Credit Union. You can also borrow cash from credit unions. But just like bank loans, approval and loan application process takes time. Furthermore, only those having good credit reputation are approved.

Thus, despite the existence of other cash alternatives, the best is still Clarence-Rockland auto collateral loans. The reason is because of the lenient conditions it imposes on its borrowers.