Securing a Bad Credit Loans Pitt Meadows British Columbia - Instant Loans Canada

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Securing a Bad Credit Loans Pitt Meadows British Columbia

Jun 22, 2015

Actually a collateral vehicle title loan is the best secured loan you can ever apply for.

A secured loan is a loan in which the borrower pledges collateral for the loan. The collateral is in the form of a fully owned car and its car title. The car title must also be lien free to qualify as collateral for the loan.

Secured loan against unsecured loans

The opposite of a secured loan is the unsecured loan. Unsecured bank loans or some short term loans won’t be approved if the borrower has bad credit or no credit at all. Should a loan be approved, sometimes the waiting periods can stretch to weeks. Worse of all, these loans carry very high interest rates. On the other hand, collateral vehicle title loans are always approved regardless of bad credit or no credit. There are no long waiting periods for collateral vehicle title loans because the loan is approved in just one hour.

Two great benefits of secured loans

When you apply for car title loans, you get the lowest interest rates in the lending industry. Up to 70 percent lower interest rates can be offered than what the closest competition can ever hope to give. Loan payment terms can be adjusted to the borrower’s needs starting at 2 years and can go up to 5 years.

All the requirements that are needed

  • Have the car inspected and appraised for its true market value to determine the loan amount.
  • The car title when applying for no credit check title loans must be lien free. This is because the lender needs to put a lien on it for the term of the loan. Once the loan is paid off, the lien is removed and the car title is returned to the borrower.
  • Show the lender your valid driver’s license.
  • Show any proof of permanent residence.

Instant Loans Canada is a leading collateral title lending company. This locally-owned and managed company has been helping individuals with their finances offering collateral title loans for vehicles. They give borrowers a chance to get quick cash easily, with the lowest interest rates and loan payment terms from 2 years to 5 years. For more information about the company, its title loans and other services, call Instant Loans Canada toll free at 1-866-973-5214 and apply now or apply online.