The Frequently Asked Questions Everyone Asks When They Apply for Bad Credit Loans Redwater Alberta

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The Frequently Asked Questions Everyone Asks When They Apply for Bad Credit Loans Redwater Alberta

Jul 06, 2015

The following are the usual FAQs that most people inquire about when they apply for collateral vehicle title loans.

How much can I borrow?

You can borrow as little as $1,000 and as much as $35,000, of course, depending on the true market value of the vehicle as collateral.

Can I use the vehicle while repaying the loan?

You get to keep driving your car while paying repaying the loan. Only the car title needs to be left with the lender because a lien is placed on it during the loan term or until the loan is fully repaid.

What if I have a bad credit history or no credit at all?

It doesn’t matter if you have bad credit or no credit at all. No credit checks need to be done for the approval of vehicle title loans. This is because the loan is secured by the collateral.

How long before the loan is approved and the loan amount released?

You can get the loan money after the loan is approved in one hour.

What do I need to submit?

You only need the following to be approved in one hour for car title loans:

  • A valid driver’s license.
  • The lien-free car title.
  • Certificate of basic or collision insurance (This is for the protection of both the borrower and the lender since the borrower will be using the vehicle while repaying the loan).
  • Proof of permanent residence.
  • The fully owned car as collateral that will undergo inspection and appraisal.

If I pay my loan early, will there be any charges?

There is no early payment penalty charge.

How high are the interest rates and how long are the loan terms?

No credit check title loans have the lowest interest rates in the lending industry. Up to 70 percent lower interest can be offered against the closest competitor. Loan payment terms are from 2 years up to 5 years.

At Instant Loans Canada, we loan you money based on the value of your vehicle, not your credit score. That means that you have fast access to cash whether you have bad credit or no credit at all. Call Instant Loans Canada toll free at 1-866-973-5214 and apply now or apply online. You’ll speak with a member of our dedicated team and see how Instant Loans Canada can help.