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Collateral car title loans shouldn’t be confused with unsecured loans and short term loans.
Collateral car title loans are secured loans
Collateral vehicle title loans are secured because it uses a fully owned car and car title as collateral. In exchange for a loan amount, borrowers allow the lender to place a lien on their car title, and temporarily surrender the hard copy of their car title. The lien is removed and the car title is returned to its owner when the loan is fully repaid.
Basic beneficial characteristics
Typically, these loans have very long and flexible 7-year payment terms, and tend to carry low interest rates than other loans. Lenders only consider the true market value and condition of the car that is being used as collateral so no credit checks are done for the loan approval.
Collateral car title loans can be acquired in just one hour and the cash is released on the same day. Lenders do not consider the borrower’s credit history nor even employment status since some borrowers may be small business owners or pensioners.
A brief history of car title loans
No credit check title loans actually first emerged in the early 1990’s and opened a new market to individuals with bad credit. This type of loan has grown increasingly popular, according to studies by the Center for Responsible Lending and Consumer Federation of America. They are somewhat similar to other types of title loans like collateral housing loans. Since borrowers use their car titles to secure the loans, a lien is placed on the title and then removed when the loan is fully repaid.
When in need of immediate or emergency fast cash that offers no penalties for early payments and low interest, a collateral car title loan from Quick Cash Canada may be the best option for you. Call Quick Cash Canada Loans toll free at 1-888-517-1625 and apply now for a car title loan. You’ll speak with a member of our dedicated team and see how Quick Cash Canada can help.
