Unlike their short term loan and unsecured bank loan counterparts that can go up to 156% in interest, collateral car title loans offer long terms with the lowest interest rates possible.
Since 2009 more and more title lending and collateral loan companies have been licensed all over North America. The increase is probably due to the steady decrease of unsecured bank lending and short term lending due to the rise of the economic downturn.
One main factor in the rise of collateral vehicle title loans is that traditional forms of credit aren’t approved for borrowers with bad credit or no credit. Anyone who fully owns a car with a lien free car title can get the loan approved in an hour and get the fast cash on the same day.
Aside from the low interest rate, no credit check title loans offer the longest loan payments possible at a whopping 7-year term. The lender inspects and appraises the car for its true market value to determine the loan amount. Aside from the lien free car title and fully owned car, just make sure the car is fully registered, has collision insurance, and is not more than 12 years old. Just present a valid driver’s license and proof of permanent residence for the paperwork.
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.