We are fortunate that we now have more options when it comes to loans. Aside from traditional bank loans, people can also avail of auto title loans. But a conventional loan and an auto loan Mississauga Ontario basically offer the same service. What sets them apart from each other?
3 Key Differences between Title Loans and Bank Loans
- Application and Verification Process: One of the main differences between these two kinds of loans is how the application process is conducted. Borrowers usually apply for traditional loans at the bank. They’ll be required to submit several documents, like employment history, credit score, and proof of residence. Applying for a car pawn loan is simpler and easier. Applications can be filled up online and documents can just be emailed as well.
- Approval Authorization: You will probably wait for weeks or months before you get feedback on your loan application. It’s a far cry from the several hours that it will take an online lending company to process and approve an application. Most borrowers can even get the money they need within the day.
- Borrowed Amount: It’s no surprise that traditional lenders can provide higher loan amounts while title loan companies can only lend around $5,000 to $10,000. However, some title lenders can give as much as $50,000. Plus, the amount you can borrow from an online lender will depend on your collateral’s value.
The Best in the Industry
If you want to work with the best, then you should sign up with Premier Loans Canada. You can borrow up to $45,000 in loans while enjoying low-interest rates, affordable monthly payments, and flexible payment options. Applying is so easy. Just log on to the company’s website or call their toll-free number at 1-855-965-1650.
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