Is a traditional loan better than a secured loan? You’ll get various answers to this inquiry. A bank loan is an example of the former while a bad credit score auto loan Markham Ontario is an example of the latter. Both have their own merits and flaws. The challenge facing you today is choosing which of the two types of loans is more beneficial.
3 Factors to Consider When Comparing Loans
- Application Process: For people who need money fast, an online lender is the better choice. Banks and other conventional lenders often require applicants to make a physical appearance, although many banks are establishing a digital presence now. Many lenders specializing in car collateral loans conduct their business online
- Requirements: Traditional lenders and title loan companies have different loan requirements. Car equity lenders have fewer demands though. They only need the basics, like a valid ID, your car’s title, and proof of residence and income. Banks have more requirements and demands borrowers to have a high credit score. Title loans don’t impose any limits on credit scores. Even those with a low score can apply.
- Approval Time: A title loan is best if you have an emergency. The whole application process can be done in an hour and approval is given almost immediately. You can receive the funds you need within 24 hours.
Get You More Money Than the Competition
Premier Loans Canada is here to ensure you get the financial assistance you need. We can offer as much as $45,000 in loans. We also have the lowest interest rates and monthly payments around. Our company also offers flexible payment plans. Sign up on our website or call our toll-free number at 1-855-965-1650.
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