Companies who have been in operation for several years can easily apply for a bank loan to expand their organization. New startups don’t often have that luxury. Fortunately, you have other options available to you. You can apply for a bank loan with a co-borrower to improve your chances or you can use your car equity loans Mississauga Ontario to secure funding via a title loan. Here are some pros and cons when using the latter:
The Good and Bad of Using Title Loans for Business
The Consumer.gov website explains that title loans work by giving the lender the title of your car in exchange for a sum of money. The title acts as collateral and acts as a form of security for the lending company. There are several advantages to getting this loan. Firstly, you can get the money you need within hours of applying. This secured loan has very few requirements, and the collateral means lenders don’t need to spend a lot of time checking the borrower’s credit score and employment history. Another advantage is that your car remains with you.
There are risks to this fast loan though. One of the biggest ones is the threat of repossession. Missing payments could result in the lender pulling out your car and selling it off to pay for the loan. Interest rates are relatively higher as well.
Faster than the Competition
Premier Loans Canada is your best option when you need financial help. You can borrow as much as $45,000 and not worry about credit checks. The company also offers low-interest rates and low monthly payments. They also provide flexible payment plans to all their clients. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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