Emergencies can have you scrambling to search for additional funds. Fortunately, you have several options available to you, like borrowing money from a friend, pawning jewelry, selling your personal effects, or applying for a title loan. While the latter is a good option, you might be wondering if challenged credit auto loans Mississauga Ontario would have any impact on your credit rating or credit history.
Will a Title Loan Affect Your Credit History?
Many consumers are worried that a poor credit car loan might negatively impact their credit rating. However, this secured loan won’t hurt your credit history because of the collateral you’ve pledged. The equity in your car will cover the loan and ensure that the lending company will get back their investment. But while a title loan won’t have an adverse effect on your credit score or history, it won’t help improve it even if you successfully close the loan.
The only time a title loan will affect your credit rating is if you miss payments or default. Lending companies have the right to repossess your car if you can’t pay back your loan. When this happens, they will report the repossession to credit bureaus and that will appear in your history. It will pull down your rating by several points and will take years to be erased.
Get You More Money than the Competition
Premier Loans Canada is your best option if you need a quick, hassle-free loan. The company can lend you as much as $45,000. They also offer low-interest rates and affordable monthly payments. They also provide their customers with flexible payment plans. You can even receive the cash you need on the same day. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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