People have a love-hate relationship with lending companies. They’re loved because of the help they provide cash-strapped consumers but also hated when it comes to collection time. Minimum credit score loans Barrie Ontario, in particular, seems to get a bad rap. Interestingly enough, people still flock to these lenders for help.
Reasons Auto Title Loans Get a Bad Rap
Traditional lenders and credit bureaus are particularly hostile to title loan companies. One reason that’s commonly brought up is the lack of interest cap. While there’s a limit to how high banks can peg their interest rates, title lending companies don’t have such limitations. There’s also the fact that there’s a lack of legislation when it comes to title loans. They don’t fall under the jurisdiction of banking and finance branches of local governments. But the licensing and monitoring of these companies are often managed by the community’s police or sheriff department.
Like other loans, car collateral loans also exact fees and have clauses on rollovers and repossessions. Unfortunately, some companies can charge a borrower several types of fees. The threat of repossession is more real because of the short payment period.
Despite the complaints levied against these companies by people and conventional lending institutions, car pawn loans are still allowed in 22 states. That seems to be sending a clear message of how essential the services these companies provide are.
The Number One in the Industry
You’re in good hands with Premier Loans Canada. One of the most respected companies in the country; they offer loans as high as $45,000, with loan terms up to 8 years. They also have the lowest interest rates and offer flexible payment schemes. Call their toll-free number 1-855-965-1650 or log on to their website to apply online.
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