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Minimum credit score loans Nanaimo British Columbia have been popular since it was first introduced in the 1990s. This secured loan’s streamlined application process and fast approval process made it the lifeline of many struggling individuals. It’s still the loan many people turned to during the pandemic. But don’t just get this loan because you can get fast cash. Make sure you know what benefits and stumbling blocks you’ll face. 

Pros and Cons of Auto Title Loans 

A vehicle title loan is considered a secured loan because it requires collateral. Applicants will have to pledge their car to the lending company. While you won’t be leaving it with the lender, you will surrender the car’s title to the company. It will be returned to you once the debt is paid. There are several benefits to using collateral. For one, the application process is faster since the lender won’t check your credit score. 

Even people with poor credit scores or zero credit history can apply for this loan. Interest rates for auto finance loans are also lower than what’s charged for credit cards. Most lenders also offer flexible payment plans. The loan does have a stumbling block or two though. The biggest one is the threat of repossession. Missing payments could lead to your car being repossessed. Lenders have the right to do so to recover their investment. 

Faster Than the Competition

You’re in capable hands with Premier Loans Canada. We offer borrowers as much as $100,000 in loans. Our company also has the lowest interest rates and monthly payments around. We also provide flexible payment plans. You don’t even have to worry about credit checks or employment requirements. Log on to our website to apply or call our toll-free number at 1-855-965-1650.

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