One good example of a secured cash loan is a vehicle title loan. With it, you can liquidate a part of your vehicle’s equity to meet an unexpected financial need. You can do this directly with the auto lender you’ve worked with if your account is still active. If not, you can try other alternative lenders who are willing to accept your vehicle’s title of ownership as collateral for a cash loan. But if you do take this option, you have to understand that there are consequences when you default on no credit check car loans Victoria British Columbia.
Consequences of Defaulting of an Auto Title Loan
Repossession is one of the primary effects when you can’t pay your car equity. The lender will have an absolute right to take your vehicle, by force if needed, if you default on your payments. It’s not a pleasant experience, particularly as repossession companies can show up anytime, anywhere. It doesn’t matter if you’re at home or at work. In some cases, you might not even receive a notice of repossession.
You also face penalties every time you miss a payment and this is multiplied if you do default. What’s more, a default stays on your record for up to 15 years. This means it will also bring down your credit rating and make it even harder to apply for a loan with traditional lenders, like banks.
Faster Than the Competition
No matter what financial problem you’re facing, Premier Loans Canada has your back. Get a loan of up to $45,000 with no credit checks, no proof of income, and no fuss. Their simple and transparent application process means you can get your loan on the same day, that’s something other lenders can’t do. Simply apply online or call 1-855-965-1650 toll-free.
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