..Title loans are a form of personal loan that can be claimed from the title of a car, boat, or another asset. They offer an alternative to traditional banks for people who need quick cash but don’t want to pay high-interest rates on their credit cards. In order to get the most out of your title loan in Calgary, you must weigh out all your options carefully before deciding which one is best for you.
Before you meet with a title loan company in order to get the money you need, it’s important to familiarize yourself with all the different features of title loans and their various uses. Here’s a list of the most common features of title loans and what they can be used for:
1. Title Loan Amounts
The amount you will receive in Calgary per loan varies depending on how much collateral is put up. Typically, the loan amounts are between $1,000 – $50,000. Title loans Calgary have an added advantage over cash advances because they are backed by title as opposed to debit or credit cards. You will be able to get your money quickly, without having to deal with the bank’s paperwork.
2. Title Loan Interest Rates
Usually, title loan interest rates are much lower than anything you could get from a bank or credit card. However, it’s important to remember that you have no guarantee that these rates will stay the same when you take out the loan. The best title loans are issued by Canadian Equity Loans, with competitive interest rates and the best payment options.
3. Title Loan Fees
Title loans are usually a lot simpler and easier to understand than the alternatives. If you have bad credit, an unpaid bill, or a bankruptcy in your past, make sure that the company you work with does not require any kind of proof of these things at the time of taking out your loan. Canadian Equity Loans, do not perform any additional credit checks or job history checks.
4. Title Loan Turnaround Times
In order to keep companies giving title loans Calgary from abusing their customers by requiring collateral just to get a loan, they usually have strict turnaround times for applications. For example, some lenders take 7 – 10 days while others require 3 – 4 weeks for processing the loan application. The best title loans provide shorter turnaround times to help customers who are in need of quick cash.
5. Government Regulation
Title loans in Canada aren’t regulated by any government agency, which means that the lender doesn’t have to follow the Financial Consumer Agency of Canada (FCAC) rules. This can be a good or bad thing depending on how you look at it. The downside is that if the company turns out to be fraudulent, there’s no guarantee. That you will be able to get your money back, which can make you lose all of your funds for the loan.
6. Currency
Title loans in Calgary can be paid back in any currency, which is a huge advantage for people who have money stored away in foreign currencies. Some companies allow you to pay off the loan with U.S. dollars, CAD, or other forms of currency.
7. Lending Limits
The amount of money you can get from a title loan depends on your car’s condition. The type of car you have to put up for the loan. Canadian Equity Loans do give up to $50,000 as a loan against the title of your car. The more the value of the car, the more money you can make off that loan.
8. Pros
Title loans in Canada are easy to get and require very little paperwork to initiate. Canadian Equity Loans will take out the verification of the required documents and inspection of your car.
9. Protection of Title
If you fail to pay back your loan, the lender has the right to repossess your vehicle used as collateral for the loan. Your creditor can also take that car and sell it for its full market value to recover the loan amount. Once that happens, there’s no going back and getting that car unless you pay off your debt in full or find another buyer who is able to pay for it.
If you need access to cash but don’t want to take out a loan, you might be wondering about how much I can get for a title loan in Calgary. Canadian Equity Loans is your best place to go for taking a title loan. They have the most suitable terms of loans and let you personalize the loan conditions. According to your preference while offering you the loan for at least 4 years’ period. So, whenever you are facing any quick cash problem, you can always resort to a title loan.
