Bad Credit Loans Burnaby British Columbia is Far Superior from Short Term Loans

Collateral vehicle title loans have already replaced short term loans such as payday borrowing.

Around 10 years ago, loan shark firms running short term loans such as payday loans or unsecured loans was the only way to get fast cash for those with unexpected financial emergencies. Slowly however, collateral vehicle title loans have been gaining ground for borrowers over short term loans. By 2014, car title loans have taken over the lending industry as the leading loan industry.

Short term loans have nowhere to go but down

It’s only fair and understandable why short term loans have gone down. Short term loans take great advantage of financially vulnerable borrowers to charge up to 156% in interest, or triple-digit interest rates charged on subprime borrowers.

Collateral car title lending works much better

One main factor in the rise of vehicle title loans is that borrowers with bad credit history are approved so long as there is collateral in the form of a fully owned vehicle and its vehicle title. The vehicle title must be lien free because the lender needs to put a lien on it for the loan. The loan is approved in one hour if the collateral qualifies. While short term loans and some unsecured loans also ignore bad credit history, but again, charge triple-digit interest rates.

Lower interest rates are endearing for borrowers

The one feared aspect for any loan is not the case with no credit check title loans. These loans can go up to 70 percent lower on interest rates than what any competitor can offer out there. This makes collateral vehicle title loans the lowest in the lending industry.

Great loan terms for the budget

Loan payment terms can start at 2 years and can be adjusted up to 5 years. Borrowers can borrow as low as $1,000 and as high as $50,000. If the loan is paid off early, no early payment penalties will be charged.

At Instant Loans Canada, we loan you money based on the value of your vehicle, not your credit score. That means that you have fast access to cash whether you have bad credit or no credit at all. Call Instant Loans Canada toll free at 1-866-973-5214 and apply now or apply online. You’ll speak with a member of our dedicated team and see how Instant Loans Canada can help.