Struggling to make ends meet between paydays, and need a loan to help you get out of your financial troubles? When you have bad credit, struggling to make it from payday to payday by taking out month-long loans can be extremely difficult, and it may result in you being in a worse condition than when you started. One solution to the problem is to borrow money which will allow you to pay off these loans, for good, and get back on your feet getting out of this vicious payday loan cycle. They are the preferred alternative for many people in Vancouver who need money quickly, and can’t get a loan from their bank.
Car Title Loans for British Columbia Residents
Vehicle title loans, often called, vehicle equity loans, are getting more and more popular among BC residents. To apply, most companies that offer car title loans in BC require you to own your vehicle in full and be of a certain age. If you qualify, you will be offered a percentage of your vehicle’s value as a loan while keep using your car. The repayment term varies, in most cases 1-5 years depending on the amount and on your chosen car title loan company.
What is The Difference Between Bad Credit Title Loans and Other Short-Term Loans?
If you have had experience of short term loans before, then you may feel that they are not for you. Payday loans, for example, are a classic case of a short-term loan which can end up costing you money and resulting in you having to take out another loan to tide you over until the following month. Once borrowers are into a cycle of borrowing and repayment in one month or less, they can find it hard to get out. Car title loans are long-term loans because they are usually at least 12 months in duration, but they differ from payday loans in a few significant ways. Firstly, payday loans are unsecured, meaning that you don’t have to use collateral in order to secure the loan. This makes it easier for lenders to argue that they have to charge such high fees in order to make sure they can cover any unpaid loans. Vehicle title loans are secured loans. This means that they are borrowed against the value of your car, in the same way that a mortgage is borrowed against the value of the house. This means that there is less need for high charges, and you can get a much lower rate of APR from these short term types of loans.
In addition, payday loans require employment and credit check. This is different from a car title loan, where no employment is necessary and your lender, in most cases, do not require a credit check. Car title loans companies in Vancouver & area will get you approved within hours and in most cases you can have funds the same day.
Can I Get a Car Title Loan With Bed Credit?
Even if you need a bad credit title loan Vancouver companies can help you. This is because car title loans are approved based on the value of your car, not on your credit history or employment status. In case you are in bankruptcy, you need to disclose it, and in most cases you will be eligible for a bad credit loan.