When you need that extra money for the down-payment on a new house, a credit card payment, or even to cover your rent and utilities. what do you do? Depending on the state where you live in Canada, you may be able to apply for a title loan from your local bank. However, these loans are often not as accessible as they would like people to believe. When you need cash and you don’t want to take out a personal loan, a title loan might be the perfect option. With this type of loan, you can give your car as collateral and borrow between $1,500 to $25,000. The borrower receives the money right away and pays it back in full over time with monthly payments.
What is a Title Loan?
A title loan is money you borrow over a short period of time such as 4 years. You must have the title to the car you wish to use as collateral, and it must be register with the state in which you live. You take the car to a lender for inspection. If the lender is satisfied that your car is worth and has equity value, they will provide you with a title loan.
The following post will provide an overview of some of the best ways for people to get access to these types of loans without having any credit history or job in particular.
First, you need to find out about the different types of lenders of this type of loan in your region. The most effective way is to ask around. The Internet provides a vast number of helpful forums and discussion boards, Where you can search for information on the business and its whereabouts. This is by far the best option when it comes to finding these companies.
From here, you can decide on which lender suits your needs best. Apex Loans Canada is one of the most convenient lenders in Canada as they allow borrowers with bad credit scores and even no job at all to get access to these loans. By providing solutions to people with little or no credit history, Apex Loans Canada has now come to be trusted by thousands of borrowers from all over the country.
Steps To Apply For Title Loan Without A Job
Title loans are quite easy to apply for and get. Before you decide to get one of these loans, it’s important that you know the steps. So here are the things that you should do:
1) Find a company who offers title loans. Apex Loans Canada is one such lender that provides these types of loans following an easy procedure and without lengthy formalities. They have a wide reach and are conveniently approachable.
2) Apply for a title loan. You’ll also usually have to sign your vehicle as collateral since this is what they’re loaning the money against.
3) Look for a payday loan company who offers these loans without giving up your car! Apex Loans Canada does not hold your car during the period of the loan. This means that you can keep driving your car to perform your obligations without hindrance; only the title of your car will kept as collateral with the lender.
4) Apply for a cash advance or a payday loan. You may need to fill out some minimal paperwork and meet certain requirements before you can get approved for one of these loans. The documents are verified and the model & other specifications of the car are inspected.
5) You’ll also need to provide proof documentation before you can get approve for a loan like this. You’ll have to provide proof of permanent residency in Canada, proof of clear title. For a title loan, you’ll not need to show your income.
7) Take care of what you agreed to when you took out the title loan and do not have it written down anywhere. But if you’re forgetful or don’t take care of these things. The company can make this a part of your debt and put a lien on your vehicle. You’ll also need to make sure that you keep up with the requirement you agreed to when signing the contract. This is important because your car could be reposes and sold if you don’t pay back your loan.
8) You need to pay off the amount of money that you initially owe. So if you took out a 1000 dollar loan, you’ll need to pay back 1000 dollars and additional interest amounts. Apex Loans Canada enables you to choose the payment options and monthly payment according to your preference. This will help you to pay efficiently the amount that you are oblige to pay. In addition, there is no penalty charges on prepayment of the loan. In case you want to pay it off before the expiry of the loan period.
Title loans are extremely convenient and help you to get through difficult times efficiently. With these types of loans at your side, you no longer have to worry about cash crunch any more. And Apex Loans Canada can prove to be very helpful to avail such cash within 24 hours and in a hassle-free manner.