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It comes as a shock when one has to face an unannounced cash crunch while living on a budget. Even when one does manage all the finances on a regular basis, money needs can arise anytime. Asking friends and family for it at times like these isn’t an option for many. So, what are the options they have and what can they do? Many people opt for loans from private lenders, which sounds like a sensible thing to do. One such option available to Canadians is a vehicle title loan. These are speedy loans that allow people to look after their cash crunch using the title of their vehicle as security for a loan. 

Let’s get to know more about these types of loans!

What are they? 

The name itself explains a lot about them. The title of the vehicle is kept as collateral with the lender. The lender then provides funds to the owner of the vehicle as a loan. This amount of the loan is given for a specific period of time. During that time period, the borrower has to return that amount by making regular monthly payments. There’s a whole process through which a borrower undergoes to get the loan. Unlike other lenders, Same Day Cash Loan has made it very easy for the borrower to get a  loan. 

How do they work?

They are very simple and don’t need much work. The steps mentioned below will give the readers an idea about the process.

  • The borrower connects with us for an auto title loan and fills out an online application form with some basic details.  
  • We then processes the application by checking for a few mandatory points.
  • The loan amount is decided according to the wholesale market value and condition of the vehicle. 
  • This loan value is arrived at after checking the papers of the vehicle and condition. The vehicle also has to be registered and insured in the name of the person seeking the loan. 
  • Other details like vehicle model, vehicle age, kilometers on the vehicle, proof of address, Canadian driver’s licence, insurance papers, etc. are also required. 
  • The  title of the vehicle is then kept with us for the duration of the loan.
  • For that time period, we place a lien on the title for the duration of the loan. . 
  • The borrower receives the title back once the loan amount is paid in full and final. Lien is then finally removed. 

Where to go for such loans?

When you’re stuck and need immediate cash, you think of personal loans or help from family or friends. Banks and other finance institutions have their own set of rules and take their own sweet time to complete the process. But urgencies can strike at any time, and no one can wait for these institutions to complete the process in 4 to 5 days. They sometimes take more time than a couple of days. However, with changing times, people are going for vehicle title loans from private lenders who understand the need for fast cash. We, at Same Day Cash Loan, have a unique way of working. It is way simpler than the traditional bank. Personal loans are becoming a thing of the past now. People with poor credit score cannot expect banks to lend them money. Or people with no credit history can also not go to banks. We don’t ask for either! There are many more benefits one is entitled to when dealing with us. 

Benefits you get:

  • No job requirements.
  • Credit Score won’t be an issue if the numbers are not in your favour as we don’t do any credit checks.
  • Flexible monthly payments. 
  • Loan Terms are up to 5 years 
  • Competitive interest rates that  do not put a burden on the borrower’s monthly budget. 
  • Borrow up to $40,000 
  • keep your  car 
  • One need not be a job holder to apply for a loan with us.

Vehicle title loans can be of great use in times of emergencies. What could be better than getting cash the same day in return for the title of your car and solve all your money problems? Fill out the online application form or give a call at toll free 1-855-904-9880 and get in touch with our Same Day Cash Loan experts. 

 

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