Sometimes, life can get a little rough and place you on a bumpy ride. One after another, unexpected but essential events pile up throwing your savings out the door. Overdue utility bills, kids’ tuition fees, dental bills, credit card bills etc. can give sleepless nights. Most people cannot figure out a way out despite the resources available. How well you handle the financial stress and manage your expenses or money is a big factor. People start selling their assets or pawn their valuables like jewelry or antiques, to make some cash to help deal with their money troubles. What they may not be aware about is the same day cash collateral loan.
To start off, a collateral is something you use as security to borrow money. This helps in securing the loan. The lender covers his risk of lending money by keeping the collateral as security in case the borrower defaults or is unable to pay back the loan. Once the loan is paid off, the lender releases the collateral.. Using a collateral for a loan increases the chances of getting money if you’re not able to get the loan approval at first. It works as insurance that you’ll pay back the money. However, in unforeseen circumstances you are not able to make payments, the lender has the right to take or keep the collateral as payment for the loan.
How Does A Same Day Cash Collateral Loan Work?
This loan is a secured one and the borrower has an open window to use his asset such as a car or a motorcycle to get the loan. There’s no point in selling them to get money when you can use them as collateral instead. By doing so you get the funds on the very same day without losing your asset. There are a myriad of same day loans out there in the market. Private lenders like Canadian Title Store are here to help. . They lend you the money against the title of your vehicle, just as long as the vehicle meets the loan criteria and most importantly is lien free.
What is a Lien?
A lien is the right that you provide the lender to keep your asset or property as collateral until your debt owed is paid in full. . There may or may not be a security interest element added to the loan depending on the lender. It also means that if the loan amount is not paid in full in the agreed time period, the asset shall remain with the lender. This is to make up for the loss of money that the lender lent you.
How Does A Car Title Provide Same Day Cash?
Canadian Title Store has been in the title loan business for years. A car title loan is an ideal way of dealing with urgent cash requirements. We want to help by providing the best financial assistance out there. . Our car title loans are tailor-made to fit your financial needs. The cherry on top of the cake is that we accept all credit types. A perfect credit score is not required. Some of you might be in the process of building your credit or maybe recovering from some bad financial hits. There’s nothing to worry about, we don’t take your credit history into account during our loan process. . That’s another benefit you get when dealing with us.. Our loan process is quick and easy to do.
We really are a ‘same day cash collateral loan’ deal! Once your application is approved and the car is inspected, it’s just a matter of time before we hand over the cash to you.
What Is Required?
Just submit the following document and we’ll start processing your loan request as soon as possible.
- Must be of legal age
- Proof of permanent residence
- Proof of a lien-free vehicle (i.e. a title which is free from any liens)
- A spare set of keys to the vehicle
- Canadian driver’s license
- Proof of car registration in your name
- Proof of car insurance in your name
Apply online for our same day cash collateral loan and get your funds as early as the same day. Call us (toll-free) 1-844-512-5840 to get started.