In life, there are times when everyone needs instant cash to deal with several problems. Whether it is unexpected bills, medical issues, or home emergencies, it is tough to get your hands on the money you need and whenever you require it. Charging a huge amount of money on your credit card just because you do not have the cash to cover your expenses can be dangerous. Therefore, if you need quick cash in Canada, you can get a short-term loan or quick cash loans from a private lender which is the best option for you.
Process Of Getting A Loan To Access Quick Funds
Almost everyone thinks of connecting with traditional lenders or major banks when it comes to taking a loan. But these sources have their own terms and strict requirements that many borrowers cannot fulfill.
Thus, many people think that they are left with no financing options. But this is not true. There are several lenders operating in Canada who are helping people with financing. A reliable lending institution such as Quick Cash Canada offers a solution which is available for everyone out there i.e. vehicle title loans.
What Is Meant By Vehicle Title Loans?
Vehicle title loans are also known as equity loans and collateral loans. In this loan, the borrower who needs instant money uses his vehicle ( such as a car or a truck) as collateral to make money. Your valuable asset can prove its value and help you in urgency. The lien-free title of the vehicle will be kept as collateral by the lending institution in the loan period and give you money against it.
Who Can Apply For The Loan?
If you own a fully-paid vehicle, you can apply for the loan. But remember the vehicle should be a 2010 or newer model and must have enough equity value.
You may have some doubts in your mind such as what if your financial history is not good and what if you are in between jobs. Well, don’t worry, you can still apply for the loan.
This is because collateral loans are secured loans as they are providing you a loan on your lien-free title. The lending institutions do not perform any credit/debt score checks and don’t need proof of your permanent income source. Thus, you can apply for vehicle title loans without any hesitation.
How To Apply For Vehicle Collateral Loans?
There are three ways by which you can apply for collateral loans.
First, you can directly contact the lending institution that you decide to take a loan from and give them a brief about your requirements.
The second way is to visit their office and apply from there.
And the best way is to visit the website online and fill out the basic application form available there.
For your information, the form will not ask you for any personal details that you are not comfortable sharing with the institution. Generally, it asks for your contact details and your vehicle’s necessary information. You just have to provide the vehicle’s make, model, and year of purchase.
What Do You Need To Get Approval For Title Loans?
Title loans are there to help you and not to give you financial stress. This is why the loan process is made easy and convenient. The paperwork is quite minimal and only a few documents are required to get approval. The list of documents is as:
- Fully paid for vehicle not more than 10 years old
- Lien-free title of the vehicle
- Proof of permanent residence
- Vehicle registration papers
- Vehicle insurance papers
- A valid Canadian driver’s license
- The second set of your vehicle key
With this little documentation, you can solve your problems and also take your business to new heights. You can resolve any financial problems using these funds and make new ways to achieve your business objectives. This loan does not impose any restrictions on the usage of funds, you can use them for any legal activities as per your needs.
After verification of your documents, you’ll be asked to bring your vehicle to the nearby office of the lender for inspection. You may find this step unusual but it is crucial. Why? Well, the loan amount that you can get using this loan depends on the equity value of your vehicle. And this equity value will be calculated by professionals. They check the working condition of the vehicle and present market value and based on these factors the equity is calculated. The maximum amount that you can opt for the loan is the equity value of the vehicle.
Moreover, you do not have to surrender your vehicle to the lending institution. You are free to keep your vehicle with you and can use it before even in the loan period. Therefore, if you ever feel that you need Quick Cash Canada to deal with a financial crisis, continue your business, etc. you should apply for vehicle title loans. You can use the money to fulfill your business goals.