Short-term car title loans are secured against the title or ownership of your car. Unlike traditional bank loans, many lenders require no credit check as they quickly offer borrowers access to cash. It has been a source of financial assistance for individuals facing immediate cash needs.
Mr. Good Loans is here to provide you with the top reasons more and more people are turning to car title loans in Edmonton!
You can keep your car during the loan term with car equity loans
One advantage of car title loans in Edmonton is that you do not need to forfeit your vehicle during the term of your loan. And because you get to keep your vehicle, you can utilize your vehicle to help make the money you need to repay your loan. You might need your car to drive to and from work, or you may use your vehicle for a delivery service or taxi service such as Amazon Delivery, Skip the Dishes or Uber.
These jobs are contract positions and can be another reason most typical bank lenders may not approve you for a loan. They only approve people who have secured contracted employment and not contract employees if you cannot provide up to two years of T-4s for them to trust you have had consistent income.
A no-credit check loan is exactly that!
This part is short and sweet. With a no-credit loan, you do not need to provide good credit as there are no credit checks. With Mr.Good Loans, you can get approved the same day you apply.
You can pay the vehicle title loan early
If you want to avoid the high interest that can typically come with taking out a car title loan, you can pay the loan off early with no penalties or fees.
It is very affordable to make car title loan payments in Edmonton
Because your car title loan lender cares about getting your title back, they ensure not to break your bank and provide you with longer terms and smaller payments.
Car title loan payments allow you to use your vehicle for positive equity
If you have heard that your car depreciates in value by about 30% the moment you drive it off the lot, this is true. Unlike owning a house that will increase its value over time, a car does the opposite immediately after you purchase it.
If you want to make your car make you money in Edmonton, you could take out a car title loan and use it as a type of investment, such as a down payment for a home or securing a business loan.
One of the biggest pluses of applying for a quick no credit-check loan is that you can apply online and get approved the same day. It is simple and only takes up to 20 minutes to get an answer back the same day or within 24 hours from the comfort of your home.
