Payday Loans Vs Car Title Loans In Canada?

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Payday Loans Vs Car Title Loans In Canada_

Let us have a look at both the loans that is payday loans and car title loans in brief to draw a difference between both and analyze how these loans work. What are payday loans? A payday loan is an unsecured short-term loan and it is often characterized by high-interest rates. The term payday refers to when a borrower writes a post-dated check to the lender for the payday salary but receives part of that payday sum in immediate cash from the lender. In brief, a payday loan is a kind of loan which helps you with instant or immediate cash needs until you get your next paycheck. These loans are not for the faint of heart. These loans can be difficult to repay and also could end up costing you much more than you could have expected if you happen to be careless with the loan. Before applying for this loan, it is quite important to know what you will get and what is expected from you in return.

Now let us have a look at how do these payday loans work? 

This loan works differently than a personal or any other consumer loan. Depending on where you live, you can get a payday loan online or through a physical branch with a payday lender. Every state is different and has different laws surrounding payday loans. Limiting and depending on how much you can borrow or how much the lender can charge in interest and fees. After getting approved for the loan, you will receive cash or a cheque from the lender immediately. Then, you will be required to pay back the loan amount before the due date before your next paycheck. Now you must be wondering about how much you can borrow with a payday loan?

Well, payday loans can range from $50-$1000 and it will totally depend on your state’s law. Different states have different payday loans and thus depending on your state you can get the amount. This is all about getting the loan amount. Let us have a look at how can one repay or payback this payday loan?

You are generally required to repay or pay back the loan amount with a single payment by your next payday. The reason behind the same is that the lenders have varying repayment terms, make sure that you ask for a specific due date or check for the date in the agreement. Depending on the lender, you might have a few options to pay off your debt. You can-

  • A postdated cheque when you apply for the loan.
  • A cheque on your next payday would do.
  • Direct debit from your bank account would also do.
  • Another form of credit.
  • Online through the lender’s website.

If you happen to miss the payment or fail to repay the loan then, the lender will automatically be able to withdraw money from your bank account. There are times and also it is noted that several borrowers fail to pay back the loan amount to the lender before the due date and thus face issues later. This is all about payday loans and all that you need to know about this loan. Now let us have a look at what is a car title loan and how does this loan works?

A car title loan is a kind of secured loan. In this loan, people get cash or the loan in return for keeping the vehicle as collateral with the loan lending institution. In this loan, people make use of their vehicle to get help with monetary issues.

Let us have a look at how does this loan works and how can one get this loan

Well, this loan is available to all. Everyone can apply for this loan and get this loan no matter what. To get this loan, all that you will be required to do is fill an online application form for the loan and then after filling the online application form you will be required to submit a list of documents. The list of documents is mandatory to submit only then the steps will move ahead for the loan approval. After submitting the list of documents, you will get a call from our experts who will discuss the further procedures to get the car title loans. This is how you can apply for the loan and get it approved the same day. This loan is considered ideal when one needs instant cash or is facing serious monetary issues. There are several reasons as to why people choose this loan or prefer this loan over any other kind of loan in emergency situations. The foremost reason is the approval of the loan. The loan approval is quick and also the process to apply for the loan is simple. With the minimal document requirement, one can apply for the loan and get approved. Quick Cash Canada provides car title loans, if you are looking forward to applying for it, you can apply for the loan with them and get approved. Well, not only the process to apply for the loan is quick and simple but there are several other advantages that people enjoy with this loan. Let us have a look at the other advantages that people get with this loan.

  1. There is no credit check required to get this loan. So, if you have bad credit you can still apply for the loan and get approved.
  2. Your job profile is not required or checked for this loan. So, even if you are in between jobs or if you are looking for better opportunities, you can still apply for the loan and get approved.
  3. The loan tenure period is up to 4 years, which gives the borrower enough time to collect the funds and pay back the loan amount.

These are the basic differences between a payday loan and a car title loan. With a payday loan, the person usually has less time to collect the funds and pay them back. But, with the car title loans, one has enough time to collect the funds and pay them back.

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