The advantages of pawn loans over traditional bank loans
When you apply for pawn loans, you can use your vehicle as collateral for the loan application. This totally eliminates the need for you to undergo a credit check in order to determine your credit score and your capacity to pay off your loan. The requirements for pawn loans are also very minimal. This allows you to apply and be approved for a loan in only one hour. On the other hand, traditional bank loans can be a very time consuming procedure. The myriad of requirements needed for the loan application and the credit checks required make it so that bank loan approval periods take as long as a few days to over a week.
Pawn loans don’t require you to have a good credit score to apply for a loan
Pawn loans are known as no credit check title loans. This means that you can use your vehicle as collateral for a loan application without the need for a substantial credit history or even a good credit score. Your financial statement will not be scrutinized either. You can be approved for a loan based on the age of your vehicle, as well as its make, model, mileage, and engine condition.
Canada Loan Shop lets you loan amounts of up to $65,000.00 on short notice. All you will need for the application process are a fully owned car with a lien free title, a valid driver’s license, and proof of permanent residence. And because there are no prepayment penalties, you can pay off your loan whenever you want without worrying about any extra charges. To apply for a car title loan today, call us at our toll-free number 1-844-572-0004 or by logging on to our website.