Getting To Know Installment Loans
Simply, when you borrow through an installment loan, you agree with the lender that you will pay back the loan with an interest over a series of installment payments.
Installment loans help you pay for your large investments like car, home, schooling and other major expenses. There are so many different types of installment loans. A home equity loan, for example, is one installment loan which can help cover home repairs and maintenance. Other installment loans include car loans, student loans, mortgages, payday loans and loans which involve you paying the principal borrowed amount through weekly, monthly or yearly amortizations with interest.
Lenders offering installment loans don’t instantly qualify anyone to borrow. They would require a thorough background check to ensure that the borrower can and will pay back the borrowed money in time. Credit checks, financial history checks and employment background checks are done before you can avail of installment loans.
Types of Installment Loans
1. Traditional Installment Loans
Traditional installment loans are those offered by banks and credit unions. Usually, the interest rates of these loans are higher and they fluctuate according to the credit status of the borrower. Although these loans are available to poor credit borrowers at the expense of higher interest rates, many companies today instantly disqualify a subprime borrower.
2. Newer Installment Loans
Among the newer installment loans are Fort Erie bad credit personal loans which are secured loans. These include equity loans and car title loans. As the loans are secured, lenders are less stringent since they can easily recoup any loss they would have suffered in case the borrower defaults in his or her dues. Hence, any borrower regardless of credit score can benefit from these loans. And because these loans come with collateral, the interest rate over the principal amount is considerably lesser compared to the traditional installment loans.
Car Title Loans Canada Offers Affordable Installment Loans
In case you need immediate cash and you own your car in full, you can easily qualify to Fort Erie bad credit personal loans offered by Car Title Loans Canada. With our loans, you can exchange temporary ownership of your car’s title for fast cash in less than a day or even in 30 minutes.
During the loan term, you get to drive your car without any restrictions. And after you have repaid your loan, you can get your vehicle’s title back from the lender.
To get the money you need right away, give us a call at 1-855-653-5451!