After decades of dominating the lending scene, the age of the abusive unsecured loans and short term loans is over with the dominance of collateral car title loans.
Collateral vehicle title loans are becoming the new leaders in the lending industry because of their borrower-friendly rates, terms, and other benefits. As people go through small business cash flow problems, financial emergencies, and unexpected cash problems, they no longer have to turn to short term loans and unsecured bank loans that charge like loan sharks.
The great disadvantages of unsecured loans and short term loans
Short term loans and unsecured bank loans are typically doled out with huge sky-is-the-limit interest rates with repayment terms of 30 days to 90 days. What is more shocking is that four out of five unsecured or short term loans are rolled over into new loans within 30 days costing the borrower more than three times the amount borrowed. Lenders usually charge as high as 400% interest.
The Great Benefits of Collateral Vehicle Title Loans
On the other hand, collateral car title loans have the lowest interest rates in the whole lending industry and the lowest even when compared to unsecured loans and short term loans. Up to 70 percent lower interest rate can be offered versus any close competitor. Payment terms are the most flexible starting at 1 year and can be adjusted up to 5 years. The collateral needed to qualify for the loan is a fully paid for and owned car. Its car title should be lien free.
Lenders don’t check up on a borrower’s credit score because no credit check title loans are already secured with the collateral. The borrower’s credit rating has no bearing on the loan approval. Loans are approved in just one hour after the car is inspected and appraised for its true market value. This determines the loan amount that can be from $1,000 up to $25,000.
At Snap Car Cash, we loan you money based on the value of your vehicle, not your credit score. That means that you have fast access to cash whether you have bad credit or no credit at all. Call Snap Car Cash free at 1-888-886-SNAP (7627) and apply now or apply online. You’ll speak with a member of our dedicated team and see how Snap Car Cash can help.