Difference Between Secured and Unsecured Loans? If you need cash or you have a financial emergency, you have different options to get money. You can apply for a secured loan or an unsecured loan. An unsecured loan has little risk for you because it does not require the use of collateral. Therefore, you don’t have much to lose. But, since you have little to lose, the lender will charge you higher interest for that risk make things more even. A lender will do this by following one of these procedures:
Difference Between Secured and Unsecured Loans? When you contact us at TFC Title Loan, we have different processes. When you get a car equity loan bad credit is not really an issue. This is because our secured loans are created in a way to make it easy for you to obtain a loan. We will examine things about your vehicle and get information on the make, mileage, model, and condition of your vehicle. Getting a bad credit loan is not a hard process. There is no traditional bank counter and your credit score does not play any major part in the decision-making process.
Car equity title loans are a secured loan that’s based on the equity of your car. In California, the minimum loan amount is about $2500 which is the standard set by the state law. Based on the value of your vehicle you may get up to $50,000. You can get the money within 2-3 business working days. Car title loans are secured loans because the vehicle is used as collateral and they’re safer for the lender and the rate of interest is normally lower than an unsecured loan. You can get an auto title loan online. The lender will hold on to your car title, but you can keep driving your car while paying back the loan.
Generally, when you want to obtain a loan from a traditional lender, the bank will interview you, you’ll be given many paper works and then you have to wait for many weeks and sometimes months. And sometimes, the answer is no. With a car title loan from TFC Title Loan, you can make a decision within 5-10 minutes and get the cash needed as quickly as possible, Contact us today and you will get the information you need within minutes.
Ensure you read reviews about auto loan company, understand the terms and conditions of different lenders. At TFC Title Loan, we pride ourselves on helping people get the help they need when they are in financial trouble.