The recent election in Canada has brought back the Liberals into Office with a landslide victory. The result or the mandate is never unexpected. Rather, the outcome has been quite obvious; yet, this is historic mandate on several aspects. Sometime last year oil price dwindled suddenly beyond all estimations. As a result, the country’s economy suffered heavily. Practically, Canada has been under recession for the last few months. Unemployment is high and pink slips are flying random as the country’s corporate sector is withholding all expansion plans.
In this stern situation, greater number of Canadians than what one can imagine is suffering from low credit rating. Conventional lenders like banks steadfastly deny loan to folks with bad credit. Dark clouds are always decked with silver lining. In a stagnant economy, a cluster of registered money lending agencies across the country is readily providing car title loans mostly across the New Westminster zone.
Interestingly, this monetary facility is strictly meant for people with bad credit. However, to qualify for it one should possess a paid off car, van, truck or SUV. The loan amount depends on condition of one’s vehicle. As such, the amount of money proves conveniently adequate to resolve one’s small financial crunches. These loans are provided on short-term basis, hardly for a few weeks at the most. When the money is repaid on time, paltry sum as interest is charged on borrowers.
The range of lending firms allows borrowers to keep and use their vehicles during loan period. Moreover, lenders maintain impressive level of professionalism and do not reveal their clients’ identities to third-parties. This unbelievable monetary facility is also referred to as vehicle equity loans. These loans are processed very fast as there is no need of checking a borrower’s credit history. Thus, money is handed over hardly within a few hours of submitting a loan application. Considering all these factors, it is obvious that business for the cluster of lenders is flowing in from all directions.
