It’s an all-too-familiar scenario: An emergency arises; maybe you lose your job, an unexpected dental appointment sets you back, or some other economic misfortune occurs. Either way, the result is the same—you’re in a financial pinch, and you need cash, fast. It can be challenging to obtain a loan under such circumstances, especially if you have poor credit.

Luckily, you can surmount these obstacles. A car title loan is a great way to borrow the money you need when you need it. However, if this is your first time hearing of car title loans, then your next question is most likely…

What is a Car Title Loan?

Also known as an auto title loan, a car title loan shares similar qualities with a personal loan. It is a loan type that is reimbursed (with interest) via installments over a set period. Your car title loan is what is known as a secure loan. This fact entails you’ll need to put up some form of collateral in exchange for the loan. In this case, your vehicle becomes the collateral. If you default on your loan, your car may be confiscated.

How a Car Title Loan Can Help You

Car title loans are versatile lending options. Moreover, they can be helpful in numerous ways. For example, title loans can be issued quickly — sometimes on the same day you apply! So a car title loan is ideal if you’re strapped for cash and need money fast.

Moreover, a car title loan is helpful if you have poor credit, offering convenience when you’re in a financial bind. This loan type is the last resort when you are in a compromising financial situation.

Other benefits of a car title loan include the following:

No credit checks: A car title loan company typically reviews your car’s equity instead of your monetary situation.
Lower interest rates: A title loan is almost always more affordable than other loan types. The reason being is because of a crucial asset – your car. As a result, lenders are a little more lenient in every regard, including but not limited to interest rates.
You can keep your car: When you take out an auto title loan, you can continue driving your vehicle.
Instant cash: The title loan application process is very straightforward. If you need money and can’t wait the 14 days it takes for an unsecured loan; title loans are your saving grace.
Easy processing: The basic criteria for receiving a car title loan is you own your vehicle. The lender will put a lien on your vehicle’s title. Then, you will need to provide hard copies of the authorized ownership records showing you own the car to the lender.

How Does it Work?

You may apply online or in person for a car title loan. However, you’ll require a physical location to visit to show the lender your vehicle. Additionally, you must provide insurance, a photo ID, and a clear title to the lender when applying for a title loan.

With Cash Loans Alberta, there are 4-simple steps to apply for a car title loan:

Fill out an online application
Wait to receive a quote
Get Approved
Drive off your car in tow and cash in hand

Next Step: Apply for a Car Title Loan Today

Car title loans can help with financial hardships. And if used responsibly, they can alleviate the pressure of being in that type of circumstance. At Cash Loans Alberta, we have helped thousands of people with their monetary needs. And with low interest-rates and flexible payment options, we can help you too!