When the time is tough and one has to make an uphill journey, people automatically look out for alternate means by which the task can be accomplished with minimum effort. Bad credit rating may result from various reasons. People with miserable credit rating are considered as high risk customers and conventional lenders invariably back out from lending money to these people. To help these folks with ready cash at their real hours of crisis, a unique range of financial organizations is active particularly in western Canada.
These business houses provide the financial aid through facilities like car title loans in London, Ontario and surrounding areas. Considering the ease and the flexibility of these facilities, an increasing number of individuals with poor credit ratings are applying for these loans. Businesses involved in this line of financial activity are committed to conceal the name and identity of their clients seeking loans under normal circumstances. The loan amount is calculated on basis of the valuation of a vehicle. Moreover, the commercial establishments do not confiscate a vehicle as security against the money they lent to its owner. Thus, people who avail these loans are free to drive their vehicles against which the money was lent to them.
In order to avail the financial help, one has to meet certain prerequisites. Some of the major criteria include:
- One must fully own a vehicle, which may include car, truck, SUV, van or motorcycle
- The vehicle in question should preferably not be older than 10 years
- The individual applying for the loan should possess a clear title to the vehicle
- The vehicle should be registered and insured in the name of the individual seeking the financial aid
Processing of bad credit car loans takes minimum possible time, hardly a few minutes at the most. As such, the category of loan application also requires minimum supporting documents to be submitted followed by minimum paperwork.
The loans are best to be repaid on time. When the repayments are done timely, a negligible interest is calculated, which turns out to be pocket-friendly for almost everyone. However, in cases of late or partial payment, interest fees are charged on a daily basis. Until now, most of the business houses sue the defaulters in accordance with the Personal Property Securities Act (PPSA) of Ontario.
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