If you feel that you will never need an emergency fund, think again. No matter how financially prepared you are, life has its own ways to throw curveballs that you may not expect. Well, there are many cases that can get you into situations where you will be left without money. Some of those situations are:
- Overspending: Well, it is quite easy to raise the lifestyle standard but it’s not easy to maintain it all the time. If you overspend the money on things that are not counted as necessities, you may end up in financial trouble. Spending more than your income and not saving for your future will ultimately get you into deep trouble.
- Overdue credit card bills: Most people do not take their credit card bills seriously and do not pay them on time. Well, it is time that you understand the seriousness of this payment. It is vital to know and understand that you should pay your bills before the due date. Otherwise, you will get charged for that. If you continue this activity for a long time, you’ll find yourself in huge debt.
- Business deals: Although it is important to make deals to grow your business, if you do so without considering the pros and cons you may face a huge loss. Thus, make deals only if you know it will profit your business and it will not harm your company in any case.
There are many other situations where you need instant money such as unexpected medical bills, sudden house repair, sudden appliances repair, etc. It is not possible to get immediate money from banks as they have their own terms and paperwork that may take a few weeks or months. You may want to get an installment loan Peterborough where you get to pay back the loan amount in small monthly installments made according to your monthly budget. Well, this is now possible. You can find reliable title loan companies in Peterborough, Canada, and apply for this sort of loan.
How To Apply For Installment Loans in Peterborough?
The application process is fast and convenient. The complete process works in four easy steps.
Step1- Apply online and get approved
You can get in touch with the lending institution from whom you want to borrow money. If you have unexpected expenses that simply cannot wait and need urgent money, you can get it by just filling the online application form or contacting them. Within minutes of submitting the online application, one of the professional representatives will contact you and will guide you further. Don’t worry, if you have a vehicle that is less than 10 years old and has a clear title, you will qualify for the loan.
Step2- Easy Paperwork
Well, car title loan lenders understand the value of your time and the monetary crunch that you are going through. This is why the application process for this loan is quite simple and easy. It will not take much time and will be completed within an hour or maybe earlier than that. You just have to bring some documents to the nearby office of the lending source for verification. The list of documents is:
- Proof of legal age according to your respected province
- A vehicle not older than ten years
- A clear title to your vehicle
- Vehicle registration and insurance papers
- A valid Canadian driver’s license
- Proof of permanent residence
- A second set of car keys
Some sources will verify the documents and return them back. While some of them will keep them until the loan period. Super Collateral Loans is one the best lending institutions that will only keep the title of the car and other documents will be given back to you.
Step3- Get Cash
Once the documentation is over, you will be asked to bring your vehicle to the nearest store. This is just to inspect and calculate the equity value of the vehicle. This equity value is calculated based on the market value and its working condition. This step is necessary since it will decide the loan amount up to which you can borrow. You can borrow money up to some percentage of the equity value of the vehicle. After getting approval you take money instantly without waiting for anything else.
Step4- Keep Your Car
Well, you are borrowing money and not selling your car. Thus, in title loans, you need not surrender your vehicle to the lending institution. You can continue using your vehicle during the loan period and can drive away with your car and the cash. It’s that fast and easy.
Let’s have a look at the benefits of taking an installment loan in Peterborough.
- No Credit Check Loan – The lender has nothing to do with your credit history, thus, you can apply for the loan even if you have a poor credit score.
- Longer loan period – Usually the loan term is four years thus you can easily manage to pay it back.
- Get Fast Cash – You can easily get money after getting approval.
- Keep your car – You can keep driving your car even in the loan period.
- No prepayment penalty – If you want to repay the remaining loan amount earlier than the loan session you can do so and you will not be charged with any penalty.
Therefore, apply for title loans today, pay them back in small and easily manageable installments and make your life happier.