It is very important to be made knowledgeable of the types of loans available to persons with poor credit or bad credit loans in Canada. There are Secured and Unsecured loans. By definition, a secured loan is a loan in which the borrower offers up any of their personal asset(s) (e.g. a car or property) as collateral for the loan. This in turn, becomes a secured debt owed to the creditor of the loan. In the event that the borrower defaults or fails to repay, the creditor is them liable to take possession of the asset(s) used as collateral. They are then at liberty to sell it to regain some or all of the amount originally loaned to the borrower; for example, foreclosure of a home. If the sale of the collateral does not equal to the total amount of money credited to pay off the debt, the creditor can often seek out a deficiency judgment against the borrower for the remaining amount owed.
Then there are unsecured loans, or Guarantor Loans. With these type of arrangements, the Creditor doesn’t accept any collateral from the borrower, under the condition that they get someone who has good credit and is in no way financially linked to them to Co-sign on the agreement. Guarantor loans are often seen as alternatives to the payday loans. They are also associated with the subprime finance industry, as they mainly aimed at people who have no credit score; due to them eitherhaving never obtained credit in the past, or people with a damaged credit score, as a result of having missed too many payments towards debt in the past.
However, our focus is for Secured Loans; with these loans, the interest rates are fairly lower than that of the unsecured. Some may be wary to take out a secured loan, mainly because of the collateral and their fear for losing it all. With the BHM Financial Group, you can put your worries and concernsto rest. We are a one of the top Canadian-based loaning systems that gives everyone the possibility of getting a loan, regardless of the previous credit score. The amount of money that will be approved to the clients, would be based on their assets, not their credit score or history.
You see, there comes a point in everyone’s life when they need some financial assistance. When you’re in debt and can’t make your payments in time, the Car title loans can be the answer to your prayers. What separates us from other financial groups in Canada, is the fact that our car title loans are quick and the amounts range from $1,000 to $25,000. To take more stress off your back, the loan can be repaid in the period that ranges anywhere from two to five years! Our payment plans even include a 30-day return policy so you can repay your loan in the period that suits your schedule best!
We at BHM Financial Group put you and your financial needs at the forefront, so contact us for a simpler and faster solution to your life’s struggles.
Contact name: Rebecca Schwartz
Phone: +1 (866) 733-5023