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Reasons Why Car Title Loans Are So Popular

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When the economy plunged into a recession in the late 2000s, one of the effects had to do was with borrowing. Those who are looking to lend money to pay off their debts found it much harder to qualify for a loan. Banks and other credit companies would only approve those with the highest credit scores and the best payment histories. As a result, an alternative loan market arose - bad credit car title loans. Bad credit car title loans in Mississauga have become increasingly popular in the past decade. This is because: No Credit Check: When a borrower goes to the bank for a loan, the bank examines how much risk is involved. In order to examine this risk, lenders look at the credit history of a person. Those who pay their bills on time, or never had bankruptcies and those who do not carry large amounts of ongoing debt have high credit scores. Unfortunately, many do not fit into this category and are considered to be risky. So they usually do not qualify for personal loans, mortgages,...