Bank loans and title loans are two different things and are a way poles apart from each other. There are several advantages and drawbacks of these loans but even before that, there are several differences and different characteristics in these two different types of loans. 

First, let us dive deep into title loans and the features of this loan. 

A title loan is a kind of secured loan where the money lending institution gives the loan instead of keeping the vehicle as collateral with them. When one needs instant cash, one can rely on a car title loan from Instant loans Canada. This loan is considered one of the best options when it comes to applying for a loan in need of an emergency situation or when one needs instant cash. There are times when one thinks of relying on or seeking help from family or friends but one should not neglect the fact or idea that with a lifestyle like this everyone has expenses and needs cash to meet sudden or emergency situations. So for the same one can rely on title loans and get the best help with the situation. 

Features of a title loan

1. One of the most amazing features of this loan is that one gets the loan approval the same day he applies for the loan. Thus the application process of this loan is simple and quick and one can get this loan the same day. When the word loan comes to role play it is noted that several people avoid it for the fact that the process it involves around is hectic and people usually want to go with a process that is haste free and quick. so . for the same car title loans is considered best. You will not face any difficulty in the entire process i.e. from the application of a loan to getting the loan approval. 
2. Another best characteristic of this loan is that the borrower can keep the asset with himself that he is using as collateral to get the loan. So for the loan tenure period, the borrower gets to keep the loan amount as well as the vehicle or the asset that he is using as collateral to get the loan. 
3. The loan period on the title loan is up to 4 years. This loan tenure period gives the borrower enough time to collect the funds for the loan and thus pay back the loan amount easily. The loan tenure period is enough so that the borrower can collect the funds easily, keeping in mind the other expenses and taking care of those other expenses covering the loan amount.
4. Low-interest rates are another benefit offered by title loans. With this loan, a person will get low-interest rates. You can apply and get a car title loans in Victoria and get the lowest interest rates from Instant loans Canada. Our interest rates are something that attracts our customers back to us no matter what. We provide competitive interest rates to our customers and this is one reason why our customers come back to us. 
5. No credit check will be required while applying for this loan. There are several money lending institutions or money lenders that look at your credit history before lending you the loan amount. But with us, you don’t have to worry about the same. Your credit score has nothing to do with the loan and thus we do not check the credit score of the people applying for the loan. So even if you have a bad credit score, then also you can apply for the loan and get approved. 
6. No proof of income is checked. If you are in between jobs or if you are finding or looking for better opportunities, you can still apply for car title loans and get approved. We do not check the source of income of our clients. 

These are the features or you can say the perks of getting a title loan. Now let us move on to bank loans and look at the features that bank loans provide. 

What are bank loans?

A bank loan is a kind of loan where the bank offers money to the individual applying for the loan with money for a certain or specific period of time. In return, as a condition of the bank, the borrower will be required to pay back the loan amount in certain intervals i.e. be it in a month or over a period of few years. Let us have a look at the features of this loan. 

Features of the bank loan

1. Banks usually perform a credit check on their clients. People who have a bad credit score or had a bad credit history usually do not get approved for a loan with banks. Banks follow a decorum of lending loans to people with a reputed credit score. 
2. Banks follow a pattern where the process to apply the loan and getting the loan approved is a hectic process. There are times when banks take days or even months to approve a specific loan. They follow a specific pattern of application process with certain document requirements. And the client or the borrower you wants to apply for the loan and get approved needs to follow the necessary steps. Only then he shall be bale to get the loan from the bank. 
3. Fixed interest rates. Yes, you read it right. With banks, the borrower gets fixed interest rates. Unlike other money lending institutions or other lenders, the banks provide fixed interest rates to the borrowers no matter what.
4. Banks do check for the stable source of income from the borrowers. They make sure that the client applying for the loan is suitable and is eligible for the loan. They ensure the same to make sure that the borrower will be able to pay back the loan amount. 

These are the clear and crisp differences in the banks and the title loans. If you are looking forward to a way out for instant cash then you can seek help from Instant loans Canada and get the best service in terms of instant cash.