The Loan Industry in CanadaFast Action Finance
The loan industry in Canada is made up of several different segments:
National and International Lending Institutions
The banks are national and international lending institutions. In addition, there are smaller lending institutions such as credit unions and savings & loans entities that are provincial or regional. They are all heavily regulated by the Banking Act and/or other legislation that makes them very non-entrepreneurial in their business dealings.
These banks, credit unions and savings & loans institutions are run by a board of directors. They follow strict lending criteria and there is little room for flexibility in their lending practices. These institutions still grant many loans, but only to those with good credit records. Their threshold of loan minimums is constantly rising, whereby a consumer looking for a small loan of $5,000 is directed to use their credit card. Banks no longer have the will to administer small loans.
Local Lending Companies
Then there are the local lending companies that are sometimes a stand alone operation, have a few locations or are part of a franchised system. Depending on the level of ownership, this class of loan company ranges from entrepreneurial to very restrictive in lending policies.
Payday Loan Companies
Finally there are the payday loan companies that operate under the Payday Loans Act. The typical payday loan customer is looking for a lending instituteâ€™s ability in granting them fast access to loans and finance. The payday lenders too have strict rules to follow and they have little room to wander from their self-imposed business model.
The Best Choice For Many Customers
The lending companies that take an entrepreneurial attitude to assist customers with their needs are the local lenders. In these companies the owner is usually active in the day to day operations of the business and many times can be swayed by a borrowerâ€™s needs and will work with them to find a solution and get them the money they need.
Fast Action Finance is The Local Lender For You
Fast Action Finance is a local lender that will lend up to $5,000 using a paid offÂ 2011 or newer vehicle. This is called a Title Loan. For these Title Loans we do not hold the car, have it transferred to our name or have the customer sign the ownership over to us. The customer keeps driving the car as usual. For higher loan amounts we hold collateral such as vehicles, trucks, motorcycles, classic cars, snowmobiles, watercraft, machinery, etc. at our secure location to collateralize the loan. These are known by several names: Collateral Loans, Secured Loans, Hard Collateral Loans, Storage Loans, or Emergency Loans.