When it comes to acquiring financial assistance, short-term loans are easier to secure than your average bank loans. And bad credit loans Kamloops British Columbia are even quicker since you’ll be pledging collateral. However, there are still some key requirements that you have met when applying for this secured loan.
5 Essential Title Loan Requirements Every Applicant Must Satisfy
- Steady income: You need to prove to the lending company that you have enough money coming in to meet monthly payments. While being employed is not a requirement for this loan, you will still need to produce proof of alternative income.
- Lien-free car title: This must be in your name and shouldn’t be currently in use as collateral on a different loan.
- Adult status: Applicants must be 18-years old or older to be qualified for this loan. This is to ensure that the lender can demand repayment from the borrower.
- Years of residency: Some lending companies will demand proof that you’re a resident of the city or state where you’re applying for a loan. However, make sure you first check that car collateral loans are legal in your state.
- Insurance: Most lending companies will also require borrowers to secure basic insurance coverage for their cars.
The Number One in the Industry
Applying for a loan with Canada Car Cash is fast and hassle-free. The company specializes in title loans and can give you more money than other lenders. Their interest rates are 70% lower than their rivals and they also offer affordable monthly payments. You don’t even have to undergo credit rating checks. The company’s simple application and fast approval process mean you can get the money you need within the day. Applying is so easy. Just log in to their website or call their toll-free number at 1-844-598-7631.
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