There’s nothing more frustrating than being denied for a car pawn loan Regina Saskatchewan. While title loans are easy to qualify for on paper, lenders do consider other factors aside from having your own vehicle. It’s in your best interest to understand what other elements could affect your loan approval.
Factors Affecting Title Loan Approval
- Age: All loans require the borrower to be of legal age, and in most states, that would mean at least 18-years-old. This is because people younger than 18 are not considered old enough to be held legally accountable for commitments like repaying loans.
- Income: Lending companies don’t want to provide loans to people who can’t pay them back. While challenged credit auto loans don’t require borrowers to be employed full time, they will check if they have enough money coming in every month to make payments.
- Recent Loan Applications: Having tons of pending loan applications is considered a red flag to many lenders. Financial groups are wary of applicants who are on a borrowing spree. It gives off the impression that the borrower might be buried under debt and it increases the odds of a default in the future. It’s a different story when you’re just making inquiries. Lending companies will just look at it as someone researching and comparing loan rates.
Borrow More Money Than Any Competitor has to Offer
Need extra money? Canada Car Cash can help you get out of a financial jam. The company only carries title loans, and because of this, they can offer loans higher than what their competitors can provide. Their interest rates are also 70% lower than their rivals and they have flexible payment plans. The company’s quick approval means you get the cash on the same day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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