Rejection is never a fun experience. It stings worse if you had high hopes for your easy bad credit loan Regina Saskatchewan application. It’s important that you find out the reason for the dismissal though. Knowing the reason will help you in the future. The good news is lending companies are required to inform you why your petition was declined.
Why Your Title Loan Application was Denied
- Your collateral’s value wasn’t enough. Car equity plays a big part in title loans. It helps determine approval and how much money the company can give the borrower. It’s why you should pick the best collateral possible. The vehicle must be 100% paid for. It should also be less than eight years old and have low mileage.
- The lender has questions about the car’s title. Title loan specialists are quite strict with the title since they will hold on to the document while the loan is active. They will demand a clean and lien-free title. It should also clearly show that the borrower is the sole owner.
- The lending company thinks your income isn’t enough. Lenders will look into your credit score, credit history, and income. You have to prove that you can repay the loan. If your income isn’t enough or seems unstable, then the lender will reject your application.
Get You More Money Than the Competition
You can secure a loan fast with Canada Car Cash. We specialize in title loans and can provide you with more money than other lenders. Our interest rates are 70% lower and we offer affordable monthly payments. We also have extended loan terms and a fast approval process. Sign up on our website or call our toll-free number at 1-844-598-7631.
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