Lenders have a specific set of criteria for those who want to avail of their services. Applicants must satisfy these before they can qualify for a poor credit car loan Edmonton Alberta. Aside from having high-value collateral, companies specializing in title loans also place restrictions on the borrower’s age.
Is Age a Factor in Auto Title Loans?
Lending companies are technically not allowed to discriminate against a borrower because of their age. The Equal Credit Opportunity Act (ECOA) ensures that a consumer isn’t denied a loan based on their gender, race, and age. It doesn’t mean that age won’t influence your chances of getting approved for a loan though, even one as easy to secure as a car equity loan.
Lenders also consider whether the applicant can repay the loan and what complications might arise. The age requirement acts as a safeguard. Applicants must be 18-years old or older to qualify because the law mandates that only those who are adults can be legally obliged to return the money they borrowed.
Age is also a factor in the applicant’s ability to repay the loan. Lenders might think an 18-year old might not have the financial stability to cover payments. It’s the same with senior lenders. Even if they have years of work experience under their belt, the fact that they’re retiring or retired might count against them. They have to convince the company that they can pay back the loan.
Same Day Cash
Borrowing money is a breeze with Canada Car Cash. The company specializes in title loans, and they offer more cash than other lenders. Their interest rates are 70% lower, and their monthly payments are very affordable. Sign up on their website or call their toll-free number at 1-844-598-7631.
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