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Auto title loans have gained prominence because of how easy it is to qualify and apply for one. It’s why millions of people choose this loan when they need quick cash. So it can come as a shock when your application for a car pawn loan Ottawa Ontario is denied. There are several reasons why this could happen. Read on to find out where you fell short.
3 Reasons Your Vehicle Title Loan Was Rejected
- Incomplete/ Incorrect Application: Missing one line or forgetting to check a box on the application form can be costly. While car collateral loans have fewer requirements than bank loans, lenders still expect accuracy in the application form. Make sure you double-check everything before you send in your application.
- Looming Bankruptcy: A history of bankruptcy can be a point against you when applying for a loan. Even though you are ready to pledge collateral, some lending companies might not be willing to take the risk.
- Insufficient Income: While you can still apply for a title loan even if you’re unemployed or just working part-time, you’ll have to prove that you have enough income to meet the monthly payment. Failure to do so will lead to rejection. You can use payslips, pension or disability slips, or even a bank statement to prove you’re capable of repaying the loan.
The Best in the Industry
Say goodbye to stress with Canadian Equity Loans. You can borrow as much as $50,000 from this trusted lender. The company offers low-interest rates and affordable monthly payments. They also accept early payouts without penalties. You can get the money you need within the day and keep possession of your car even while the loan is active. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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