Why Lending Companies Reject a Fast Loan Delta British Columbia Application

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Auto title loans are known for their simple requirements and fast application process. It’s why they’re the usual option when one needs additional funds for an emergency. The collateral makes applying easier, but there’s no fixed formula for approval. You can still get rejected for a fast loan Delta British Columbia even if you have good collateral. Here are some reasons why this could happen and what you could do about it.

Why Your Loan Application was Rejected 

  • You have a poor credit history. A high credit score is not a major consideration in title loans because the collateral covers it. But lending companies will still consider other red flags in your credit history. Bankruptcy, loan defaults, or a history of delayed payments can cause a lender to reject.
  • Your income isn’t enough. Car equity lenders are more flexible when it comes to employment and income. You can apply even if you’re retired or working part-time as long as you show an alternate source of income. But you must prove it’s enough to repay the loan and your other needs. 
  • You have too many loans. Your application can also be rejected if you already have too many existing loans. Lenders are also wary of borrowers with a high debt-to-income (DTI) ratio. 

Lowest Possible Payment in the Industry

You can get the best deals with Canadian Equity Loans. We’re one of the country’s top leading companies. We can offer you as much as $50,000 in loans. We also have the lowest interest rates and monthly payments around. You can also opt for early payouts and we’ll accept without penalizing you. Log on to our website or call our toll-free number at 1-844-586-6311.

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