Top Reasons You Didn’t Qualify for a Fast Loan Edmonton Alberta

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If there’s one thing you should know about getting a loan, it’s that no lending company can 100% guarantee approval. It doesn’t matter if you have an excellent credit rating or are using collateral. There’s always a risk your application for a fast loan Edmonton Alberta will be denied. When this happens, your best move is to try and understand why you didn’t qualify for a loan. You’ll learn what you need to improve on and hopefully have better luck the next time you apply. 

Common Reasons People Don’t Qualify for an Auto Title Loan

  • Low Collateral Value: Your car equity and the vehicle’s value play a big part in title loans. Lenders look for collateral that’s relatively new, has low mileage, and is well-maintained. Your application could be rejected if you don’t meet the lender’s standards. 
  • High Debt-to-Income Ratio: Lenders want the applicant’s monthly income to be more than enough to cover what they’re borrowing. This shows that the borrower has the means to repay them. 
  • Low Credit Score: Your credit score shows your creditworthiness. Most lenders want the borrowers to have a good credit score. Title loan specialists aren’t too stringent with this since there’s collateral. You can still apply even with a poor credit rating or no credit history. But your chances of getting approved are lower. A co-borrower or co-signer can help you. 

Lowest Possible Payment in the Industry

You’re working with the best lender with Canadian Equity Loans. You can borrow as much as $50,000 without undergoing credit checks. Our company has the lowest interest rates and monthly payments around. You also have the option to close the loan early without penalties. Log on to our website or call our toll-free number at 1-844-586-6311.

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