Every lending company is unique. They offer different services and terms. They have varying requirements and application procedures. But when it comes to reviewing loan applications, these companies often look for the same thing. Here are the factors that matter when you apply for a fast loan Nanaimo British Columbia.
What Factors Matter in a Loan?
- Credit Score: Every lending institution will have a required credit score. Banks want borrowers to have a high credit score. This will be in the 700 and up range. Auto title lenders are more flexible. They will accept applications from borrowers with low credit scores. But it’s still in your best interest to work on having a good credit rating.
- Collateral: This is a key factor when it comes to car equity loans. Your collateral’s value will cover the loan and determine how much you can borrow. You can improve your car’s value in several ways. Making sure it’s clean and well-maintained will help.
- Cash Flow History: Lenders will also check your capacity to pay. They will look for proof of employment and income. But even those who are working part-time or currently unemployed can still avail of title loans. You still need to show the lender proof of alternative income stream, like a pension slip or bank statement.
Trusted Car Loan Expert
Face emergencies with confidence with Canadian Equity Loans. We offer as much as $50,000 in loans without the mandatory credit checks. We have the lowest interest rates and monthly payments around. We also accept early payouts with zero penalties. Our easy application process means you get the cash you need within the day. Sign up on our website or call our toll-free number at 1-844-586-6311.
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