People who have a low credit score, no credit history, or are unemployed are almost automatically disqualified from getting a bank loan. After all, lenders need assurance they will get their money back. So what can people who need financial assistance do? One option is to get a poor credit car loan Port Moody British Columbia.
How Can I Get a Loan When Unemployed?
People who need fast cash can use their car to get a loan. Called title loans, this type of financial service was introduced in the 90s. Lenders require borrowers to put up their cars as collateral. The car equity will be used as security and to determine the amount an individual can borrow. The value will be determined via a car inspection. But unlike pawning, the vehicle isn’t left with the lending company. The lender will only hold on to the title. The document will be returned to the owner once the loan has been paid in full.
Title loans have become a lifeline for those who are currently unemployed or underemployed. People with poor credit ratings, no credit history, and even retirees can apply for this loan as long as they own a car. They should also be able to provide a valid ID, their car’s title, proof of residence, and proof of income. The latter can be in the form of pay slips, bank statements, and pension or disability slips.
The Best in the Industry
Need quick cash? Canadian Equity Loans can give that to you. You can borrow as much as $50,000 from this trusted lender. We offer low-interest rates and monthly payments. We also accept early payouts without penalties. Sign up on our website or call our toll-free number at 1-844-586-6311.
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