Qualifying for a bank loan is challenging because of the numerous requirements. It becomes even more difficult if you have a poor credit score or don’t have a regular job. But what if you’re retired and in need of money? The answer is specialized car equity loans Charlottetown PEI.
Title Loans and the Unemployed
One question that’s frequently asked about title loans is whether you can apply for one if you’re already retired or on disability. A major advantage of this loan is that even those who are unemployed, retired, on disability, or have poor credit can qualify for a title loan. This is because the loan demands that the borrower put up collateral – their car. Your car’s equity will be used to cover the loan and determine your loan amount. Because the vehicle acts as security, your credit score isn’t a big factor in title loans.
However, bad credit loans also require proof that you can return the money. It’s why applicants have to provide proof of employment and payslips. But if you don’t have a regular job, an alternative source of income is good enough for lenders. This could mean your pension or the money you get from disability or alimony.
Lowest Possible Payment in the Industry
Need extra cash? You can get what you need with Canadian Equity Loans. You can borrow as much as $50,000 from this trusted lender without undergoing the usual credit checks. The company also offers low-interest rates and affordable monthly payments. They also accept early payouts without penalties. Their fast approval process means you can get the money you need within the day while retaining possession of your car. You can log on to their website to apply or call their toll-free number at 1-844-586-6311.
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