One factor that attracts people to title loans is their minimal requirements. Unlike bank loans where you might end up swimming in paperwork, specialized car equity loans Fort Saskatchewan Alberta only ask for at least six documents. You need collateral with a clean title and proof of income and residence. The lender will also ask for valid IDs. This begs the question – can you be too old or too young for this loan?
Is Age an Important Factor in Auto Title Loans?
Not really. Lenders technically can’t discriminate against a borrower because they’re too young or too old. The Equal Credit Opportunity Act (ECOA) states that a consumer can’t be denied a loan due to their age, gender, or race. However, there are factors related to age that lending companies will consider.
The age requirement is there to safeguard both the lending company and the borrower’s interest. The law states that only adults can apply for a loan as they can be held accountable for the transaction. A borrower’s age also influences their capability to repay the loan. Most lenders will think an 18-year-old doesn’t earn enough to cover payments while retirees might not have enough income. Some lenders, like those specializing in car equity loans, don’t consider this a big factor though. But an elderly borrower will still need to convince the company they can repay the loan.
Faster Than the Competition
Do away with the fuss and hassle when you apply at Canadian Equity Loans. You can borrow as much as $50,000 without any credit checks. We offer low-interest rates and low monthly payments. Our company also accepts early payouts without penalties. Sign up on our website or call our toll-free number at 1-844-586-6311.
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