There are currently thousands of companies offering title loans today. Each one has its own procedures, documents, and loan conditions. But regardless of their differences, their main requirements remain the same. Here’s what car pawn loan Ajax Ontario companies look at and demand from borrowers.
Main Requirements of Title Loan Companies
- Assets: Applicants with high-value collateral will have a better chance of getting approved. The asset used will be utilized to pay back the lender in the event the borrower defaults on the loan. With car collateral loans, the borrower should be able to pledge their own car. It should also be lien-free and in good condition.
- Citizenship or Residency: Lending companies will only provide loans to legitimate residents or citizens of that country or state. Borrowers will have to prove their identities by showing their valid IDs.
- Source of Income: This is one of the most important factors that will impact your application. If you’re employed, you can submit copies of your payslip or employment papers. If you’re currently out of work, you should show an alternative source of income, like pension or alimony.
- Credit Score: People with credit ratings in the 650 – 700 range can secure great deals easily. However, even those with poor credit scores can still avail of a title loan as long as they have a car with enough equity.
Lowest Interest Rates in the Industry
Whether you’re facing a medical emergency or have lots of bills to pay, Premier Loans Canada has your back. The company can provide as much as $100,000 in loans. They have the lowest interest rates around as well as low monthly payments. They also have personalized payment plans that fit every type of client. Borrowers can also get the money they need within the day. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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