Are you thinking of applying for an easy bad credit loan Mississauga Ontario? It will help you to know how a lending company decides which application will be approved or not. This is especially true with title loans, as it works differently from conventional loans. Read on to discover what factors will impact your loan application.
Key Factors Affecting Title Loan Approval
- Residence stability: Many title lending companies require borrowers to show proof of residence. They also consider how long a borrower has lived in their current residence. It actually has less to do with your home’s location and more on whether you have a stable background.
- Income and employment: Lenders will also look into the applicant’s employment history and source of income to gauge if there’s a risk the loan will not be repaid. Some companies will also check the income to debt ratio to see if the lender can afford the loan.
- Credit score: While it’s not a big factor, many lenders will still do a cursory check. Having a good credit score will help you in securing approval and even getting a higher loan amount.
- The number of loan applications: How many car equity loans you’ve applied for will affect your approval chances. Numerous applications are considered a red flag and many companies are wary of approving people who seem desperate to secure money.
Lowest Interest Rates You Can Find
Premier Loans Canada is the company to call if you need hassle-free loans. This trusted lender can provide you with as much as $45,000 in loans. They have the lowest interest rates around and offer low monthly payments. They also have extended loan terms and provide flexible payment plans to every customer. You can even get the money you need within the day. Log on to their website or call their toll-free number at 1-855-965-1650.
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