A declined loan application can be stressful, especially if you were counting on it to help you out of a tight spot. While the rejection might sting a bit, it is not personal. There are good reasons why your easy bad credit loan Regina Saskatchewan was denied. It’s vital that you understand why your application was dismissed so you’ll know what to do next time.
Top 3 Reasons Why a Title Loan Application is Denied
- Your equity is not enough to cover the loan. Title loans require the borrower to pledge their vehicle as collateral. It will act as security and if it isn’t valuable enough, the lender won’t want to invest in the borrower. Choose your collateral wisely. It must be fully paid, less than eight years old, have low mileage, and well-maintained.
- There are issues with your car’s title. One key requirement when you use your car to get a loan is a clean and lien-free title. Lenders won’t touch cars that have an existing lien on them. The document should also clearly state that the owner is the borrower. If you’re sharing the car with someone else, make sure that both your names are on the title and have an “and” in between.
- The lender has no confidence in your ability to repay the loan. You must prove to the lending company that you have the capacity to return the money. Show that you have the means by submitting pay slips, pension slips, or a bank statement.
Lowest Interest Rates You Can Find
Get the financial assistance you need with Premier Loans Canada. You can borrow as much as $45,000 without worrying about credit or employment checks. The company offers low-interest rates, affordable monthly payments, and extended loan terms. Sign up on their website or call their toll-free number at 1-855-965-1650.
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