Factors Beside Credit Rating That Impact Approval of Your Easy Bad Credit Loan Waterloo Ontario

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Despite having collateral, there’s no guarantee that your application for an easy bad credit loan Waterloo Ontario will be approved. The best thing to do is to know the critical factors lenders use to determine approval. While it’s well-known that one’s credit score usually plays in securing a loan, that’s not the case with title loans. These factors also affect your application:

3 Key Factors That Impact Loan Approval 

  • Borrower’s Income: Lending money is a business, and the company will take steps to ensure they’ll get their money back. It’s why lenders will insist on seeing several months-worth of payslips. They need to see that you make more than enough to cover the monthly payments.
  • Employment History: Your income usually comes from your job, and the lender wants proof that it’s stable. Since they can’t call your employer just to inquire about your standing in the company, they’ll look at your employment record instead. If you’ve been working for the same company for more than a year, then it’s safe to say you’ll continue to do so.
  • Number of Recent Loan Applications: Car equity companies look at numerous loan applications as a red flag. Applying for several loans simultaneously gives the impression that you might soon be overwhelmed with debt and end up defaulting on some of them.

Get You More Money Than the Competition

Premier Loans Canada has more to offer than other lenders. You can borrow as much as $100,000 without worrying about credit or employment checks. Hailed as one of the country’s top lenders, they have the lowest interest rates and monthly payments. They also offer extended loan terms and flexible payment plans. You can also get the cash you need on the same day. Log on to their website to apply or call their toll-free number at 1-855-965-1650.

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