Sometimes you need help in covering a sudden expense, like a medical bill, or to prevent a minor issue from turning into a large problem. A fast loan Guelph Ontario can resolve the issue quickly, but what if you don’t have a credit history yet? Here’s what you can do:
3 Ways to Secure a Loan with No Credit History
- Put Up a Collateral: Specialized car equity loans are ideal for people who have no credit history, poor credit scores, or are currently unemployed. However, you must pledge your car as collateral. Its equity will determine whether you can get a loan and how much. It’s in your best interest to use a vehicle that’s less than a decade old, has low mileage, and is well-maintained.
- Look for a Cosigner: Your chances of getting a loan improved with a cosigner or co-borrower. These are individuals who are technically vouching for your creditworthiness. They must have a better credit rating than you. They’ll also be held responsible for the loan if you default. Don’t take this step lightly as it could hurt your relationship with the cosigner if you fall behind on your payments.
- Get a Cash Advance: You can also take advantage of the cash advance feature of your credit cards. It’s a great way to get instant cash. However, the amount you can get is limited and depends on your credit limit.
Trusted Car Loan Expert
Apply at Premier Loans Canada today and get as much as $45,000 in loans. Known as one of the country’s top lenders, they offer low-interest rates and affordable monthly payments. They also have extended loan terms and flexible payment plans. You don’t even have to worry about credit or employment checks. Sign up on their website or call their toll-free number at 1-855-965-1650.
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