Top Reasons Lending Companies Decline a Fast Loan Mississauga Ontario

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It hurts when your application for a fast loan Mississauga Ontario is rejected. It’s hard when a source of needed funds is taken away. You might also feel that all the work you’ve done to secure the requirements was for nothing. But you should look at a loan rejection as a learning experience that will help you get approved next time. It’s why you should learn the reasons you were declined in the first place. 

Reasons the Lender Rejected Your Application

  • Unstable Source of Income: The first thing a lender will look at is your capacity to pay. You won’t get a loan if you don’t have a regular source of income. Even if you’re not employed, you can still show you have alternative means of earning money (ex. pension, freelance work). 
  • Low Credit Score: Conventional lenders require applicants to have a score of 700 or better to be approved. Work on improving your credit score if it doesn’t meet the mark now. 
  • Having Too Much Debt: Your debt-to-income ratio is also a factor. Lenders will not approve your application if they see you’re already struggling with other loans. 
  • Car Equity is Not Enough: You need collateral if you’re applying for a title loan. But this secured loan depends on the value of your car. If it’s old or damaged, then it can’t cover the loan. 

Lowest Interest Rates in the Industry 

As one of the best lenders in the country, Premier Loans Canada can give you more than other companies. You can borrow as much as $100,000 without undergoing credit checks. We also offer low-interest rates, affordable monthly payments, and flexible payment plans. Sign up on our website or call our toll-free number at 1-855-965-1650.

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