Auto title loans are one of the best ways to secure additional funds when you have an emergency. While applying for this loan is easy, there’s no fixed formula for getting approved. Lenders can still reject applications for minimum credit score loans Ajax Ontario even if you meet all the qualifying criteria. However, understanding the common reasons loans get rejected will help you avoid them and improve your chances.
Top Reasons Title Loans are Denied
- Poor Credit History: While your credit rating isn’t a deal-breaker in title loans, lenders will still be wary if they see numerous red flags in your history. Things like loan defaults, bankruptcy, or multiple delayed payments will prompt a lender to deny your application.
- Insufficient Income: Lenders offering car collateral loans are more flexible with employment and income. They even accept applicants who are unemployed, working part-time, or are retired. However, you must show an alternate source of income and prove you make enough to repay the loan.
- Missing Information: Even though you’re putting up collateral, the lending company will still need to verify the information you put in your application. The wrong data or missing details will cause the lender to junk your request.
- Loan Overload: Your application will be denied if the lender discovers that you already have existing loans or have a high debt-to-income (DTI) ratio. The latter indicates you might have a problem paying back the loan.
The Best in the Industry
You’re guaranteed secure transactions and good deals with Premier Loans Canada. The company can provide you with as much as $45,000 in loans. They have the lowest interest rates around. They offer low monthly payments and flexible payment plans. You don’t even have to worry about credit or employment checks. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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