Vehicle Title Loans and All About Them
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Getting rejected for a loan when you need quick cash, because of a bad credit score can be a little disheartening. There’s nothing that you can really do instantly to improve your score when applying for a loan. Maintenance of a good credit score is vital i for loan approval of any sort. Nowadays lenders have become vigilant in disbursing loans. Having a good credit score definitely works in your favor but what do you do if you have bad credit?t. There is no need to worry. A minimum credit score loan in Canada is provided by one of the best private lenders. You can borrow up to $40,000 against the title of your vehicle from Same Day Cash Loan. These loans require no Debt Check! First let us understand the importance of credit scores and how they impact the loan process.
Credit Scores aren’t just numbers!
For anyone applying for a loan, the credit score is usually one of the first things that is considered. A credit score is your rating in the market that shows how trustworthy you are with money. It ranges from 300 to 900 points, the latter being the best. The higher your credit rating, the better the chances of you getting approval for a loan. Anything below a mark of 574, is considered poor credit and may result in rejection. Or you may get a loan but at a very high interest rate. We, at Same Day Cash Loan don’t check the credit history of the borrower as our loans are secured by the title papers of the vehicle. Our car title loans work in favour of the borrower.
Why a Minimum Credit Score?
After the huge financial crisis that engulfed the entire global market in 2008-09, lenders became choosy while selecting the candidates for loans. They wanted to ensure that the money being lent would l be returned by the borrower. So, now while choosing and approving, many factors are considered, to determine whether the borrower would be in a position to pay back the borrowed funds or not. Banks and other financial institutions check credit scores for this purpose. After all, lending money involves a lot of risks, soby using their credit rating helps banks measure if a client would be a good candidate to pay back a loan. . The bottom line t is if you have a decent credit score to be eligible for a personal loan from a bank.
But not everybody falls under the perfect score category. A minimum credit score loan is a great option for those with a poor credit rating.. All types of credit are accepted for this type of loan. There is no need to worry about credit history while applying nor do you have to provide your employment details. The whole loan process takes less than 24 hours. A borrower can rest assured that his fully paid vehicle can help during an emergency. All you need is the vehicle title to be used as collateral for the loan. There is no need to stop using your car because we won’t keep it locked up for the duration of the loan. You can take the money and continue driving your car as usual. All you have to provide is:
- Canadian driver’s license
- Proof of age
- Registration and insurance documents
- Lien-free title to a car that’s under ten years old
- Proof of address
- Extra set of keys to the vehicle
As mentioned before, many financial institutions will consider credit scores before lending you the money. And many people don’t qualify for loans because of bad credit or no credit history. Good news is they can get vehicle title loans from us to resolve their money problems. We process the loan request faster than other lenders and give same-day cash loans. The good part here is that borrowers with bad credit scores can improve their scores by clearing the previous debts by loaning money against the title of the car.
Call us today at 1-855-904-9880 (toll free) to know more about minimum credit score loan. You can also apply online to get in touch with us.
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