Primary Causes Why Your Bad Credit Car Title Loan Application Can Be Rejected












Bad Credit Car Title loan is a short-term loan intended to allow possible borrowers, including those who do not qualify for other traditional loans, the ability to borrow cash. The procedure is fast, easy and versatile- it only requires a few submitted documents and only uses the vehicle of the borrower as collateral. Like other business loans where possible borrowers can be rejected, lenders of bad credit car title loan may also deny requests from potential borrowers based on many legal violations. Some are highlighted below:

  •  If you are younger than 18 years old
This applies to all the conventional loans, anyone younger than 18 years old is not old enough to be held accountable for a commitment such as being burdened with repayments. This also applies when registering for a bad credit car title loan, although at the age of 16 you might have your vehicle yet you still do not qualify for a title loan until you are 18 years old.
  •  If you have sent Damaging Information
Poor credit title loan requires only a few documents like title of your vehicle, proof of residency, valid government-issued identity card. Some lenders may ask for proof of income also. If the procedure to verify the documents disclose that one (or more) of the papers contains incorrect information, the possible borrower is automatically rejected for borrowing.
  • If you have to pay for your car
This can be a red flag when applying for a bad credit equity loan, although it is not universal rule among the title loan lenders. Nevertheless, most lenders will reject an application from a possible borrower if they discover that the borrower still owes debts on the collateral that the vehicle is.
If you are in crisis and are thinking to get a loan, then you should go for the bad credit car title loans in Newfoundland with Equity Loans Canada. Equity Loans Canada is one of the leading title loans providing company in the area, and you can contact us at 1-844-567-7002(Toll-Free), or you can apply online.

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