There are a lot of reasons a person could have trouble getting approval for a loan with a credit check but how do you get approved for a loan without having to have a credit check these days?
There is a way… let me lead you down a rabbit hole that many more people are jumping in.
If you are in a tight spot for any reason you will find that so many people are turning to quick car title loans in Alberta.
Title loans are becoming a normalized way to scoot around credit issues when you need cash. If you need a down payment towards a loan, owe someone money, need to pay off some bills, or need the money for an investment, no credit check title loans are the way to go.
No credit check car title loans
There are a few reasons that you might not be able to get an approved loan when your credit is examined by your lender.
1- Income to debt ratio
- How much debt are you carrying? How much do you make? When you go to take out a loan, your creditors or lenders want to see your debt to credit ratio at least 30% or below. How you can figure your debt to credit ratio is by dividing how much you owe towards your monthly bills by your total monthly income… this provides you your percentage.
2- No credit
- If you don’t have credit at all and you go to get a loan with a lender, you won’t be approved. While reading this, you might be asking yourself this common question… “How do I get credit if I won’t be approved to ever have a chance to build it?” Banks and credit unions could provide you a credit card with a lower limit, usually no more than $500.00. If these typical lenders won’t approve you for a low limit credit card you can apply for a secured credit card where you need to load the card completely or provide a small deposit.
3- Poor Credit
- If your credit is poor you won’t be approved either. Your credit score can be affected by applying too often, missing payments, or paying your payments too late. Be sure to keep an eye on these and your credit should start to climb.
4- Bankruptcy or consumer debt proposal
- If you have had to file bankruptcy or a consumer debt proposal, you would not be approved for a loan with the bank for at least 5-7 years. When you do this, you will not have any credit at all. With a consumer debt proposal, you will be able to get a secured credit card after about a year.
If you are looking for ways to build your credit, here is a great article about credit building that can point you in the right direction.
With all the above, you will be happy to know that when you take out a quick cash loan, you do not need credit, and to secure a quick cash loan, your lender will not run a credit check on you…
All you must provide is the title of your car and own your current vehicle or even your ATV, camper trailer, or RV. You get to keep your vehicle during your loan term and the payments are stretched out over longer terms to make them affordable. This means your payments are smaller and easy for you to make. To avoid interest… you can also pay this loan off early with no penalties.
And now you know you can get that loan without needing credit or it being affected negatively in any way… Happy Car Title Loan hunting!
