Frequently Asked Questions

A cash loan is a contract you sign to borrow money. Cash loans come in various forms, from short-term loans that you can repay in a few weeks or months to long-term loans that you repay over five years or more.

Take a look at our loan requirements.

Equity loans provide a way to unlock the funds you’ve invested in depreciating assets. Over the years, you may have acquired assets like automobiles, motorcycles, RVs, and power sports items. Yet, the nature of these assets is such that their value tends to decrease over time, some at a quicker pace than others.

An equity loan could be your solution if you encounter unexpected expenses or require interim or bridge financing to tide over a difficult period. You may have grown tired of having your funds trapped in a depreciating asset that is occasionally kept in seasonal storage and is a recurring expense. Accessing the equity in these assets sooner rather than later can yield more money for you!

There’s no employment prerequisite to qualify, and with our adaptable loan terms, we aim to ensure your monthly repayments are as affordable as possible.

Mr. GOODLoans operates as an asset-based lender. This means your automobile, RV, boat, motorcycle, trailer, farm equipment, or power sports vehicle serves as collateral for the loan.

Loan Fees:

The associated costs include an Auto Check fee (used to verify any accident history and the vehicle’s origin), a Lien Search fee (to ensure the vehicle is unencumbered and free of any liens), and a Vehicle Inspection/Evaluation fee.

Late or non-payment:

Should a payment be late or incomplete, daily interest charges will be applied to the remaining balance. Non-payment may lead to legal consequences, per Alberta’s Personal Property Securities Act (PPSA).

Example Loan: $1000 borrowed for 12 months. Interest $158.77. APR 28.5%.

Total Amount Payable: $1158.77

Your credit score or past financial history shouldn’t deter you from applying for car title loans.

Our lending approach relies on the value of your vehicle rather than your credit history. Consequently, if you fully possess any car, truck, or motorcycle with a clear title, we can lend you money.

Yes! If your application receives approval, Mr. GOODLoans can provide you with the funds on the very same day, typically within hours. You simply collect the money and then drive away in your car. It’s as straightforward as that.

Loans for bad credit fall under a type of personal loan catered to individuals with poor credit ratings or no credit history at all. These loans are often utilized to address financial urgencies like medical expenses, vehicle maintenance, unemployment, and consolidation of debts.

Usually, you would be eligible to apply for a bad credit loan if you fulfill the following conditions: You must be at least 18 years old, hold a Canadian citizenship, and have the capacity to repay the loan amount promptly.

Besides filling out the lender’s application form, you must provide specific documents to back up your application. Typically, the documents required for a bad credit loan application in Alberta include the following:

• Proof of personal identification, like a driver’s license or passport
• Evidence of asset

If you cease making loan repayments, it will result in a loan default. This could lead to additional financial burdens as penalties, fees, and interest charges may accumulate on your account.

A title loan is a specific type of loan where you pledge an asset, like your car, motorcycle, or another approved vehicle, as collateral. Throughout the loan period, while you retain physical possession and use of the vehicle, the lender becomes the lienholder, effectively having legal ownership.

The loan amount you can acquire is influenced by factors such as your repayment capacity, the vehicle’s value, and its condition, among other things. Importantly, you retain possession of the vehicle, allowing you to continue your daily activities as usual. Upon full repayment of the loan, the title to the vehicle will be returned to you.

Numerous documents will be required. However, here are the standard details you must have from the onset of the approval process:

• Identification
• Vehicle pictures
• Car title
• Verification of your capacity to reimburse the loan
• References
• Email, address, employment details, etc
• Proof of residence

Follow our simple four-step process to secure your car title loan today!

• Fill out an online application: Once you have filled in the details in our online application, a team member will contact you within four hours after the form is submitted.
• Receive a quote: Our associate will contact you and provide you with a quote detailing your rate and loan options.
• Approval: Approval is effortless. All that’s required is your vehicle’s equity, and the title is in your name. If these criteria are met, automatic, same-day approval follows.
• Drive off with cash in hand: Once approved, the repayment period begins, and you can drive off with your loan.

A few requirements are necessary before the loan application can be finalized. Once these criteria are met, you can get instant approval and drive off with cash in hand!

• 18 Years or Older & Valid Canadian Drivers License
• Positive Equity In Your Vehicle & Proof Of Ownership
• Collision & Comprehensive Insurance
• Insurance & Registration In Your Name
• Proof of Address

No credit check loan is when the lender uses other information to determine the loan instead of the borrower’s credit history. This information can be income, proof of employment, or bank information to approve the loan.

Mr. GOODLoans can help anyone obtain a loan, whether you have good, bad or no credit. We do not require a credit or employment check.

The documents required for a No Credit Check loan include valid documents proving your identity and address. Bank statements, salary statements in case of an employee or an income statement in case you are self-employed are some additional documents required.

While this is a general list of documents, your bank will inform you about any necessary documents.

Getting a credit check done with a poor credit score can hurt your situation further. Each time a lender does a credit check, it will store information on the credit bureaus you are attempting to borrow money from, which can worsen your credit score.

Simply fill out our online application or call 403.480.4321 and speak with one of our loan specialists 24/7!