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No matter how much we try to control money, in the end it’s money that controls our lives. We try our best to manage our budgets. But sometimes, unforeseen circumstances force us to shed our savings or even take a loan in order to cope.
A credit score below 574 cannot go to banks even if they have good monthly income without judgment. They’ll likely face rejection despite the banks knowing the severity of your cash crunch. With that being said it is always good practice to know your credit score on a regular basis and find ways to improve it. But first let’s discuss a great option for Canadians who have poor credit or credit scores below the ideal credit score . A minimum credit score loan is a loan in which anyone can get a loan and there’s no minimum credit limit set for it. In other words, to get this loan, a credit score is not needed. People with damaged credit can get a loan as long as the other criteria is met.
Requirements To Get A Minimum Credit Score Loan
The whole basis of a minimum credit score loan lies in your car. Your car is used to get a loan in times of emergency. An auto title loan requires nothing but a fully owned car that has no liens and clear title documents. If there are no outstanding payments to be made on that car, it can be used to get cash to clear up your debts like credit card bills, utility bills, and medical bills, etc. It is a fully secured type of a loan and comes with a lot of benefits.
Apart from the original title document, there are a few more requisites that will automatically qualify you for a car collateral loan.
- You must be of legal age in your respected province.
- The vehicle being considered for a title loan must not be older than 10 years. Your vehicle will be checked thoroughly during inspection
- You also need to provide registration and insurance papers of your car which needs to include comprehensive and collision insurance. These documents should be in the name of the owner of the vehicle.
- Since it’s a vehicle title loan, a Canadian driver’s licence in the name of the owner of the car is mandatory.
- Only the title of the car will be kept as collateral, so would be the spare set of keys that should work on all doors and ignition of the car.
If you have all these prerequisites, be ready to bid adieu to your abrupt and unexpected money issues by obtaining a loan from Car Title Loans Canada. Now that we are done with the eligibility criteria for a car title loan, let’s see how we can improve our credit score.
Steps To Improve A Credit Score
A poor credit score can be a real bummer if you are considering a loan from a traditional source like a bank or a credit union. A Minimum credit score loan is a great way of getting back on your feet and building up your credit report. Apart from this, you can also:
- Keep an eye on your upcoming payments. Make sure you pay them on time. You can schedule reminders on your calendar or mobile phone.
- Don’t skip payments of any kind. If you are not able to pay on time, get in touch with the lender to see if you can make arrangements.
- If you use a credit card, use it responsibly. Never spend what you can’t repay. A single missed payment on your credit card can put a dent on your report. Credit cards are a major contributor to a bad credit history.
- Try to increase your credit history by taking out a long term loan and paying them on time. You’ll get them on low interest rates too.
- Diversify your credits. Take a car loan, credit card, or any line of credit for that matter. Mixing it up and paying on schedule will help build both your credit history and credit score but don’t do them all at once.
Contact us today to prequalify for an auto title loan. Car Title Loans Canada is here to help you during your financial troubles. Call toll free 1-877-804-2742 and talk to one of our loan agents today or apply online.
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