Before we move on with bad credit loans and how to qualify for them, let’s first understand what bad credit is and how it can affect your financial needs.
The concept of credit scoring was introduced into the world of finance in the late 1950s. Since then, individuals have rated with a three-digit credit score. It helps the lender and the borrower in the financing process. Credit bureaus like Equifax and TransUnion use this score to determine their lending credibility. A scale of up to 900 is used, and anything above 650 is considered good in Canada. This means that the person is responsible while handling money matters and spends according to his money inflow.
On the other hand, a score below 574 is what’s declared a bad credit score. Individuals who haven’t paid their loans on time or have defaulted on credit card payments lose their scores. It’s below this number of 574 that people find it difficult to qualify for loans. Banks and other lending sources may refuse to put their money at risk by giving it to people with a poor credit score. Here comes the important role of bad credit car loans.
There are ways in which you can go ahead and loan some money despite your poor credit. First and foremost thing is to save up. Assess your needs. Funds can be needed for various expected and unexpected events that life throws at you. Your savings will help you a lot to tackle such situations. But what if they are not sufficient enough to cater to your immediate and unexpected cash requirements. You cannot expect a bank to lend you money within a day, especially with a poor credit record. The only way out for you is to go for a car title loan. These title loans are the best way when it comes to the unanticipated events of life. All you have to do is use the title of your car as collateral to get the cash you need and simply drive off in your car.
Quick Cash Canada has been in the car title lending business for years and has helped many poor credit score holders. With us, you don’t have to worry about your credit score while borrowing funds against the title of your car.
All this happens within 24 hours. This means whatever your financial emergency is, you’ll be able to solve it in a day with our bad credit car loans.
We all face a sort of money crunch at some point in our lives. Freaking out won’t help in the event of a loan rejection due to a poor credit score. Car title loans are the fastest and the most convenient way of getting out of money troubles. Get in touch with us today! Call us (toll-free) 1-888-517-1625 or apply online.