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What Are The Most Popular Frequently Asked Questions On Bad Credit Loans?

Before applying for bad credit loans, there are several questions that people want an answer to have a clear picture of what is a bad credit loan and if it is safe and how exactly does this loan work. Let us have a look at the most asked FAQs by people on the same topic.

What is a bad credit loan?

A bad credit loan is a kind of secured loan where a person gets cash in return for keeping his/her vehicle as collateral. It is considered one of the best options to get instant cash. 

Is a bad credit loan a good idea?

Well, yes bad credit loan is a good idea in case of an emergency or sudden situation. A bad credit loan is considered one of the best options when it comes to instant cash. Banks and other money lending institutions approve the loan in days or even take months to approve the loan, but when it comes to bad credit loans from Bad Credit Loans Red Deer you will get the loan approved the same day with cash in your hand. 

How to apply for this loan?

To apply for the loan, all that you will be required to do is to fill an online application form then you will be required to submit a list of few documents and then our team of professionals will call you for further steps and for the inspection of your car to decide the loan amount.

What are the documents needed to apply for the loan?

There is a list of few documents that are needed to apply for the loan. The list of documents includes the following.

  • You will be required to present the proof of legal age as per your province.
  • Proof of your car, i.e. the vehicle should be registered under your name.
  • Proof that the vehicle is lien-free.
  • You will be required to present proof of your permanent residency.
  • Proof of insurance of your vehicle. 
  • You will be required to present your Canadian driving license. 
  • The vehicle that you will be keeping as collateral should not be older than 10 years.

This is the list of documents that will be needed for applying for the loan. You will be required to present them while filling the online application form. 

How long does it take for the loan approval?

Well, the loan approval takes few hours. Several people get worried about the loan approval. The reason behind this is banks and other money lending institutions might take days or even months to approve the loan but with us, you don’t have to worry about the same. The loan approval takes few hours, therefore the borrower gets the loan amount the same day he applies for the loan.

Do I need a good credit score to apply for the loan?

No, you don’t need good credit to apply for the loan. Even if you have a bad credit score then also you can apply for a loan. Your credit score has nothing to do with the loan. Banks and other money lending institutions might check the credit score of a person to give the loan but with us, you don’t have to worry about the same.

What is the loan tenure?

The loan tenure given by us is 4 years. You will get four years to pay back the loan. This period gives the borrower enough time to pay back the loan amount easily without any issue. 

Is there any penalty for the prepayment?

No, there is no penalty for the prepayment. If the borrower wants to make the full payment before the maturity date, he can. There is no penalty for the same. Several money lending institutions charge a fine for the same, but with us, you don’t have to worry about the same. 

What are the benefits of applying and getting this loan?

There are several advantages of applying for this loan. The advantages are as follows-

  • The loan approval is quick, the borrower gets the cash the same day he applies for the loan. With banks and other money lending institutions, it is different. They might take days or even months to approve the loan.  But with a bad credit loan, you will get instant cash.
  • You don’t need to have a good credit score to get this loan.
  • Your job profile also has nothing to do with the loan.
  • There is no prepayment penalty for the loan.
  • The borrower gets to keep the vehicle for the loan tenure period. 
  • The loan period is up to 4 years, this gives the borrower enough time to pay back the loan in installments without any problem. 

These are the most frequently asked questions by people before applying for a loan. You can clear all your queries with the help of these questions and get rid of all the dilemmas to apply for the loan.

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