Most finance companies and banks offer loans on the basis of the credit score of the applicant. The credit rating is a company-specific system of evaluating the financial credibility of an individual. There are different requirements that lending companies take into consideration while deciding upon whether an individual will be able to repay it within a specific time frame.
So, if you have a history of defaulting on your instalments or have recurring late repayment patterns, your credit score might end up being below average. For an individual with a poor credit score, it is extremely difficult to get a line of credit in Canada. At Cashco Financial, we try our best to assist you by giving you a Flex Loan.
Understand the difference between secured and unsecured loans
You must first understand the difference between a secured and an unsecured loan. The main distinguishing factor that makes it difficult for an applicant to qualify for a secured loan is the requirement to back up your application with collateral. For example, if you apply for a home loan, you will be required to submit the registration documents of your residence as collateral with the bank. On the other hand, an unsecured loan such as a personal loan or a Flex Loan, can be taken without collateral. However, since the unsecured loans come with a higher level of risk for the lender, you will typically be charged a higher interest rate.
Try Cashco Flex Loans – A Line of credit in Canada.
As the name suggests, a Flex Loan is a flexible, unsecured alternative to your typical secured loans and gives you the flexibility of repaying the amount in a set of scheduled instalments that are carefully aligned to fit your needs. We give clients a long-term financial solution that is not dependant on their credit scores.
Cashco Financial Flex Loans can be taken for a variety of purposes such as a household purchase, a medical emergency, or a financial setback. It can also be used to consolidate your debts.
Flex Loans are integrated with the Credit Bureau, which means that if you stick to your repayment schedule, your credit score will improve over time. Cashco Flex Loans are an effective approach to rebuilding a low credit rating and re-establishing your financial credibility across Canada. Unlike several other long-term loans that do not report to the Credit Bureau, Flex Loans will make it easier for you to apply for major loans in the future.
We offer our clients a super easy application and funding process.