What documents I need to provide?
– Proof of steady income (e.g. 2 pay stubs, a letter from the employer, etc), proof of residence (e.g. lease agreement, mortgage statement, etc), 2 pieces of photo ID (e.g. passport, driver’s license, etc), and a void check.
What happens if I am self-employed?
– We will require different proof of income (e.g. bank statement, income tax assessment, etc). We may also require a cosigner (e.g. spouse, family member, etc) with stable employment.
What are the interest rates?
– Interest rates depend on the type of collateral being used to secure the loan. In general, this ranges between 2.5 and 4.3 percent per month.
What happens if I miss a payment?
– We hope that you inform us if meeting their deadlines becomes impossible, and we work closely with you to avoid this from happening. However, overdue accounts will be subject to penalties. We do not repossess assets simply because one payment is missed or comes in late. Repossession is our last resort.
Does Canco Consulting run credit checks?
– Yes we do, but credit scores do not impact our decision to fund loans.
How do we determine the amount of money we lend?
– We have a system that helps us determine the wholesale value of vehicles being used as collateral. For other assets (ex: mobile homes/land), we ask for certified values to be included. We then lend a percentage (usually between 30-40%) of its value. *Please note that the percentage may be higher on assets with higher value.
Do pensioners/those who receive disability payments qualify for the secured loans?
– Yes, but we will be more vigilant regarding the stability of the individual (e.g. stable residency), and we may also require a cosigner (e.g. spouse, family member, etc).
How long does the process take?
– This mainly depends on the client. If a client (or affiliate) submits an application filled out with all of our requirements, including photos and other documents, we will try our best to complete the process in one business day.
When the funds will get into my account?
– We transfer the funds directly into your bank account. The process might take between 1 or 2 business days.
Will the asset used as collateral remain under my name?
Yes, but we place a lien (or mortgage) on it until the loan is paid out in full. Regardless of the asset used, it will remain in your possession throughout the loan.
How does this loan contribute to credit recovery?
– We report to both Equifax and Transunion. As long as you make the monthly payments, your credit score will grow continuously.
Can clients with bankruptcies qualify for the secured loans?
– Yes, but only if the collateral is not included in the consumer proposal or bankruptcy.
If you have any questions that is not shown above, please do not hesitate to call us (844) 243-5060.
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