AACL UNIVERSAL provides services to its customers that allow those who have recently arrived in Canada to demonstrate their creditworthiness to lenders. The process of implementation will run on both sides of the border while applications are in process.
AACL develops a web platform that includes:
• Universal valuation methodology database that removes the borders to retail banking; • Translating international credit score into a Canadian equivalent and creating a report in a format familiar to Canadian lenders; • Providing available international collateral assets assessment (client’s net asset value) to lenders for borrowing purposes; • Providing collateral securing and recovery for Canadian lenders; • Default swaps that will allow banks on both sides to liquidate assets and cover loans; • Protective low level of loan-to-assets ratio to satisfy borrowers and to minimize risk for lenders.
What can be used as collateral?
Usually, lenders prefer assets that are easy to value and convert into cash. For example, money in a savings account is great for collateral because lenders know how much it’s worth and easy to collect. Some common forms of collateral include: • Automobiles; • Real estate (including equity in your home); • Cash accounts; • Machinery and equipment; • Investments; • Insurance policies; • Valuables and collectibles.
