Ask yourself the
In the past 6
months, have you
1) Overdrawn /
exceeded any of your credit facility limits
3) Missed any repayments
2) Had a negative
balance on any of your transaction accounts or constantly have a low balance in
If you have answered
yes to any of the above, then you will either need a Non-conforming lender, bad
credit lender or a lender who does not require copies of the above documents to
support the loan application.
With all the lenders
on the market, how can you be sure you have selected the lender where you
meet the policy requirements, have acceptable documents and meet the criteria
on this page?
You are better off
to run your scenario by us by calling 1800 88 LOAN so we can guide you in
the right direction and apply on your behalf once you engage us as your broker.
Lenders have various
ways to assess character of the borrower. If the client has certain
transactions on their statement such as regular visits to casino's, hotels,
signs of gambling or excessive expenditure at alcohol outlets, the lender may
either decline the loan on this basis or in conjunction with other considerations.
A common example is where the client gets paid on Thursday, then on a Friday it
is obvious that there are large deductions from bank account at a hotel/club
gaming lounge followed by transactions including alcohol purchases. If
the net result is that client has little amount left in account after that
outing and not much money to spend on remaining living costs and housing, then
the lender could be seen as an irresponsible lender by lending money to a
client with those type of spending habits.
Other forms of
character assessment when applying for good
personal loans can include a Google search to see if there is any recent
negative media articles regarding criminal activity, charges etc. It is
quite rate that a loan is declined on the above basis, however this is a factor
which applicants need to be aware of when applying for a personal loan, wither
on a secured basis or unsecured basis.
The lender may
approve a personal loan and depending on client situation they may impose
certain conditions of approval.
For example, we
often have clients requesting a loan, however they have clearly run out of
money each month in their bank account, therefore this shows that they do not
have any capacity to make the installments on the loan. If we can help
justify to the lender the reasons why this is the case, then the lender may
accept the reasons, however impose a condition that the clients loan is paid
for via salary deduction. This means that the payroll officer within the
company the applicant is employed by would deduct the loan repayments from the
regular payroll and make the loan repayments directly to the lender on the
borrower’s behalf. Some lenders call this "Payroll
deduction". Our lenders who are most likely to use this loan
repayment method are the non conforming lenders, which some people also refer
to bad credit lenders.
There are various other conditions
the lenders may come up with when applying for a personal loan and most often
these are case by case requirements from the lender.
If, anyone is interested
for collecting the info about this service then he/she should visit to-: www.personalloanscarloans.com.au
The Value and Requirements of Secured Personal Loans