Personal Loans - Australia.
A simple guide to understanding Personal Loans.
Personal lending in Australia has become increasingly popular over the last couple of decades, we now have a large range of Personal Finance products available to suit most loan purposes.
The following is a guide designed to give you a better insight into how Personal Loan Applications work and what determines an approved or declined Personal Loan Application.
Personal Loan lending criteria:
Personal Loans applications are assessed using a point scoring method whereby we allocate you a "point score" based on different areas of your Personal Loan Application.
How is your application "Point Scored"?
- Loan Purpose:
What do you plan to do with the money you get from your Personal Loan?
The more specific you are about what you plan to do with the money the better. For instance if you plan to use your Personal Loan for a Medical Procedure or even Cosmetic Surgery these purposes score highly. On the other hand if you need a Personal Loan to consolidate your credit cards you might lose a few points from your credit score because one lender is taking on another lenders debts.
- Stability:
How long have been in your current job and residence?
Generally the longer the better as this shows stability. However if you change jobs regularly but maintain the same job description this won't affect your Personal Loan point score too much.
- Affordability:
Can you afford to make your new Personal Loan repayments as well as keep up to date with other liabilities and household expenses?
We will calculate your affordability based on your current income and expenses. We also make allowances for how many children you might have and their ages. Don't worry if you think you can't afford a Personal Loan, we provide this calculation as part of your Personal Loan Application.
- Credit Rating:
Your current credit rating is the most important part of your Personal Loan Application.
Most Personal Finance is unsecured, therefore it falls into a high risk category and as such a poor credit rating makes it almost impossible for us to obtain an approval.
However if you have a suitable motor vehicle to offer as security, we can do a "Secured Personal Loan". With a secured Personal Loan it is possible for us to obtain an approval with small paid defaults.
Unfortunately we are unable to obtain a Personal Loan Approval for any applicants that are current or discharged Bankrupts, or have unpaid defaults.
Looking for a quick Personal Loan Approval?
Once you have submitted your Personal Loan Application you'll hear back from us with an answer within 24 hours. You might even get a call from one of our consultants prior to this if we need to clarify some information on your application.
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