From the category archives:
Bad Credit Loans can help people who have been refused by traditional lenders by finding the right lender for their customers. These lenders may be able to provide some of the following benefits over traditional lenders:
- The ability to apply with less than 12 months financials.
- Consideration of applications from people with both good and [...]
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A Credit Report (usually referred to as a CRAA Report) is prepared for anyone who has ever applied for credit or a loan. The Report can be accessed by lenders when assessing a loan application, and is used to discern the character and any potential risks there may be with new loan applicants.
Knowing what is [...]
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Late repayments of a loan or contract (generally 60 days late after the borrower has been notified by mail) are recorded by lenders through a Credit Reporting Agency. After the late repayment has been reported, it is recorded on your Credit Report as a ‘credit default’, and used for future reference by other lending facilities [...]
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A home loan arrears occurs when home loan repayments are not made on time but are not listed on your Credit Report. If it is not listed on the Report then it will not been considered in future loan applications and won’t hinder your chances of being approved.
(However, late repayments which the borrower has been [...]
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Your Credit Report is used by lenders when assessing your loan applications. The Report helps lenders establish the character and financial situation of any new client. A previous overdue payment listed as a credit default on your Report may result in a lender classifying you as a potentially ‘high risk’ client. This may affect your [...]
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Personal information:
- Your personal details such as your name, date of birth, address, employment status and other details used to safeguard and verify your identity.
Credit applications:
- Details of all past credit applications – what type of credit you applied for, who you applied with and for how much, including whether you were accepted or refused [...]
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There are a number of reasons why you may have been refused a loan.
- Some lenders only approve loans for certain areas. It may be that you have applied for a loan in a postcode which is not covered under that particular lender. Make sure you understand a lender’s terms before applying for a loan [...]
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No. Generally a credit default is only listed on your Credit Report for five years. However, steps can be taken in order to repair your credit rating and get your finances back on track. Bad credit Loans works with lenders who are able to help you by consolidating debts in order to pay off credit [...]
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Bad Credit Loans can help you if you are looking to secure a loan but find that your credit history is stopping you from applying through traditional lenders.
