News

Types of Bad Credit Personal Loans: Secured Loans

Thu, 10 May 2012 08:01:00 GMT

While it can be difficult to obtain a loan once you have a poor credit standing, it’s not impossible.

One of the best ways to help you secure funding in a bad credit situation is by taking advantage of Secured Loans.

Secured loans work because you’re setting up one of your assets—say a car—as security to your loan. If you own a car and it’s registered in your name, you can let the lender or broker know. They'll determine the maximum amount you can borrow based on the value of your car.

Such securities can facilitate your borrowing if you’re trying to obtain a bad credit loan. The drawback though is that these loans also carry high interest charges. And another thing: if you’re unable to repay the loan, your car will be repossessed by the lender.

Many of the loan amounts can be pretty low, in many cases, up to $2000. If you can repay the loan though, it can be the beginning of rebuilding (and repairing) your credit history.

Bad Credit Personal Loans

Mon, 14 May 2012 01:54:00 GMT

Like many other people, you’ll experience financial difficulties at least once in your lifetime. But that doesn’t mean you’ll have to put your life—and other plans—on hold just because you don’t have the money to get going.

Even in the midst of a tight money situation, you’ll probably still need to buy a car to get around, get your house a new roof, or even finance a child’s college education. And you know things sometimes happen when you’re in a tight squeeze—major expenses pile on top of another. In cases like these, personal loans are often the answer.

But what if you have poor credit? The question that begs an answer: who’ll lend you money? And how on earth do you get a loan? What kind of loan can you even get?

Your best bet in getting a personal loan if you’ve had bad credit is by repairing your credit file. That is, you negotiate an arrangement to pay your debt according to a schedule you can stick to. It’s an arrangement that you shouldn’t over-commit yourself or you’ll find yourself in the same bad position again.

There’s another way though: bad credit personal loans. It’s an option you can use to secure funds after your credit score has deteriorated.

If you’re unsure of your credit file, then get in touch with Veda Advantage via phone on 1300 762207 or visit their website at MyCreditFile to get a copy.

Once you see what’s on your file, give one of our team a call today to discuss what options are available to you.

Why am I being declined for a loan?

Tue, 03 Apr 2012 01:06:00 GMT

Many clients are often left scratching their heads at their inability to get a loan, no matter what the size.

Here are some quick tips to help improve the timing and outcome of your loan application:

Be honest about your current situation
If you are getting paid cash only, then start banking it – this will increase your chances in obtaining a loan. It is almost impossible to be granted approval if you are paid in cash and are not depositing it into your bank account – why? 95% of lenders want direct debit for the loan repayment
If you have a default on your file, don’t ignore it – make an affordable arrangement and stick to it, this will demonstrate to potential lenders that you take responsibility
Only borrow what you need – don’t over commit
If you are already over committed, seeking the assistance of a financial counsellor is a better option, another loan may not always solve the problem (see our link to a list of financial counsellors)

Are you missing out saving for a house? Here is a chance to win $1500

Tue, 03 Apr 2012 01:07:00 GMT

CEO of the MFAA, Mr Phil Naylor, said "The research shows that first home buyers are making a range of sacrifices to save up for a deposit, which can make a big difference over a relatively short period of time. The $1,500 first prize equates to 430 coffees or 150 takeaway lunches, so even these small sacrifices can help you reach your goal earlier."

"We encourage everyone to join our competition and visit www.essentialsofborrowing.com.au, not only for the chance to win the prize but also to access to the top 40 borrowing tips for a home, an investment property or for answers on business lending. You can also search for a broker in your local area", he added.

The competition, to run from March 6 to April 16, will run via the Essentials of Borrowing Facebook page and can also be found through the MFAA website and on www.essentialsofborrowing.com.au.

Be Honest With Your Family Budget

Tue, 20 Mar 2012 06:58:00 GMT

Why waste time and money when you don't need to. Too often unexpected bill payments are not taken into your normal weekly or fortnightly family budget...

How do you pay for your car registration, the kid’s sports fees or school fees? Do you find yourself short of finances?

It is so easy to set up online savings accounts and most don’t attract fees – why not have three or four different accounts, KIDS, CARS, HOLIDAY, and EVERYDAY ACCOUNT.

Set up an automatic transfer for whatever your pay cycle is - weekly, fortnightly or monthly.

Here is a link to a really simple income and expenses chart, it only takes 5 minutes to sit down and complete an HONEST budget.

This simple family budget tool even allows regular money for incidentals, it will leave you with a much clearer and organised financial future ... and with money in the bank!

How Can I Gain Access To My Credit File Without Getting Another Credit Enquiry Listed?

Mon, 21 Nov 2011 06:47:00 GMT

To avoid getting too many enquiries on your credit file obtain a copy yourself. You can do this by visiting mycreditfile or contacting them by telephone on 1300 762 207.

Debt Consolidation and Managing Debts

Mon, 21 Nov 2011 06:46:00 GMT

Sometimes people need assistance to help manage their finances better. If you are serious about “breaking the lending cycle” then a debt consolidation loan maybe for you. Some tips for success in applying for debt consolidation loan are:

Have payout letters for all existing loans/credit that you have – don’t hide anything
Ensure that you have communicated with these companies and have not been defaulted on your credit file
Already have looked at your own income and expenses level and determine an amount that is sustainable and affordable or you will end up in the same position

You also need to be aware that Financial Counsellors are available in all States and Territories
and you can access these services by visiting Financial Counselling Australia

Getting a Loan With Finance Defaults?

Mon, 21 Nov 2011 06:45:00 GMT

Many companies such as ours advertise accessibility to loan products when you have bad credit. What does that really mean and how can you best ensure success in obtaining a loan?

Unpaid finance/bank defaults are still not looked upon favourably in the industry. There are always exceptions to the rule; however most lenders do not like to lend money to someone who has failed in the past to meet their commitments for other loans/leases/credit cards. If these are paid then this demonstrates to the prospective lender that you have still taken responsibilty for the debt.

THE LOAN CENTRE Launches New Website

Mon, 14 Nov 2011 01:22:00 GMT

THE LOAN CENTRE is proud to launch their brand new website! THE LOAN CENTRE continues to provide high quality customer service and financial solutions. THE LOAN CENTRE'S brand new website was designed & developed by Internet Business & Marketing Strategists, DIJIGURU MEDIA.

The result: THE LOAN CENTRE finds the best financial solutions for you.

We constantly work at satisfying the financial needs of our customers. Contact us for any general inquiries.

Low doc loans with the loan centre

Tue, 03 Apr 2012 04:08:00 GMT

Are you self-employed, small business owner wanting to borrow 80% perhaps you can't show your taxable income or dont have time to complete your BAS invoices.id thsi is the case, you need a low-doc home loan.