It is undeniable that successfully applying for a loan with a bad credit history is very difficult. The Sub Prime phenomenon has heralded a new age of fear for Australian Banks, with their new policies aiming to tighten up on loan applicants.
The US Sub Prime mortgage crisis has ensured that the Australian Bank paranoia around debtors has reached new heights. If you are a customer looking for a loan, whether it is for a house or a car, your poor credit history will potentially ensure you are not approved by the Banks.
In the current climate of inflation and petrol prices soon to reach the $2.00/litre mark, people looking for a way to stay afloat, even if they have moved past their history of debts, find it close to impossible to secure a loan. The increased formal criteria of the banks to apply for a loan are rigorous, and require a long drawn out process which many can fail.
However there is a way out. As Managing Director of Australian Lending Centre Chris Riotto suggests, “Banks may be tightening up on loan criteria, but we believe everyone deserves a second chance.” At ALC, they offer a range of comprehensive services which cater to all individuals and their situations, including Credit Impaired Loans and Fresh Start Loans. For more information or to make an inquiry, give us a call on 13 81 88.