Category: Personal Loans

Getting A Loan on Centrelink

Post author By Diane Challis
Post date 1 March 2021
No Comments on Getting A Loan on Centrelink

Are you receiving Centrelink payments but need some extra help? Getting a loan on Centrelink is possible and here's how.

If you’re already receiving Centrelink payments, then you understand just how helpful the extra cash can be, no matter your situation. Of course, there are times you made need a little more to tide you over.

Whether you’re hoping to take off on a family holiday or find yourself in an accident with hospital bills to pay back – life can be unexpected at the best of times, and we can’t always budget for it. So, what exactly are your options when it comes to getting a loan on Centrelink?

Getting A Loan On Centrelink

When looking at getting a loan on Centrelink, it can often feel like your options are very limited. If you’re relying on Centrelink for payments, many lenders aren’t as willing to take a risk on you. Many lenders will offer you fast cash loans, which are ideal for covering car repairs, hospital bills and other unexpected bills that crop up from time to time. But what if you’re looking for something more?

Getting a loan on Centrelink doesn’t have to be difficult. It’s important to know that traditional lenders aren’t your only option. If you look beyond the banks, you’ll find there are plenty of non-traditional lenders, ready to take you on and help out with your financial needs. It’s about shopping around and looking at all the different options on the market. Don’t let your Centrelink payments hold you back.

Getting A Loan On Centrelink – Types Of Loans Available

If you’re looking at getting a loan on Centrelink, the first thing you need to consider is what type of loan you’re looking for.

Here are some for you to consider and choose from:

Personal loans: this is one of the most common types of loans people choose to take out. While many traditional lenders might overlook you if you rely on a Centrelink income, there are plenty of non-traditional lenders to help you out. A personal loan is just that – for your personal use. It can help pay for that new fridge, or get you overseas to see family. They generally have lower interest rates than credit cards and can be used for any purpose.
Car loans: looking to purchase a new car? Don’t let your Centrelink payments hold you back. There’s no reason getting a loan on Centrelink should be any more difficult than getting a regular loan. You can use your Centrelink payments as security for your loan, which can also help to lower the interest rate.
Payday loans: there are times you need a simple cash injection to tide you over until your next payday. These loans are generally under $2000 and are ideal for the short-term. However, you want to make sure you have the means to pay off the loan before you take it out. Otherwise, you could find yourself spiralling into debt.
Centrelink cash advance: it’s also worth looking into whether your eligible for a cash advance on your current Centrelink payments. Generally, you only have the option to do this once a year, but that could be all you need to get you back on your feet.

It’s important to take a look at your individual circumstances and work out what loan is best suited to your needs. Once you know what you’re after, you can shop around for the right lender who is happy to take you on with your Centrelink payments.

Taking Out A Loan

Before taking out a loan on Centrelink payments, it’s important you’re prepared and know what to expect. You should never take out a loan you can’t pay back. Here’s what you need to consider:

Don’t miss payments: this will result in fees and also impact your credit score. Plus, you end up paying more interest over time so the debt costs more.
Factor it into your budget: work out how the loan can fit into your existing budget. Will you be able to pay it back each week? Do you need to cut down on some other expenses?
Read the fine print: make sure you know exactly what you’re signing, and all the fees involved before going ahead. You don’t want any nasty surprises.

Keeping this in mind will put you in the best position possible to pay back your loan and stay out of debt in the long run.

Expert Help

Are you ready to take out a loan using your Centrelink payments? Then chat with the experts at Australian Lending Centre today. Whether you have a bad credit score or are relying on Centrelink as your income, they will happily find the right loan to suit your needs. Pick up the phone and give us a call today.

Tags centrelink, centrelink loan, loan on centrelink

No Credit Check Loans Personal Loans

Personal Loans With No Credit Check

Post author By Diane Challis
Post date 14 January 2021
No Comments on Personal Loans With No Credit Check

Personal loans are a great cash injection. Do you want a quick & easy option with no impact on your credit score?

Taking out a personal loan is a quick and easy way to give yourself a much-need cash injection. Of course, you often want to take out the loan as easy as possible, without getting a credit check against your name. Personal loans with no credit check are your solution. Perhaps you have made a few mistakes in the past that have left you with a low credit score. Or maybe you just want a quick and easy credit option that doesn’t involve a long, in-depth process. This is possible with personal loans with no credit check and we are going to show you how below.

What Are Personal Loans?

A personal loan is a loan you can take out for your own needs. Whether you are buying a new car, taking off on a holiday, renovating your home, or have been in an accident and need to cover the costs, a personal loan offers a great solution to your needs. You agree on a specific amount to borrow and then make the repayments monthly to your chosen lender until the loan is paid off. They often come with a lower interest rate than that of a credit card, making them a great option when you need the cash.

There are a few types of personal loans with no credit check to choose from:

Fixed personal loan: this comes with a fixed interest rate for the duration of your loan period.
Secured personal loan: this is a loan that is secured by an asset, such as your home, which comes with a lower interest rate.
Unsecured person loan: this loan has no security attached to it, making it more of a risk to the lender and therefore driving up the interest rates.

Often, when you apply for a personal loan, your credit history is immediately checked before the loan is offered.

What Is Your Credit Score?

Your credit score is a reflection of your borrowing history and takes into account a number of differing factors. Here are some of the things that affect it:

Your borrowing history: if you have a long borrowing history, with different lines of credit that are all repaid on time, it will reflect positively on your credit file.
Credit utilisation ratio: the amount of credit you use is also reflected on your file. If you are using all the credit available to you, it suggests you are overstretched and not open to taking on new loans. You want to keep this figure under 80%.
Repayments: a good history of repayments being made on time each month, with no defaults is always a good sign on your credit score. Likewise, if you have a bad history of missing or defaulting on payments, this will also be reflected in your score.
Too many applications: if you apply for too many loans at once, this will also reflect poorly on your score. If you are shopping around for a lender, you want to make sure you make all your enquiries in a short space of time, so they aren’t reflected on your credit score.

Now you have a good understanding of some of the things that affect your credit score, it’s time to take a look at whether it is possible to take out personal loans with no credit check.

Personal Loans With No Credit Check

Many lenders do in fact offer personal loans without performing a background credit check. There are lenders out there who specialise in bad credit loans and make a decision about your lending ability on a case by case basis. There are three types of personal loans with no credit check that you are generally able to apply for:

Secured personal loan: often, as you are putting an asset up as security, these loans are the easiest to get without a credit check.
Unsecured personal loan: these are provided on a case by case basis and it is a matter of finding the right lender for you.
Payday loans: these are smaller, short-term loans that are designed to tide you over financially until your next payday. As such, they are often easier to take out without a credit check.

Most lenders will look at your income and other external factors before deciding whether you are worth taking the risk on. It is worth noting, that these loans often come with higher interest rates in order to help offset this risk.

Get The Right Help

If you are looking at taking out personal loans with no credit check, then you need to find the right lender to meet your needs. Here at Australian Lending Centre, we have the skills and expertise to help you take out your loan as quickly and easily as possible, with no credit check in the process.

Tags no credit check loans, no credit check personal loans, personal loans

Short Term Loans Personal Loans

Can You Get A Loan For Dental Work?

Post author By Christopher Riotto
Post date 3 November 2020
No Comments on Can You Get A Loan For Dental Work?

It's so important to keep your teeth healthy, but it can be so expensive! Can you get a loan for dental work?

Is there honestly anything worse than dental pain? That sudden nerve pain that catches you off guard and won’t subside no matter what medication you take. Worse still, you realise that you didn’t take out that extra cover on your health insurance, which means a trip to the dentist is now going to cost you big time. Let’s face it, even if you did up your health insurance, the dentist is an expensive trip. It always seems just the bare minimum is covered! What if you don’t have the money saved up? Can you get a loan for dental work?

Can You Get A Loan For Dental Work?

If you find yourself in the position of needing dental work but being unable to pay for it, don’t stress. Although, this is easier said than done. Unlike other things around the home, like that leaky tap you have been meaning to get fixed for weeks, dental work doesn’t just sort itself out with time. In fact, leaving it will most likely make things worse. So what can you do? Can you get a loan for dental work? The short answer: yes!

Dental procedures can be expensive and untimely, and the worst part about it, they are unpredictable. Finding yourself in pain is bad enough, but this is made worse when you realise you don’t have the money to cover the cost of the treatment. So you ask yourself, can you get a loan for dental work?

There are actually a number of options available to you.

How Can You Get A Loan For Dental Work?

Now onto the big question, how can you get a loan for dental work? It comes down to doing your research and finding the right creditor to suit your needs. Generally, a dental loan comes in the form of a personal loan that is used to pay for dental work. You have the option of choosing between an unsecured or secured loan.

Secured dental loan: this is when you offer up an asset to cover the cost of the loan. In the case that you are unable to pay back the loan, your asset is seized with payment. This takes all the risk away from the lender.
Unsecured dental loan: in this situation, nothing is offered up as collateral against this loan. While this takes away any risk involved from you, it adds it all onto the lender. This means this type of loan often comes with a higher interest rate.

How Do Dental Loans Work?

These loans work in the same way as other personal loans. They are repaid with interest over time, and can also come with the typical establishment and monthly service fees. Of course, before taking out the loan, you need to be sure you will be able to pay it back.

There is also the option of setting up a dental payment plan. It lets you pay off your dental work in instalments. These types of plans are usually set up through third-party providers, including the dental practice themselves. These can come with an interest-free period, which is a huge bonus when you are struggling for cash. However, it is always important to look at the fine print. Often there are fees involved that need to be accounted for. They also generally require you to pay a deposit when you take out the loan.

In some cases, you can also use your credit card to pay for dental work. You need to first check you have a limit high enough to cover the extra expense, and that you are able to make the repayments. Credit cards can come with higher interest rates, which makes things harder if you fall behind.

What Can The Loan Be Used For?

Now that we know the answer to: can you get a loan for dental work? It’s important to look at what dental work is covered in a loan. It can be typically used to finance a range of different dental procedures. This can be general dental work, cosmetic work, and orthodontic treatments. From getting a filling to a full root canal, your money can be put towards paying off these procedures. You can even get something simple done like teeth whitening and cover the costs with a loan.

Getting Help For Your Dental Treatment

There are many options available to you when it comes to taking out a loan for dental treatment. If you are wondering where to start, speak to the experienced team at Australian Lending Centre to discuss your options. We can help you get the loan you need to cover the dental work, so your pain doesn’t turn into a much bigger one over time.

Tags dental loan

Bad Credit Loans Personal Loans

Personal Loans For People With Bad Credit History

Post author By Christopher Riotto
Post date 21 October 2020
No Comments on Personal Loans For People With Bad Credit History

Do you need a loan, but bad credit is holding you back?

Is your personal credit history less than ideal? You’re not alone. Bad credit can happen to anyone. There are times when bad credit may not be your fault – like dodgy housemates who skipped paying rent or a bill you never received. Bad credit can make it challenging to apply for loans, even smaller personal loans. At the Australian Lending Centre, we offer judgement-free solutions and personal loans for people with bad credit history.

What Causes Bad Credit History?

Bad credit history occurs due to any number of factors, the most common causes are:

Not adhering to your credit agreements. Late payments, missed payments or not paying the minimum required each month impacts your credit rating.
Declaring bankruptcy. A declaration of bankruptcy frees you of your financial obligations on outstanding loans and lines of credit. However, it significantly impacts your credit history, often prohibiting you from borrowing for a number of years.
Only paying the minimum required each month. Clearing debt fast can help keep your credit rating on track.
Identity theft. If you feel that there’s a mistake in your credit history, it could be due to identity theft. Always closely monitor your accounts and immediately flag suspicious activity with your bank or lender.
Choosing the wrong credit product. Choosing excessive limits with high interest can mean you’ll never get on top of the loan. Always research before taking out a line of credit or loan and ensure you can service it properly.
Having no credit history. Even if you have never borrowed money or defaulted on repayments your score may be low. This is simply because there is no history to rate your borrowing behaviour off.

How Do I Know If I Have Bad Credit History?

Applied for a loan and had it knocked back? Check the feedback and the reason should be indicated. If not, check with the lender. The likelihood is that you either have bad credit or not enough income to service the loan amount. Personal loans for people with bad credit history can be extremely costly and hard to obtain. Therefore, it is best to fix the root of the problem.

If you’re concerned that you may have a bad credit rating, it is possible to check this prior to applying for a loan. Your Credit score can be checked online for free here. You can also go into greater depth by checking what listings are dragging your credit file down.

We recommend speaking to Clean Credit who can talk you through your credit file. Clean Credit are credit repair specialists, capable of improving your credit rating. By engaging with a credit specialist, you can not only check your credit history but also improve it.

What Kind Of Personal Loans For People With Bad Credit History Are There?

Even if you have a bad credit rating, there are personal loans for people with bad credit history. However, you may need to look a little harder to find one that is suitable. You will also need to do your research to ensure you do not get taken advantage of by loan sharks. This can plunge you further into debt.

There are many reasons to take out a personal loan. A new car, renovations, holidays or even to consolidate and pay down existing debt. As applying for a loan (and getting knocked back) can further damage your credit score, it is best to engage the help of a professional who can assess your eligibility prior to applying.

The kind of loan you will be offered will depend on your particular circumstances.

Secured bad credit personal loans. These loans are taken out against an asset that you offer as security. Something like your home or car.
Unsecured bad credit personal loans. If you do not have an asset to offer as surety, there may still be a solution for you. The experts at the Australian Lending Centre can help.

Loans taken out with bad credit history will often incur higher interest rates. This is due to you being viewed as high-risk. You will also find that there are limitations to the amount you are able to borrow. Banks are risk-averse and usually unwilling to lend to those with bad credit history. By using a private lending specialist, personal loans for people with a bad credit history are much easier to source. Australian Lending Centre specialise in finding you the right loan product – within as little as 24 hours.

Don’t Let Bad Credit Hold You Back

Avoid bank barriers and loan scams. Take charge of your credit history and secure the loan you need to move on with your life. Personal loans for people with bad credit history are possible with careful planning and support. Let the Australian Lending Centre help you to get your finances on track here.

Our commitment is to helping you find solutions and ensuring you are empowered to make more informed choices moving forward. If you need help to assess your credit or apply for a personal loan with bad credit history, contact the Australian Lending Centre today on 1300 138 188.

Tags bad credit history, bad credit loan, bad credit personal loan, personal loan, personal loan bad credit

News Business Loans Personal Loans

How Does Private Lending Work?

Post author By Christopher Riotto
Post date 8 July 2020
No Comments on How Does Private Lending Work?

Banks can be slow, time-consuming & often say no. But how does private lending work?

There are a number of reasons you may be looking to steer away from a traditional financial institution and looking at borrowing money from a non-traditional, private lender. Banks can be slow, and the process is often very detailed and time-consuming. All this, and there’s no guarantee that you will be lent the money at the end of it. Greater flexibility and quick turnaround times are sending more and more people to private lenders for their loan needs. So how does private lending work?

How Does Private Lending Work?

A private lender is a non-institutional, also known as a non-bank, individual or company that loans money. Generally, these loans are secured by an asset, such as a deed of trust for a house. The relationship between you and the lender is often a much more direct one than that with which you might have with a bank. You will deal with the lender on an individual level, and not through an institution. Private loans generally have shorter periods on them, and the money is usually borrowed for a specific purpose. This purpose could be for a business, personal use, investment, finance settlement and so on.

There are a number of reasons you might be looking into private lending:

Processing time: banks and traditional lenders have much stricter measures in place when it comes to taking out a loan. It can take time to fill out your application and have it approved.
Banks said ‘no’: you may have tried to take out a traditional loan with the bank and being knocked back in the process. For this reason, you may be looking at a private loan as an alternative.
Low credit score: one thing that can prevent you from taking out a traditional loan is a low credit score. If you have a poor credit history, it can be harder to take out a loan. This is because you are considered a risk. A private lender may be more willing to take a chance on you.

Advantages of Private Lenders

Whether you are looking at taking out a loan for your business, for yourself, or looking at a new investment opportunity, there are a number of advantages that come with using a private lender:

More personal: the private lender gets to know you and your needs and is likely to understand the struggles you are going through and be willing to help. You aren’t a number to them, but rather a person going through something they may have experienced in the past. Therefore, allowing them to empathise with your situation.
More control: traditional lenders often have set ways loans are carried out and paid off with no room for negotiations. Private lenders are usually more open and flexible to changing the loan terms to suit your direct needs. This may involve monthly repayments instead of fortnightly, or a longer loan period to enable you to pay it back on time.
Less rigid criteria: unlike a bank that looks into your credit score, borrowing history and financial situation to determine if you are worth the risk, a private lender is much more open to your situation. Even if your credit rating is low, they are more likely to offer you better terms than a bank would.
Fast process: unlike traditional financial institutions, the application process for a private loan is often much shorter. In addition to this, the process often comes with more relaxed conditions. This means you can have the money in your hands as quickly as possible.
More flexible: private lenders offer a wide range of loan products which aren’t commonly available in banks. These include bad credit loans, no credit check loans and cash advance loans.

Disadvantages of Private Lenders

Of course, private loans do also come with some disadvantages.

More susceptible to a dip in the financial market: recessions and other major financial downfalls have forced some private lenders to withdraw from the market over the years. This is why it is important to look for well established private lenders. Make sure to look around for those who have been around for a long time. Also, try to determine whether they seem large enough to remain strong. The Australian Lending Centre has been around for 30 years and is one of Australia’s leading private lenders!
Interest rates can be higher: while this is not always the case, interest rates from private lenders are generally higher than those of banks. However, these lower rates from banks don’t outweigh the fact that their application process can be complex, slow and often come with little reward.

Knowing the answer to how does private lending work may have you questioning whether it is a safe option.

Is Private Lending Safe?

Private loans can carry a level of risk with them. However, it is important to note that both private lending and traditional lending are regulated thoroughly in Australia. It is just different government regulators that oversee them. Private lenders must abide by the Consumer Credit Code, which governs all credit transactions in Australia.

When you select a private lender, you can rest assured that both you and your finances are protected when entering a transaction. It’s normal to feel concerned or sceptical. After all, taking out a loan is a big deal which takes trust! But so long as you understand how does private lending work before entering an agreement, you will be in control.

Taking Out A Private Loan

Are you looking to reap the benefits that come with taking out a private loan? Speak to the team at Australian Lending Centre. We are Australia’s trusted private lender, offering fast and flexible applications, competitive rates and quick turnaround times. You can be told yes and have the money in your pocket as soon as possible. With over 30 years of specialist experience, our experienced team will assist you the entire way and tailor loans to suit you. Let’s talk through your options and find solutions to help you to reach a positive financial position.

Tags how does private lending work, is private lending safe, private lending, private lending advantages, private lending disadvantages

Personal Loans Car Finance Refinance and Refinancing

What Is a Good Car Finance Rate?

Post author By Jack Richings
Post date 1 May 2020

Buying a new car is really exciting, but finding the right finance rate depends upon your individual circumstances.

Buying a new car is an extremely momentous and exciting occasion in your life. Whether it is your first car and a second-hand model, or your fifth car and you have opted for new off the shelf. The one thing that factors into both is being able to pay it off. Finding the right finance rate for your car is very subjective, and a lot of it has to do with your individual circumstances. So what is a good car finance rate?

Let’s take a look at this further.

What is car finance?

Having a car is almost a necessity in life for most people. From travelling to and from the office to dropping kids off at school and extracurricular activities, it can be hard to get by without them. In fact, some families even find they need two cars to make things work. The problem is, cars tend to gobble up money – fast.

If you don’t have enough savings to go out and buy a car (new or secondhand), taking out a car loan is a great option. It allows you to pay back the car in manageable instalments so you don’t feel the full hit of the purchase all at once.

Of course, it does come with a catch. Just like any other loan, you repay it with interest to the financial institution you borrowed from. So let us take a look at what is a good car finance rate?

What is a good car finance rate?

As previously mentioned, this often depends on your individual circumstances. But there are a few key factors that need to be considered when taking out a car loan. All these factors help determine your finance rate and how much you end up paying in the long run:

Interest rate

This is, of course, one of the biggest components to factor in when weighing up a car loan. The interest rate is expressed as a per annum number. Before taking out a loan (any loan) you need to know what that interest rate is. Your credit score can affect how much interest you pay. If you have bad credit and have a history of not paying off loans, a traditional lender is unlikely to take a chance on you. You may have to look for a non-traditional lender who will offset the risk with a higher interest rate.

The loan period

This can be as short as three years or as long as five years. If you opt for a longer-term loan it means your repayments each month will be smaller. However, you end up paying more interest overall.

The repayments

In general, these are made monthly. However, you can always discuss with your lender if you would prefer to pay these off fortnightly or weekly instead. If you pay it off quicker, it can mean you will end up paying less interest in the long term.

Fees and charges

It is always important to look into other fees and charges that might be involved. These can add to the loan amount significantly.

How to get the best car finance rate?

Now that you know what is a good car finance rate and the factors that contribute to it, you can look at how to get the best rate for yourself.

You have a couple of options when it comes to taking out a loan:

Take one out with the dealer: the finance rates are often higher with this option, but there is no planning required and it’s very convenient.
Take one out with a bank or non-traditional lender: this option is less convenient, but often gives you the best rate. You are not relying on the dealer for both the price of the vehicle and the loan, so it takes away a bargaining chip.

The best way to get the best rate is to do your homework. Shop around and take a look at who is offering the lowest rates and whether the terms they set work for you.

What if I want to change my loan?

Firstly, it is important to determine whether refinancing your car is the right step for you. What exactly is it and what does it entail?

It essentially involves taking out a new loan to pay off your own loan. The main idea behind refinancing your car is to save you money in the process. If you manage to reduce your monthly repayments then it can free up that cash to be spent on other financial commitments.

There are four reasons you might look at refinancing your car:

Lower monthly payment
Lower interest rate
Longer loan term
Shorter loan term

If you are unhappy with your current situation and are looking into what is a good car finance rate, then this may be the best option for you.

Getting the right help

Whether you are in the stage of looking at different cars on the market and working out your finance options, or perhaps you bought a car recently (or not so recently) and are looking at changing your loan. It is always good to get a professional opinion. The team at Australian Lending Centre will look at your particular situation and offer the best advice based on your needs. Get in contact with us today.

Tags advice, Car finance, Good finance rate, money saving, new car, rates, refinance, tips

Personal Loans Short Term Loans

How To Improve Your Lifestyle with Quick Loans

Post author By Jack Richings
Post date 25 February 2020

There are so many different ways you can improve your lifestyle with quick loans, the problem is, many people don’t know what a quick loan is and exactly how one can help you out. Whether you are trying to find your way out of debt or looking for a bit of financial help over a certain period (such as the holidays) a quick loan can be the perfect solution.

What is Quick Loan?

The term ‘loan’ can be off-putting. It can conjure up images of debt and financial stress, and many people are unable to see the benefits of it. Not all loans are created equal, and taking out a loan can sometimes help you stay out of financial trouble and get you back on your feet once again.

So what are quick loans? They are personal loans that can be funded in a short space of time. Approval and funding can both occur within days of your application, which means you can put the money to use straight away without waiting for funds to clear.

There are so many different ways to improve your lifestyle with quick loans, here are just a few.

How to Improve Your Lifestyle with Quick Loans

Pay Off A Holiday

No more scouring through Trivago for the best deals… An injection of cash can help you to book the holiday you deserve.

After relaxing and forgetting all of your worries, the last thing you want to face, on top of the holiday blues, is financial stress. You’ve been off work for a couple of weeks, enjoying your trip and now you are back home with no pay coming through any time soon. A quick loan is a perfect way to get you out of debt fast.

Get You From Paycheque to Paycheque

It’s no secret that some months it can be hard to stretch your money to the next paycheque and you find yourself living off tinned baked beans just to make it through. Next time this happens to you, consider taking out a quick loan. It will tide you over until that next paycheque, and offer you something nutritious to eat at the same time! It is the perfect way you can improve your lifestyle with quick loans.

Pay For Gifts

The holiday season is a busy time of the year. From Christmas parties to presents for all the relatives, you can find your money is flying out the window faster than you can earn it. Don’t worry, you aren’t alone.

Get Out Of Debt

Unfortunately, debt is something that tends to spiral out of your control. Once you are in debt, unless you can sort it out quickly, it can all too often get the better of you. The bills pile up, one of top of each other, and before you know it, you are sinking.

A quick loan is a perfect way to offer some light financial relief while you get back on your feet again. It can be just the boost you need. The competitive interest on quick loans can help you pay off your overdue bills and give you a bit of breathing space when it comes to paying off the next one. Just this simple step-up can often be enough to help you take back control of your finances.

Unexpected Costs

Life is unpredictable and at times you can find unexpected costs creeping their way in. Sometimes, these costs can add up and you find yourself pushed financially. Whether you were in a car accident and need to pay for repairs, or have ended up sick and in hospital, you can improve your lifestyle with quick loans.

Taking out a quick loan can help you get back on your feet without spiralling into further debt along the way.

These are just some of the ways you can improve your lifestyle with quick loans. The fact is if you find yourself in the situation that you need a bit of cash to tide you over or help you get a leg up, consider taking out a quick loan. The team at Australian Lending Centre can help you out, enquire today!

Tags lifestyle, lifestyle improvement, quick loan, quick loans, short term loan, short term loans, short term loans australia, short term unsecured personal loans

Debt Management Financial Planning Personal Loans

Dos and Don’ts of Getting a Loan on Centrelink

Post author By Christopher Riotto
Post date 14 January 2020
No Comments on Dos and Don’ts of Getting a Loan on Centrelink

You can still take out a loan when on Centrelink.||

It’s true that when it comes to taking out a loan, lenders will assess your earnings as a part of the application process. If you are relying on Centrelink payments, it can make it a harder process. But there are other factors involved as well. This means that depending on your situation, you’ll still be able to take out a loan if you need it.

Getting a Loan on Centrelink

Wondering what the process is and how you can go about getting a loan on Centrelink? You’re not the only one. We have set up a clear list of dos and don’ts for you to follow when it comes to getting a loan whilst receiving Centrelink payments.

Check Which Benefit You Are On

For some lenders, Centrelink benefits can count as income. This means your chances of taking out a loan can be higher. This typically doesn’t apply to all payment types. For example: Youth Allowance, Newstart and Austudy are unlikely to be accepted as part of your income. Why? Because they are temporary payments. If your circumstances change, you will no longer be eligible to claim them.

The first step is to work out what benefit you are on. Next, you should calculate how much this benefit contributes to your income. Providing this information to your lender upfront will make it quick and easy to determine what you are eligible for when it comes to taking out a loan.

Don’t Focus On One Lender

Just like taking out a regular loan, it is important to shop around. Of course, you want to do this without it affecting your credit score. The trick is to do it in the space of a couple of weeks. This way, it will only count as one hard inquiry instead of multiple.

Take a look at different interest rates on offer to ensure you are getting the best deal. You can even shop between traditional (banks) and non-traditional lenders to find what works for you. There is no one-size-fits-all when it comes to taking out a loan. Therefore, it is important to do your research and shop around to get the best deal.

Do Look For Lenders That Work With Centrelink

Shopping around is important. However, it is even better if you can find lenders that state ‘Centrelink Accepted’ on their website. Of course, if you can’t find this straight up, it doesn’t automatically mean they won’t accept Government benefits as a payment. The next step is to call them up and chat directly to ask them. Many lenders will be upfront about their policies. Meaning they will communicate whether they accept Centrelink payments as a form of income when taking out a loan.

Don’t Borrow Above Your Means

Being on Centrelink payments already, you don’t want to borrow above your means. This can mean finding yourself unable to pay off the debt. It can actually end up quite expensive borrowing small amounts of money – and it won’t solve your problems. All loans come with interest, so if you are unable to pay them back in a timely manner, you will be left with increasing interest over time.

Do Look At The Types Of Loans Available

Personal loans aren’t the only types of loans available to you while you are on Centrelink. You can also look at what other loans you might qualify for. This way, you can ensure you are on the best loan for your needs.

Centrelink Advance Payment

Depending on what type of benefit you are on, you may qualify for a Centrelink advance payment. Usually these need to be repaid within six months, or they will be subtracted from the amount Centrelink pays you.

Payday Loan

Finding a lender who accepts Centrelink as an income means you are eligible for a payday loan. These are small loans that tide you over until your next payday (or Centrelink pay).

Car loan

You can also take out a car loan. Your payments are used as a security for your loan, which can offer your lower interest rates.

Don’t Limit Yourself

Just because you are receiving Centrelink, doesn’t mean you are limited in your options when it comes to taking out a loan. All it means is that you need to shop around and find the right lender for you and your needs.

Loans On Centrelink

Getting a loan on Centrelink is very possible, especially if you follow this guide of dos and don’ts. If you are looking for a lender who can help you out, check out Australian Lending Centre. With our expert advice, you will be back on your feet again in no time. Finding a loan when you are on Centrelink can be simple, as long as you know the right process involved and get the right advice.

Tags centrelink, disaster, financial support, loan on centrelink

Personal Loans

Questions to Ask When Applying for a Personal Loan

Post author By Christopher Riotto
Post date 18 December 2019

Whether you want to go on a holiday, pay for medical bills, buy a new car or renovate your home, a personal loan can help you achieve whatever your goals are. Before you jump right into a fast loan application, it is important to ask the right questions. We’ve mustered up a list of some key questions to ask when applying for a personal loan.

Here are 4 questions for those considering personal loans

Is it the right loan for me?

People use personal loans for various reasons. Before you apply for one, determine whether or not a personal loan is the right loan option. Some of the main uses of a personal loan include;

Paying off medical bills
Car repairs
Home renovations
Wedding
Debt consolidation.

Compare loan products and make sure that your choice can serve your needs better. For instance, you could take out a debt consolidation loan instead of a personal loan to pay off your existing debts. If you want to renovate your home, you can tap into your home equity and possibly get a better rate than a personal loan. Research is therefore key.

What is my borrowing capacity?

One of the first questions to ask when applying for a personal loan is how much can you borrow. As with any loan, there is a borrowing capacity for each individual. Whilst personal loans are typically smaller in size, in comparison to a home or business loan, there is still a limit as to how much someone can afford to borrow personally. This limit will depend on various factors including income, expenses, debt, residency status and credit score.

So, before you rush into applying for a personal loan, you should consider establishing a budget. Determine how much you can afford to borrow by looking at your income and expenses. Use this handy online calculator to quickly create a budget plan.

Am I choosing the right lender?

There are many financing sources that offer personal loans and each source has its own range of interest rates, and terms vary. Find the best lender that fits your needs by shopping around.

Here are some tips in finding the right lender:

Start by asking someone close to you that has recently secured a personal loan. See if they can recommend their financing institution. You can also ask a financial adviser, to give you a shortlist of referrals.
Visit your lender’s website and investigate their offerings for details. At the Australian Lending Centre, we have loan experts online to tell you about the basic things you need to know about our loan products. We believe that advertising is glittery; so we will help you look beyond the advertisement and find out about eligibility requirements, fees, and other features of our personal loan product. Don’t be afraid to enquire online. We’ll explain to you the best options available, without placing a credit enquiry on your credit file.

Finding the right lender can help you get the most favorable loans to finance your needs. Remember that personal loan lenders not only originate, process, approve and close your loan application but also participate in one of the most important financial decisions you will make.

What are the terms of the loan?

Look into your obligations whenever you apply for a loan. Always read the fine print and ask for a full disclosure of the terms of the loan before you sign it. Don’t forget to ask about the monthly payment, the term of repayment, late fees and penalties for prepayment. When the lender offers lower interest rates, check on the origination fee that can eventually hike your interest rate.

What are the fees associated with a personal loan?

Find a lender that is transparent with their loan services. Make sure to look out for the establishment fee, servicing fee, early exit, early repayment and insurance fees. The last thing that you want is one of these hidden fees appearing in the fine terms of the terms and conditions. Take the time to consider these fees when assessing your personal loan options.

Are there different types of personal loans?

Personal loans can come in two main forms; secured or unsecured. The type of personal loan that you are offered will vary depending on each individuals personal circumstances and eligibility criteria. A secured personal loan is one that is guaranteed by an asset. The idea behind this is that if you default on your loan, the lender can take the asset if you default on the loan. Collateral can include anything from real estate property, motor vehicles or other property. This will vary depending on the lender.

What is my credit score and can it impact my chances of loan approval?

When was the last time you checked your credit score? Do you even know what a credit score is? If your answer to both questions is known, then you really need to quickly learn all about this. With lenders now stricter than ever, your credit score can directly influence your chances of being approved for a loan. Lenders will look at your credit file to assess whether or not you are capable of repaying a personal loan back. With the comprehensive reporting system in place, lenders can also look at your repayment history to see if there are late repayments. All this along with defaults, blackmarks and court judgments can be assessed by a lender.

Checking your credit score is, therefore, one of the most important things to do before you apply for a personal loan. Fortunately, you can access this online through credit reporting bodies such as Equifax, Ilion and Experian. At the same time, you can have a credit specialist assess your credit file for a small fee. Repair agencies such as Clean Credit offer a comprehensive analysis of your credit file.

How often can I make repayments on my personal loan?

One of the more important questions to ask when applying for a personal loan is how often can you make repayments. Depending on the lender, you have various choices of repayments. Whilst traditional lenders such as banks are typically stricter with their repayment policies, alternative lenders are not. Lenders such as Australian Lending Centre and Bad Credit Loans offer customers weekly, fortnightly or monthly repayment terms. So, before you apply consider how you will be making payments. If for example, you are paid on a monthly basis, it may be more convenient to make monthly payments. In this case, find a suitable lender.

Tags bad credit personal loans, loan application, low doc personal loan, low doc personal loans, no credit check personal loans, personal debt, personal finance, personal loan, personal loans, secured personal loans, short term unsecured personal loans, wedding loans

Debt Consolidation Personal Loans

Advantages and Disadvantages of Personal Loans

Post author By Jack Richings
Post date 10 December 2019

There are so many different types of loans out there, it can be hard to know which one you should be taking out for your particular circumstances. We are going to take you through exactly what a personal loan is, when it’s a good option to take one out, the different types of personal loans and finally the advantages and disadvantages of them.

What is a Personal Loan?

As the name suggests, a personal loan is a type of loan you take out for yourself. They are fairly straightforward to process. You borrow a specific amount of money from a financial institution, and then repay this amount, including interest, over a set amount of time.

In fact, personal loans work very similarly to credit cards, but with one big difference – they tend to be much cheaper. Most people have heard of and possess a credit card for day-to-day transactions, yet would not consider a loan based on misconceptions about them only being for large amounts and for those in extensive debt. Personal loans are no different from taking out a credit card, and you may, in fact, find that you can save some money by taking one out.

Different Types of Personal Loans

There are two types of personal loans:

Secured loan
Unsecured loan

Secured Loan

A secured loan works by you offering something up as security in the event that you are unable to pay your repayments. As you would expect, these loans come with a lower interest rate attached as there is less risk being taken on by the lender. They know that if you fail to meet the repayments, they are entitled to the asset you have chosen. You can offer up your house, your car, or another big-ticket item, and then this is used as security against your debt.

Unsecured Loan

An unsecured loan is the opposite, where nothing is offered up as security for the debt. The interest on this type of loan is higher, as you would expect. The lender has no security that they will get the money back from you. If you do fail to make the repayments, they may choose to take you to court.

Whether you opt for a secured or unsecured loan, it is important to weigh up the interest costs of both and decide what works for your circumstances.

Personal Loans

So, the question is, should I be taking out a personal loan?

The answer to this isn’t so black and white. Here are some advantages for you to consider.

Advantages of a Personal Loan:

They are versatile: unlike other types of loans, such as a mortgage, a personal loan can be used for whatever you like. Whether you have unexpected medical expenses, are looking to renovate your home, or want to take off on holiday, you choose where that money goes.
Better interest rates: as mentioned above, personal loans offer better interest rates than credit cards, making them a better option if you need a small, quick cash injection.
You don’t need great credit: unlike many other loans that are based largely on your credit score, personal loans are possible with bad credit. You will end up paying higher rates though.
Borrow what you need: if you have an end goal in mind (such as renovating your bathroom), then you only need to borrow the money to cover this. You set the amount and pay it back over time.
Approved quickly: personal loans after often smaller than other types of loans on offer, and for this reason, they can be approved quite quickly. Once approved, you have access to the money within a few days.

Personal loans also come with their disadvantages, which also need to be weighed up.

Disadvantages of Personal Loans

You are locked in: your payments are made monthly and are fixed in with a certain amount to pay off. While credit cards give you extra time to pay off the balance, if you miss a loan repayment the lender can take you to court.
Origination fees: many personal loans come with something called an ‘origination fee’, which covers the cost of processing the loan and amounts to about 1 to 6 percent of what is being borrowed.
Debt cycle: personal loans can also encourage a cycle of debt, as people take out loans to cover other loans and pay for things they can’t afford.

In the end, the decision of whether or not to take out a personal loan comes down to your individual circumstances. By weighing up the pros and cons you are able to work out what is best for you and what you need.

Personal loans can be extremely helpful when you need them, so make sure you look into all the pros and cons when it comes to weighing up your options.

Tags personal loans

News Personal Loans

The difference between Non-Bank Lenders and Traditional Lenders

Post author By Jack Richings
Post date 20 November 2019

banks vs non-bank lenders

Years and years ago, if you needed a loan, you went straight to the bank to assess your available options. These days, non-bank lenders have emerged, offering a legitimate alternative to traditional lenders, and adding a competitive edge to loan marketing.

Depending on your circumstances, it may help you to step away from traditional lenders and hunt for a non-bank lender. But do you know exactly what the difference is between non-bank lenders and traditional lenders?

We will take you through both options and look at exactly how they differ in terms of what they offer to you, so you can judge which one would best meet your current needs.

What Are Non-Bank Lenders?

Essentially, non-bank lenders are exactly what you think. Non-bank lenders are alternative lenders who are not traditional banks. They don’t have a banking license and are not a mutual, ie a bank, a building society or a credit union. Nonbank lenders are called Authorised Deposit Institutions, or ADIs.

Unlike banks, they can’t accept deposits, so they have to source their money from elsewhere. They often take out a loan from the bank at wholesale rates and then lend this money on for a profit.

What are Traditional Lenders?

Traditional lenders refers to banks and other ADIs defined above. They have been the source of loans throughout history, and only recently has this turned around with the proliferation of non-bank lenders entering the market.

They are regulated very differently to non-bank lenders. Banks are largely regulated by the Australia Prudential Regulatory Authority (APRA), while non-bank lenders are regulated by the Australia Securities & Investments Commission (ASIC).

Benefits of Using a Non-bank Lender

While choosing to go with a non-bank lender may not be the obvious choice, there are a number of benefits that come with using one.Lower interest rates: They borrow their funds at wholesale prices, which offers them a larger margin to work with than the banks, and can often mean they have lower interest rates than the banks. They also have limited fees as they don’t have any of the overhead costs that traditional lenders face.

Regulations: being subject to different regulations means non-banks are often a lot more flexible when it comes to lending. This enables them to tailor the process to specifically meet your needs.

Take on high risk

Whether you have a bad credit history you are trying to repair, or a business start-up, non0bank lenders are more likely to take a risk on you than traditional lenders.

Better customer service

As they are smaller than the banks, non-bank lenders often offer a more personalised approach to their customer service, so you will receive more attention to your loan and what you want out of it.

Lower down payment requirements

While banks take about 20% down payment on mortgage loans, non-bank lenders take a lot less, sitting at about 3.5%. For those who have been turned away by the bank, this is a great option to make owning their own home a possibility.

Faster approval process

With fewer hoops to jump through, non-bank lenders have a much faster approval process than traditional lenders, so you have the money in your hands even faster.

Specialists

Often, non-bank lenders can specialise in a particular loan. While traditional lenders offer an array of financial services, by specialising in just one, non-bank lends have a greater insight into that type of loan and can help you out more.

Benefits of Using a Traditional Lender

There are also some benefits that come with using a traditional lender that shouldn’t be overlooked.

Security

One of the biggest, is course, security. The banks are well-established institutions with a degree of trust built into their name. Many people feel safer with this option and sticking to what they know – especially if they already bank with them.

Less vulnerable

As banks are much larger than non-bank lenders, there is a perception that they aren’t as vulnerable to any economic hardship that may come about.

Which One Is Right For Me?

Many people perceive that traditional lenders are the best and safest option, especially when it comes to taking out a big loan, such as a home loan. This just isn’t the case anymore, and by not considering all your options, you are limiting yourself and potentially missing out on the right fit for you.

Loans Based Upon Your Unique Situation

Working out which option is best for you really does come down to your individual circumstances. You need to make a choice based on what you need the money for, what your credit situation currently is, and which service is more compatible with your needs. Shop around and find the best option for you.

Tags alternative lenders, alternative lending, banks, Non bank lender, non bank lenders, Non bank loan, Non bank loans

Personal Loans Bad Credit Loans

How can I get a personal loan with no credit check?

Post author By Jack Richings
Post date 17 October 2019

Is your bad credit stopping you from securing a personal loan? If you feel like you’re running out of options, then keep reading because there are plenty of options available. One such option is a personal loan with no credit check.

Before we dive headfirst into personal loans with no credit, it is important to break down your current financial situation. Personal loans with no credit check have their benefits, but they also come with typically higher interest rates. For this reason, it is essential that you check your own credit score. This will help you quickly realise whether or not you actually need a personal loan with no credit check.

Understanding your credit score

So, you have just checked your credit score and you see a score of 370. What does this mean? You begin to question whether or not you will ever be approved for a loan? Did you notice any defaults? Court judgements or blackmark? If so what do they mean?

A credit score is a numeric representation of the details within your credit file. The score is calculated based on various factors. These factors can be analysed by lenders to assist in determining whether or not you are a responsible borrower who is capable of repaying back a personal loan.

Different Credit Bureaus have alternative credit scoring models. Take a look at the breakdown of Experian’s and Equifax’s scoring system.

	Experian	Equifax
Excellent	800-1,000	833-1,200
Very Good	700-799	726-832
Good	625-699	622-725
Average	550-624	510-621
Below Average	0-549	0-509

How is your credit score calculated?

According to both Experian and Equifax, your credit score is calculated using a statistical algorithm that uses past events to predict future behaviour. Each credit bureau will use a slightly different algorithm to calculate your score. The outcome, however, is relatively the same, and your credit file will reflect whether you have any negative listing regardless.

Familiarise yourself with your credit score

Understanding your credit score is really important, especially if you are applying for credit. Why might you ask? Well, some lenders factor in the credit score when assessing your credit application. If your credit score is really high, you may not need a personal loan with no credit check. Here you can apply for a regular personal loan with potentially better interest rates and term. This will save you money in the long run.

If however, your credit score is low, then it may be time to consider applying for a personal loan with no credit check.

What is a personal loan with no credit check?

As the name suggests, a personal loan with no credit is just that; a loan that is approved without checking your credit score. The lender will not request your credit report from credit bureaus. This means that your borrowing history will not be made available to any lender.

If you have applied for loans in the past, your credit file may have the loan information. When applying for a loan, traditional lenders will request your credit file and look at how many loan enquiries have been made. If you have made a lot of loan enquiries in a short period of time, you can be rejected for a loan. As mentioned, lenders won’t factor in your credit file meaning you can take care of your financial matters without having your credit file holding you back.

Where can I get a personal loan with no credit check?

No credit check loans are usually offered by alternative lenders such as Australian Lending Centre or Bad Credit Loans. Alternative lenders are more flexible with their lending requirements. This does not mean that they are not responsible lenders. If you’re thinking about applying for a personal loan with no credit check, it is important to note that alternative lenders will ask for the following information:

Income: You will need to show lenders that you can afford to make the repayments for your loan.
Employment: employment is necessary for making repayments. Some lenders will also factor in your Centrelink income when applying for a loan.
Bank account: Lenders will typically request to see your bank statements from the last 3 months or even 6 months depending on the lender. The lender will assess your bank statements to see whether you will be able to pay the loan or not.

How do I apply for a personal loan with bad credit?

Fortunately, applying for a personal loan is quick and easy. Australian Lending Centre has a simple online enquiry form that will take a matter of minutes to fill out. The enquiry form will request basic information such as name and email along with your borrowing amount.

In a matter of minutes, a loan specialist will contact you to discuss your lending options. They will quickly understand your financial situation and make an assessment. All consultations are discreet, hassle-free and professional. Once you have been approved for a personal loan, you can access the funds in your nominated bank account. So, don’t let your past borrowing history stop you from securing a loan.

Tags bad credit loan, bad credit personal loans, no credit check lenders, no credit check loan

Debt Consolidation Bad Credit Loans Business Loans Home Loans Personal Loans Short Term Loans

What Are The Benefits Of Using An Alternative Lender?

Post author By Christopher Riotto
Post date 12 September 2019
No Comments on What Are The Benefits Of Using An Alternative Lender?

Following the GFC, banks became very cautious with how they lend their money. They didn’t lend to certain borrowers particularly those with bad credit or small businesses – in the fear that they would not be able to get their credit back. As a result, many businesses fell into bankruptcy because they had no one to turn to for financing.

If you’re looking to start a business, it can be even more challenging to secure financing from a bank. To get your business operational you may need some sort of finance. This is because you cannot start a company without the necessary capital to sustain it. When banks close the door your business dreams, just remember that it is not over yet. Aussies have one more form of financing that they can use – and that’s alternative lending. Slightly different from the traditional bank, alternative lenders have become quite an attractive choice for those that are in need of a loan.

What Is an Alternative Loan?

Alternative loans are the kind of businesses that aren’t provided by traditional lenders – for example, banks or credit unions. Examples of these kinds of loans are private loans, bad credit loans, wholesale funds, peer-to-peer loans, start-up loans, and so on.

Each of these loans has its own terms and conditions – which is why you must research accordingly. Depending on the lender, you might be asked for a higher interest rate, or given a smaller loan amount. But depending on your preferences, you will choose the one that is most suitable for you. Overall, alternative loans offer a second chance at finance.

Why choose an Alternative Lender?

There are various reasons why you might want to go for an alternative lender.

The Application Process Is Quick and Easy

Every alternative lender will have a straightforward loan application process. Technically speaking, all you have to do is provide some basic contact (or business) information, along with some financial data. A lender will need to quickly assess your financial situation to see whether they have the right loan product available.

Depending on the lender, you can expect to have your application completed in as little as 15 minutes, provided you are working with a tech-savvy lender. If you are borrowing online, it is even more convenient, as you will not have to get out of the comfort of your home in order to make the application.

Funds can be released quickly

It takes a few minutes to a few hours for your application to be approved – all depending on the time at which you make your request. The quicker that you work with the lenders, the faster you can get your funds. At the Australian Lending Centre, we offer an easy way to upload your documents. It takes a matter of minutes and can be done from your mobile. From the moment your application is approved (assuming it is), it can take as little as 24 hours for the money to appear in your account (depending on the lender)

Some lenders do so in 48 hours, but this is still the better alternative to traditional banks, for which you will likely have to wait entire weeks. This way, it will be much easier for you to start off with your projects right away.

You May Borrow with Bad Credit

If you have no credit or bad credit, there is a high chance that banks will not lend you money. They will see you as a red flag – and they will believe that you will not be able to make your payments on time. Unless your credit is above a certain number, there is a high chance that your request for a loan will be denied.

However, alternative lenders such as Bad Credit Loans generally have far fewer requirements. Whilst they still asses your finances, they will still lend to bad credit borrowers. Therefore, if you had trouble making timely payments before or had no luck with traditional lenders, then there is a high chance that you might be luckier with an alternative lender.

You May Use the Funds However You Want

Certain lenders expect that you use the funds that they give you in a particular way. For instance, if you are the owner of a construction company and opt for taking out a business loan, then you need to specify what you plan on doing with that money. As an example, you have to specify in the application that you need the loan to buy a bulldozer – and the lender will know that your profits will start growing with that purchase.

However, with alternative lenders, this will pose no problem. For all they care, you may use that money to buy a bulldozer, pay old Jim’s paycheck, or purchase a new fancy pen for the office. Obviously, you will use that money wisely – but what matters here is that the lender won’t set conditions on how to use that money.

Should I use an alternative lender?

Alternative lenders represent a very convenient solution when you are running low on money, but the banks won’t give you a loan. Alternative lenders offer people who have been refused in the past with a second chance at finance. All that you have to do now is find the right lender that will provide low-enough interest rates.

Tags alternative lenders, alternative lending, Non bank lender, non bank lenders, Non bank loan, Non bank loans

Personal Loans Bad Credit Loans No Credit Check Loans

Are Personal Loans Available For Bad Credit Borrowers?

Post author By Christopher Riotto
Post date 18 June 2019
No Comments on Are Personal Loans Available For Bad Credit Borrowers?

A personal loan is a secured or an unsecured loan offered to you by a lender on the basis of your credit score and capacity to repay the loan. If you don’t have the usual qualifiers—meaning, you have a poor credit score and unsteady earnings, you can still get approval for the loan and enjoy a low-interest rate if you know how.

Here are things to look for in a personal loan provider:

Specialised lending agencies offering bad credit loans in Australia

We are in a world of financial opportunities, and if you need money right now—you must be able to access it fast before you lose the opportunity. If a lender can give you as much as $20,000 or more via an unsecured personal loan without you having to worry about your credit score and income. Why not give it a try?

The challenge lies in the application process. Those with low credit ratings who apply for loans from banks and traditional lenders are typically denied. With banks tightening their lending, it has become increasingly difficult for someone with a good credit history to secure a loan. If you have bad credit, it is almost impossible. Strangely enough, if you have a bad credit history, you can get approved for a $20,000 personal loan within a day. That is if you seek out bad credit lenders. Alternative lenders are more than willing to lend you a hand so that you can get yourself back on track. If you are therefore looking for a personal loan with bad credit consider a specialised lending agency.

It offers a low-interest rate

Even those with poor credit can get personal loans with low-interest rates. If you have been paying more than a 20% APR for high-interest cards, why not opt for loans with lower APRs? It will not only give you an opportunity to pay for your urgent needs, but you can also use the money to pay off high-interest debt. In the long run, this will allow you to save more money.

It provides flexible and multipurpose loan

Make sure that you can use the cash for making the purchases you want to make. This may include a car, house renovations, equipment for your business, or even to fund your retirement. Borrowers with very high debts may also want to use this type of loan to get started with their debt repayment plan.

You can use the money to consolidate debt

Do you have credit cards, personal loans and several smaller debts with high interests? Are you struggling to manage your repayments? Consolidating your debts through a personal loan may be a great way of simplifying your debt. Debt consolidation through a personal loan will allow you to better manage your loan repayments. You will only have one repayment coming out of your account at the end of each month.

Small debts can be consolidated by using personal loans. Calculate your total debt. Apply for a larger loan that would cover several smaller debts with high interest to save money on interest. By combining several loans in one place, it may be easier to handle one payment. Don’t forget you can always opt to extend or reduce the loan period.

You can access a low-interest line of credit to stabilise your cash flow using your personal loans

Are you a bad credit borrower? A low-interest line of credit can help boost your credit score. Look for lenders that allow you to access loan products that will help you boost your credit rating. Your credit score is calculated depending on multiple factors. These include; your credit history, outstanding balance, age of credit, different types of accounts and utilisation rate. If you access instalment loans, pay on time and use it to lessen the balance of your existing debts, you can boost your score in no time.

There are many reasons why a person gets a bad credit score. No matter how careful you are with your finances, sometimes—life just happens. There are unexpected expenses that may prompt you to get new debt. Some people lose their jobs, or experience setbacks in their business, leading to a decrease in income. Divorce, changes in living arrangements and acts of nature could also hold you back from paying your own debts. Of course, it could simply be due to a lack of discipline or poor spending habits.

Where are you right now financially? A personal loan can get you where you want to be, support your plans and put you back on your feet. Get in contact with Australian Lending Centre today and discuss how you can get access to a personal loan today.

Tags bad credit, bad credit debt, bad credit history, bad credit loan, bad credit loans, bad credit loans australia, Bad credit mortgage, bad credit personal loans, bad credit rating, bad credit score, bad debt, Bad debt loans

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Saving Money On a Lower Income

Post author By Christopher Riotto
Post date 16 May 2019
No Comments on Saving Money On a Lower Income

There is a range of strategies you can employ to make saving money o. One of the major areas that can save you a lot in the long term is debt consolidation. There are also some other lifestyle choices you can make to improve your financial situation.

Many people think it is all too hard, but everything you do will help, even small changes can make a huge difference. We can all employ a range of measures that will prevent budget blowouts without sacrificing all the things you like doing.

If you are finding yourself on the roller coaster of no savings, bad debt management, poor (or no) budgeting and everything is a bit chaotic, Australian Lending Centre has some tips and tricks to get you out of bad debt employing activities such as debt consolidation, saving and feeling in control again.

First things first – Where Does Your Money Currently Go?

If you don’t yet have a budget, keep a financial diary for your pay period and track how you are spending your money. The Money Smart website offers a great money tracking app to make this easier. This will give you valuable insight into your habits and areas you can save.

What are you spending your money on?
How much is left over at the end of the pay period?
What money needs to go out on payments and bills?
Are there any areas of waste or unnecessary spending?
Are there areas where you are going backwards and getting into arrears?

Planning and Budgeting – Where Will Your Money Go?

Once you have a record of what your current spending entails, get online to the Money Smart website and complete the budget tool. Be sure to include all your debts, payments, bills, and income. Mark payments and amounts in your calendar. Most bank online apps have the ability to schedule payments, so they come out when they are due, but if these are also in your calendar you won’t get any unexpected payments coming out. These regular payments can including things like:

Mortgage or rent
Car payments, car registration and insurance
Household/health insurance
Credit card payments
Loan repayments
Store card payments
Afterpay/ZipPay (remember that defaulting on these can effect your credit score)
Utilities such as gas and electricity (you may want to discuss bill smoothing with your provider – this is a regular payment over time rather than a massive and shocking bill each quarter)
Internet and phone

Bad Debts? Talk to the Credit Provider

The bottom line is that companies want to be paid. They are always receptive if you explain your situation, especially if you have, or are, experiencing financial hardship. You may be able to negotiate with them to reduce or put a hold on payments until you get back on top of things. Of course, you still have the pay the money back, but a hiatus on payments can help in the short term. Some credit providers will allow you to reduce the final figure if you can pay the debt outright. If they offer this, it may be time for debt consolidation. If you are too overwhelmed by the phone calls and letters, then talk to us about negotiating on your behalf.

Next Steps – Take Control With Debt Consolidation

When loans and credit cards get beyond what you can cope with in terms of interest and late payments, it might be time to call in help from the experts. Companies like Australian Lending Centre can offer a solution for a bad credit debt consolidation loan. This is where you negotiate with lenders for a reduced payout figure and then apply for a single loan that will cover all your bills in one payment with a lower interest than general credit cards and late payment fees. Having one simple debt consolidation loan payment to go out eat pay period is going to be a lot easier than trying to remember everything. The sooner you simplify your payments, the sooner you will be in an easier financial situation.

Money-Saving Tips

Turn off the TV

Are services like Netflix, Foxtel, Stan, Hayu and the iTunes store getting beyond ridiculous? Try cutting out all but the most popular one, to cut back. Turning off the TV will also help cut back on power and expose you to less spend-inducing ads. You might also have app subscriptions that you don’t need. Although these are small they can add up in a month.

Stop Hoarding and Start Selling

If you have closets full of unwanted clothes, try selling them online. A good clean out also helps you to see what your wearable wardrobe looks like so you can plan your clothes shopping to maximise your shopping budget. Also if you buy anything make sure it goes with the other items in your wardrobe. Take advantage of sales, why pay retail when most clothes will go on sale towards the middle of the season.

Look for those habits that add up

You can cut back on your habits, such as drinking alcohol during the week, smoking (probably goes without saying but your health and budget will thank you), buying coffees, can all save a surprising amount as well as having general health benefits. Limiting your drinking to the weekend can save hundreds a month, depending on your drink of choice. That bottle of wine after work at $15 a night can really add up over the week. Similarly, a $4 coffee each day is $20 a week. Make coffee at home in a keep cup and save money and the environment.

Stop using your credit card

By switching to using your debit card or cash for purchases, you will be more aware of your spending habits. It will also prevent the slide into bad credit debt.

Be frugal at the supermarket

Most of the time, buying in bulk or larger sizes are cheaper over time, so check on the prices for the larger sizes. Don’t shop with kids. Pester power is a thing and can increase your spend at the checkout. Never shop when you are hungry. Buy less meat, which is expensive, and opt for more meat-free alternatives, such as tofu, beans, and pulses.

Eat Smarter

With a busy life, planning meals can be a real chore, but while using services like Uber Eats seems like a good alternative, you are actually paying $5 on top of takeaway prices and it really can add up at the end of the pay period. By shopping in bulk, cooking healthy meals and taking the leftovers to work for lunch, you can save quite a lot each day.

Are You Missing Out On Government Payments You Are Entitled To?

Lastly, make sure you check all your entitlements with regards to government payments. As a low-income earner, you may be eligible for some form of financial support if you aren’t already receiving a government benefit. When every dollar counts it’s worthwhile claiming all you can. To check on payments and entitlements, check out the Department of Human Services. Even a small additional payment may ease your financial burden. Living on a low income is hard, but these payments are designed to help.

Small Changes with Big Returns

Once you have a clearer picture about where your money goes, you make changes to your lifestyle and start on the path to greater financial control, the happier, healthier and less stressed overall you will be.If you need help with debt consolidation, please get in touch. We’d love to hear from you.

Note: This information is general, and doesn’t take into account your specific personal and financial circumstances.

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Quick Loan Myths Everyone Should Stop Believing

Post author By Christopher Riotto
Post date 6 January 2019

Quick Loan Myths

If we are honest, there are a lot of quick loan myths in the loan industry which have negative perceptions. There are many misconceptions as some lenders employed unethical lending practices. As a result, a range of false or exaggerated perceptions has emerged. Still, you should know there are always two sides to every story.

1. Quick Loans Are Schemes That Rip You Off

To start with, due to the bad publicity that quick loans have received in recent years, most people have come to believe that these loan products are rip-off schemes. This one of the main quick loans myths.

Quick loans are suited for people that are in urgent need of cash but cannot access it elsewhere. Therefore, as long as you meet the loan repayment terms, everything is fine. Things are likely to get off track when you miss making repayments or you default – which applies to all types of loans.

2. Quick Loans Are Beneficial to Lenders Only

Moving on, another of the common quick loans myths is that providers of quick loans want to rip-off customers. However, considering that the lending criteria for these loans are really permissive, it makes sense for the interest rates to be as high as they are – especially since these loans usually don’t imply a credit rating check.

People with poor credit rating can seriously find these financing options life-changing. The only requirement you should meet is to have a steady income so that you can repay the loan in time. Also, since this type of loan doesn’t require collateral, the additional costs are greater than in the case of other types of financing.

3. Quick Loans Have Concealed Fees and Additional Costs

The list of popular myths regarding short-term loans continues. Many people are under the impression that payday loans come accompanied by hidden costs and fees the lender hesitates to disclose. The reason behind this assumption is that the majority of borrowers aren’t responsible enough to go through all the terms and conditions included in the signing papers.

It is against the law to conceal fees and additional costs – that is to say, all lenders based in Australia must be 100 percent transparent and upfront concerning the terms and conditions of the loan. Therefore, in order to avoid such scenarios, borrowers should take the time to scrutinise all the information about the loan product.

4. Quick Loans Are for People with Serious Financial Problems

Furthermore, there are also quick loan myths that short-term loans are provided for poor people with unstable financial situations. As mentioned, quick loans do not reflect financial stress, they simply offer people with an immediate alternative to cash.

Additionally, all types of people deal with financial difficulty. Therefore, it would be wrong to assume that whoever gets a quick loan is part of a specific segment of the population. As a matter of fact, when you need money for an emergency, it simply means that you’re going through something and there’s no other way in which you can get the money you need.

5. Payday Lenders Use Threatening Strategies to Collect Payments

While it’s true, to some extent, that some payday lenders use aggressive marketing techniques to promote their loan products, this doesn’t mean that they use threats to collect the payments.

Truthfully, reputable lenders, such as Australian Lending Centre are transparent and upfront regarding the terms of the financing. At the same time, reliable lenders never use these tactics. This merely means that you should do your research before picking out a lender out of the sea of lenders.

6. Taking Out Quick Loans Means That You’re Irresponsible

There is a common misconception that those who apply for a quick loan are financially irresponsible. Nevertheless, as long as you consider both the pros and cons of this decision, this doesn’t apply. It is implied that each financial decision has a range of pros and cons. It makes total sense for quick loans to have both pros and cons.

Evidently, the pros are that you get quick access to cash when you need it, without having to worry about the application process, adding collateral or a co-signer. When you need cash ASAP you don’t have time for these.

On the other side, the cons are that the interest rates are high and that, if you default on the loan, you might end up in financial hot water. Still, this applies for all types of financing – meaning that, regardless of the loan product you want to apply for, you should be 100 percent sure that your financial situation allows you to cope with making repayments.

Tags bad credit, fast loans, fast loans no credit check, fast loans repayment, interest rates, pay off debts, payday loans, quick cash, quick cash loans, quick cash loans no credit check, quick loan, quick loans, responsible lending

Personal Loans

Pros and Cons of Extended Car Loans

Post author By Christopher Riotto
Post date 30 December 2018

What is an extended car loan?

Most financial specialists indicate that an extended car loan is a loan whose duration exceeds 60 months. If you’re thinking about applying for an extended car loan, you should get acquainted with the pros and cons of this decision. For the most part, extending car loans might facilitate some financial relief – and this can seriously be life-changing to people struggling financially. However, what should you know on this topic?

For many, the most important consideration is, of course, the amount of the monthly payment. As a matter of fact, you should note that there are many lenders out there that advertise unbelievably low monthly repayments, as a strategy to attract more and more borrowers.

However, what one might fail to realise is that a low payment is usually the result of long loan duration or the requirement to provide a significant down payment. While facilitating a down payment for car loans is highly recommended to benefit from more favourable terms, it isn’t always a possibility. And this could leave the buyer with only one possibility at hand: which is extended car loans – this could be the only way in which one can manage to keep the monthly repayment amount under control.

Extended Car Loans – Pros

First and foremost, the main reason why so many Aussies prefer extended car loans is due to the low monthly payments. If you have other monthly repayments, for your mortgage or other personal loans, this could mean that you cannot cope with a high monthly payment for your car loan; this could significantly minimise your financial possibilities.

At the end of the day, you should pick the option that works best for your situation, even though this could mean extended loan terms. Failing to cope with your payments is the worst case scenario, and it can happen if you aren’t realistic regarding your budget and needs.

At the same time, it is critical to pick a vehicle that meets your budget. And this doesn’t refer exclusively to the upfront cost of the car – but to its upkeep costs as well, since these add up over the course of time, as well.

While some experts believe that extended car loans should be avoided at all costs, as long as you are aware of both the pros and cons, you’ll know what to expect.

Extended Loans – Cons

Now we’d like to move on to presenting the main cons to extended car loans. As a rule of thumb, the prolonged lifespan of the loan translates into higher interest rates. This is the main disadvantage. Unfortunately, if you were to assess how much money you have spent, you may be shocked.

Evidently, this applies to all sorts of financing whose loan terms are extended. This is why most people prefer higher repayments and shorter loan terms. That’s because, if you go the other way, you’ll end up paying much more than the car’s worth. And you’ll be paying much more in interest and additional costs.

It goes without saying that no one enjoys the thought of paying more than they should. Therefore, perhaps it would be a good idea to consider getting a more affordable car so that you can deal with the repayments.

Taking It All in

When you’re looking for car loans, it’s important to assess a few critical things. For one thing: do you really need a car? For most of us, a car is a necessary acquisition. Do you need a new car? or can you work with a used car? Ultimately, this might suit your financial situation best.

Additionally, you should do your research and look for the most convenient interest rates and loan terms. The offers provided by the lenders can vary a lot. At the end of the day, make sure you factor in the consequences and implications of applying for an extended car loan. In other words, taking out a new form of financing shouldn’t make coping with your debt unmanageable.

If anything, perhaps it would be a better idea to wait until your financial prospects improve and you’re likely to benefit from more favourable loan terms. Of course, this is a possibility only if you can postpone the purchase of the car.

When in doubt, you can always contact Australian Lending Centre – our team of specialists is eager to help you out and get back on track. We provide car loans, refinancing options, and, most importantly, we are willing to customise our offers to your needs.

Tags Car finance, car loans, extension, finance, lease, leasing

Personal Loans

What To Do When You Can’t Make a Personal Loan Payment

Post author By Christopher Riotto
Post date 16 December 2018

cant meet a personal loan payment

When you have large outstanding debt, this could make it challenging for you to make timely repayments. And when you miss a payment, it is just a matter of time until you miss another one, and you enter a vicious cycle. Learn what to do when you can’t make a personal loan payment.

What can you do when you can’t make a personal loan payment?

Talk to Your Lender

For starters, you should consider discussing with your loan provider – whether it is a bank or a credit union, this should be the first thing on your list. Believe it or not, it is not that uncommon for people to struggle with making repayments. This can happen due to numerous reasons: it might be because of a large outstanding debt, or due to an unexpected life event, such as an illness, divorce, or natural catastrophe.

So, you should approach your lender and be utterly upfront regarding your situation. Truth be told, being transparent is critical. You shouldn’t feel ashamed to tell your lender that you’re struggling financially.

Negotiate for a Lower Interest Rate

Moving on, when you approach your lender, you should aim at negotiating for a lower interest rate. This could be really beneficial in aiding you to budget your finances more efficiently. You should assess the repayment amount you could cope with – perhaps the lender would be willing to make the arrangements to fit your individual needs.

Outline the fact that you wish to honour your outstanding debt, and the only way in which you can do that is if the monthly repayment were to be reduced. You might be required to write a letter of financial hardship, which should minutely present the reasons that caused your financial hardship. This letter should include the facts – such as job loss, divorce, illness, or other factors that determined your inability to make payments.

Nonetheless, try to keep the letter as to the point as possible. You should be upfront, yet not overly emotional, since this doesn’t portray you in the right light.

Consider Refinancing

In the case in which your current lender isn’t open to lower your interest rate, or to make the repayment plan more flexible so that it meets your needs, don’t give up. Another option might be collaborating with other providers of personal loans. This applies especially if you’re paying way too much in interest costs. This could be the case especially if you got the personal loan a while ago when loan terms were far from being convenient.

Refinancing is definitely worth considering, in this respect. Apply for a loan that would give you the funds to cover for the remaining amount on your personal loans. As soon as your application is accepted, you can use that money to pay for your existing debt.

Bear in mind..

Refinancing still means that you have the same amount of debt. The only difference is that you could save money in interest rate costs. At the same time, you could benefit from loan terms that are more suitable to your existing financial situation.

The key to knowing, for sure, that you’re actually getting a better deal is to research. Always compare various personal loans provided by distinct lenders. Australian Lending Centre can help in this respect, as well – make sure you check our website to find out more about our comprehensive offer of personal loans.

So, should you consider refinancing or not? The suitability of refinancing truly depends on your given circumstances. Ideally, you should assess how much your current personal loans are costing you, and compare that to the sum of money you’d pay for a new loan. Still, don’t forget to include one-time fees and other penalties that may apply in some scenarios. As a rule of thumb, don’t overlook reading the fine print of the loan terms, to know what you’re agreeing to.

Consider Credit Counselling

If you can’t make a personal loan payment, then it is likely that you also cannot afford to get help in the form of another loan. Perhaps getting credit counselling might guide you in the right direction.

Having an outside perspective can change everything. Counsellors are used to helping people that cope with the most difficult financial problems. Make sure you pick a counsellor that is truly reputable and willing to help – as opposed to someone that is trying to sell you something or to convince you to get another loan.

To conclude, it’s critical to comprehend your financial situation and avoid getting additional debt, if it’s possible. The key to making smart financial decisions is being aware how much money you make, and how much money you spend, and what you can do to change things for the better. Change doesn’t happen overnight, but, with a little bit of perseverance and ambition, anything is possible.

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Personal Loans

How Interest Works on Personal Loans

Post author By Diane Challis
Post date 9 December 2018

In the past, most people would stay away from personal loans. Nonetheless, this has changed considering that you might get more convenient terms on a personal loan than on a credit card. In some cases, it might even help you enhance your credit score. That’s because personal loans are fixed-rate loans, whilst a credit card is conveyed as a revolving line of credit. Thereupon, from a credit score viewpoint, getting a personal loan might be more convenient. Nevertheless, it goes without saying that personal loans aren’t made equal. Each offer has a specific interest rate and fees attached to it. That’s why it is mandatory for borrowers to comprehend their features before shopping for one. We explain further below how interest works on personal loans.

Types of Personal Loans

When you’re shopping for personal loans, one of your priorities should be to assess the interest rate. Evidently, the interest rate might be convenient or the other way around. This will usually be dictated by a number of factors.

Secured Loans

First and foremost, you may choose between secured and unsecured personal loans. Now, if you wish to purchase a car or a large asset, a secured personal loan might work better for you. That’s because you may add the asset as security for the loan. In the event in which you default on the loan, then, the lender is entitled to repossess the collateral in order to sell it and use the money to recover the unpaid debt.

In this case, you might ask why someone would choose a secured loan over an unsecured loan. For one thing, secured loans are less risky for lenders. This safety net allows lenders to provide a better deal in the form of lower interest rates.

Unsecured Loans

On the flip side, if you are in need of some extra cash for an upcoming holiday, renovation, or debt consolidation, an unsecured personal loan might be a preferable choice. This type of financing doesn’t require collateral – making unsecured loans more flexible than a secured personal loan. The risk to the lender is significant and higher interest rates reflect this.

Types of Interest Rates

There are two types of interest rates – namely variable and fixed.

Variable Interest Rate Personal Loans

Variable-rate personal loans feature a rate that is likely to change during the lifespan of the loan. As a result, the amount of money you must repay on a monthly basis will fluctuate depending on the interest rate. This could be inconvenient for some borrowers, especially those that budget their finances in advance.

In plain English, if your interest rate diminishes, the monthly payment will be reduced. In the meantime, if the interest rate increases, this will increase the monthly payment as well. As a rule of thumb, variable interest rate personal loans tend to be more flexible and advantageous, providing a range of benefits and features.

Fix Interest Rate Personal Loans

Fixed-rate interest loans charge the same amount of money for the duration of the personal loan, so you don’t have to worry about interest rate fluctuations. The disadvantage to this that if the average market interest rate were to drop, there would be no benefit to you.

How Is the Interest Rate Calculated?

The type of loan you pick, as well as the type of interest rate, will influence the amount of money you end up paying over the course of time. Still, aside from that, we’d like to briefly explain the elements that matter most when the interest rate is calculated.

How Your Credit Score Affects Interest

To start with, your credit score is the factor that matters most in the equation. Still, the exact rate you’re likely to get will depend on the lender. For one thing, how much you borrow and how often are factors that are widely considered by lenders. At the same time, your overall creditworthiness and reliability as a borrower are just as critical.

At the same time, if you decide to place collateral, you’re likely to benefit from a more convenient offer. Of course, the duration of the loan matters just as well. A loan with extensive repayment terms includes a higher risk of default; therefore, the amount of interest rate you’ll end up paying will be higher than in the case of a loan with shorter terms.

In summary

Bear in mind that the way in which lenders make a profit is by charging interest rates. On the other side, consumers want to get the best bang for their buck, and this makes sense – for both sides. A common-sense approach would be to do your part and research. After determining what lenders expect of you, try to enhance your credit rating and consider placing collateral if that can help you to get more beneficial loan terms. Get in touch with us for excellent loan offers for every budget!

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Personal Loans Car Finance

How to Get A Classic Car Loan on a Budget

Post author By Christopher Riotto
Post date 25 November 2018

Collecting classic cars is one of the costliest hobbies around and it is a little trick to get a classical car loan. The price tag on such a baby is sure to cause a panic attack in many people. People found ways of getting a classic car loan despite having a normal budget that in certain circumstances would destroy their dreams of being at the wheel of a vintage beast. If you’re aiming at getting a classic loan but your budget is nothing out of the ordinary, you might find this guide very handy. Let’s take a look at the steps you have to take in order to get classic car loans on a tight budget.

Classic car loan Guidelines

Consider private lenders

Credit unions and banks are not a good source of car loans, especially when you juggle with a couple of loans already. And even if they offer you the car loan you require, it will probably have a huge interest rate and it will be secured on your house. Private lenders, on the other hand, have a wide variety of car loans that come with affordable interest rates. What’s more, many of them are willing to tailor repayment plans for their clients.

You can find a private lender pretty easily. Just surf the Internet for a while and you’ll definitely find one. Stay away from lenders who ask for deposits or any other sort of down payment.

Hire a broker for your classic car loan

One that specialises in car financing, to be more precise; if you can’t seem to find a good deal, no matter how hard you try, such a broker can do some research and get back to you with one.

Moreover, a car broker can easily save you some funding, as well as the hassle of doing all the research on your own. Brokers collaborate with a lot of lenders. Sometimes you don’t even have to pay the broker because he works on a commission. In other words, if he gets you the dream-deal, he’ll get a certain sum of money from the lender he hooked you up with. This is how you save money by hiring a car financing broker.

Leasing

Tons of classic car enthusiasts choose to lease vehicles and then purchase them. This works perfectly for those people who can’t afford to buy a classic car with a down payment or can’t find a lender that’s willing to hand them some dough. After leasing, you can purchase that vehicle outright and you’ll know for sure how efficient the car is and whether or not it’s as worth it as you thought it would be initially. This is the best alternative to car loans you have (and the safest, to be completely honest with you).

A HELOC

A Home Equity Line of Credit could actually provide you with enough funds to purchase the classic car you’ve been dreaming about for so long. Of course, you have to own quite a large, modern house that has a lot of equity in it. As you might know, a HELOC is a loan that’s secured on your house, which serves as collateral. If you fail to repay the loan, the lender can place a lien on it and sell it. The HELOC, therefore, should be your last resort. The Home Equity Line of Credit usually serves other purposes, but it’s totally possible to get a car with the money that comes from it.

Secured or unsecured

You’ll have to determine if you want an unsecured loan or a secured one. Under a secured one, you’ll get more money and lower interest rates. Under unsecured car loans, you’ll get a more limited amount of money and higher interest rates. But then again, an unsecured loan doesn’t pose a threat to your assets. If you fail to repay it, the worst thing the lender can do is to sue you. Keep in mind that he can get the right to place a lien on your assets even in this circumstance.

Extra caution is therefore advised. You certainly don’t want to be living in a Cadillac, as cosy as it might be. Think twice or even thrice about this issue and make a decision you won’t live to regret after a while.

Concluding Remarks

Classic car loans are a great way of finding the car you want to get but can’t afford to purchase outright. Australian Lending Centre can provide some really valuable advice when it comes to taking advantageous car loans, as well as the financial products themselves. Make an enquiry on the website and you’ll most definitely find a car loan that suits all your needs and comes with an affordable interest rate and a good repayment plan. We hope you’ll get to be at the wheel of that shiny, vintage car you’ve been dreaming about for years on end.

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How To Get A Large Bad Credit Loan

Post author By Diane Challis
Post date 21 October 2018

It’s no longer impossible to secure a huge amount of bad credit. Despite the fact that lenders view people with bad credit as high-risk borrowers, specialised lenders will agree to the deal as long as you submit the right application. In fact, not all lenders look at the credit score at its face value. Some lenders may actually refuse someone with a high credit rating due to failure of meeting other lending requirements. Find out how to get a bad credit loan below.

It is a new niche market

Lending has changed since the big bank tightened their rules around lending. A bad credit lending institution will grant some loans despite a low credit score as long as the loan applicants are willing to improve their scores. If you are unable to secure affordable loans from mainstream lenders, you may still be able to access funds from a specialised lender if you meet their criteria.

Bad credit loans backed up by collateral will increase your chances of getting a larger loan

The presence of collateral reduces the risk for the lender; should you default on the loan the lender will be able to use the collateral as reimbursement.

The key is to offer collateral that matches the value of the amount you would like to borrow

There’s a huge difference in offering $2000 worth of collateral for a $30,000 bad credit loan. The value of the attached asset must be equivalent or higher than the loan it secures.

Income outweighs a poor credit score

While it is not easy to get approval for unsecured loans, lenders will look favorably on applications with proof of substantial income as it validates your financial capacity to repay the loan. Mainstream lenders usually require tax returns, payslips, account records and other forms of documentation to verify proof of income.

What if I can’t prove my income?

Specialised lenders like Australian Lending Centre use other means to verifying your credit rating and capacity to repay the loan. This means you can still obtain a loan despite the absence of some documents required by traditional lenders.

Cosigners assure lenders that no matter what happens, the monthly repayments will be made

If you cannot offer collateral equivalent to the value of your loan, you can look for a cosigner who will then be considered as your security option. Consigners guarantee lenders they will receive the loan repayments on time. If you were to default on your loan your cosigner will fulfill your debt obligation on your behalf.

But, there’s a catch – your cosigners must have excellent credit history. They must prove that their income is substantial enough to cover your repayments if you fail to do so.

Online lending has a bad reputation of making people with bad credit vulnerable to fraud. How do I make sure that a bad credit loan is suitable for someone like me who is struggling with debt?

Online lending is a convenient financing platform. A lot of people can easily apply for finance by simply completing an online form that only takes a few minutes to finish. However, it is your responsibility to differentiate a genuine company from a fraud.

First, look into the company profile

A lending firm that does not reveal its address nor gives away company information is a huge red flag. Be careful who you supply information to. Legitimate lenders will ensure the privacy of your personal details by using tight security measures whilst fraudulent firms will most likely use those details for illicit actions.

Second, check the comparison rates.

Don’t just focus on the interest rate. Australian companies must always list a comparison rate next to their advertised interest rate. The comparison rate is the true cost of the loan, it factors in the interest rate, fees and other charges that may be associated with the loan.

Third, study your financing options

If your situation is not desperate it is always better to consider your options and take your time when making decisions. Choose the loan that secures your debts and builds your credit at the same time. Additionally, be sure to borrow only through a stable financing company with a good reputation.

Look for a reliable and reputable lender that offers practical solutions to your financing needs. Make sure you only sign with a lender that gives you an affordable interest rate despite your low income and/or sub-par credit score. Remember that bad credit loans can help you build a strong financial profile, which will ultimately qualify you for a better future.

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Reasons to Pay Arrears with a Personal Loan

Post author By Diane Challis
Post date 7 October 2018
No Comments on Reasons to Pay Arrears with a Personal Loan

Understand the main reasons why you should pay your arrears even if it means getting a personal loan to do it. We will also discuss a few tips on how to use your loans wisely to avoid getting into debt all over again.

There can be some confusion as to the differences between arrears and defaults. In simple terms, when fail to pay your mortgage, you call the unpaid balance, ‘arrears’. It’s ‘default’ when you missed payments on other types of credit—such as credit card or personal loans. Here are some of the most practical reasons why you should immediately settle your arrears—using a personal loan:

Save money on your growth asset

When you pay your arrears you are protecting your home equity. Instead of losing your home, why don’t you just pay your dues and enjoy the benefits of having a home which could increase in value overtime. Plus, you can also use a portion of you loan to make some improvements to increase your home’s fair market value. This is particularly advantageous for those who have obtained their first or second mortgage at a lower interest than the prevailing rates.

It protects your borrowing power

When you take out a loan, it has to be repaid at all cost. You will have to pay a fixed rate or variable interest rate on the loan. Since you put your home as a security to the loan, you have to give it up when you do not have enough money to pay your dues. When that happens, your borrowing power would diminish.

It is too difficult to obtain a mortgage when your home has been foreclosed because of unpaid monthly repayments.

Your home is one of the biggest financial resources. By building your home equity, you can also build up your wealth. You can take a home equity loan and use the proceeds to start a home small business. In addition, many businesses also start from home. You can take advantage of the fact that you don’t have to rent a business space nor commute. It offers flexibility and the perks of growing your business around your family.

You can build income overtime

By building your equity, you are producing wealth while literally living inside your investment.

When your neighbours of friends who are working from home think that their business outgrows their working space at home, you can offer a portion of your house as an incubator space or a co-working hub. Not only will you increase your home’s value, but you will also boost your income while helping other people establish their businesses.

Here are tips when using a personal loan to pay arrears:

Determine the exact amount of money you need

It’s not how much money you want, but how much do you need that really matters. Some borrowers waste money on unnecessary things because they fail to determine how much they really need in the first place. Take the time to pin down your intended loan amount, as accurately as you van before you fill out the application form. But, don’t forget to allow for contingencies, as emergencies may happen. While you should not borrow too much, it must also be enough to cover not only the arrears but other things that could put you in a much better financial position. Borrowing an exact amount may put you in financial trouble especially if you don’t have a backup plan on how to repay the loan when your income decreases or when emergencies arise.

Ask yourself how you will use the borrowed money

Though lenders offering personal loans will not ask you where the money is going, you must specifically know what it will be spent on to avoid wasting it. Simply saying, “to pay arrears” does not give you a specific guide on how to spend it wisely. List all accounts where you have arrears and if possible, include unpaid credit card balances and other debts that charge high interests. It is also important to put aside a certain amount for your emergency fund so you have enough money to cover contingencies when they arrive—and you won’t have to go back to your lender to borrow money again.

When will you pay the loan back?

You will need to decide how to pay the loan back and how will you pay it. Do you have a conservative cash flow projection? Do you have the capacity to pay back the loan, based on your current income or business standing? Will lenders approve your loan even if you don’t have adequate collateral to pledge? Make sure that you make the right decisions when getting another loan. It can save your assets for now by paying your Home Loan Arrears, but you can still lose them if you don’t establish your finances as soon as possible.

Tags arrears, home loan arrears, Non bank lender, unsecured business debt consolidation

Personal Loans

Criteria for Incurring a Personal loan

Post author By Diane Challis
Post date 29 July 2018

In order to achieve your debt management goal, it is important to consider the basic rules to adhere to when obtaining a personal loan.

Can I Pay for the Personal Loan with Cash?

When you incur a new debt one of the first things you need to keep in mind is the fact that you eventually need to repay it. Consider your income and the amount of money you need to cover your monthly expenses. Check if there is any additional monthly debt. If there is none, it may be useful to look for another loan alternatives-such as a home equity loan, or debt consolidation loan. These options can help you accelerate the reduction of your inefficient debts, reduce your total interest payments and at the same time, give you enough money to boost your income.

For example, home equity loans can increase the equity you have in your home. If you intend to borrow later for investment purposes, you can use the equity to secure your loan. Debt consolidation loans can also reduce the overall debts plus interest and fees. If you roll all your credit card debts, personal loans and other existing debts into one, you will have more control over your financial obligations. You can also save money on the process, and you can enjoy the convenience of paying only one lender each month, instead of multiple lenders at various payment dates.

Should I Recycle my Debt?

Debt recycling is replacing inefficient debt with a debt that can efficiently boost your income and reduce overall debts. Unlike debt consolidation, it is focused more on wealth accumulation than debt repayment. Take a careful analysis of your financial situation. Do you want to accumulate wealth over the long-term by using surplus cashflow to lower your inefficient debts? If so, it may be time to replace your debts with efficient debt such as an investment loan or business loan.

You can put your money in your investment portfolio and take advantage of its tax-deductible interests. While personal loans are not tax-deductible, the interest expenses on business loans have tax benefits. But, be careful when managing your money. It is true that you can use the money to create wealth by engaging into business, adding capital to an existing endeavour or putting money into investment funds—but you must be prepared for the risks. Eventually, you need to repay the loan and if you fail to do so, you may have to pay higher interests in the process.

Is it economical?

While a personal loan can play an important role in helping you meet your short-term and long-term needs, it must be managed and structured effectively to minimize the overall cost of the loan. For example, you may have to pay a higher interest for a personal loan payable within a year, than one payable within 3 months. Compare interests with other lenders, offering similar loan products and check which one can give you the best rates. Include the overall cost of the loan, not just the APR in calculating its cost.

Ask about the possibility of increasing the size of regular loan repayments on a regular basis. This will reduce the interest charged and the principal on the loan. But, you may have to pay for the early repayment penalty. so, it is important to inquire about this matter before you sign up for the loan.

Understand the cost of debt

The lowest interest you will pay on a loan is probably 30% considering the time it takes you to pay the loan especially when you have bad credit and unstable cash flow. Even home loans are not cheaper either, more so considering the other charges associated with the loan. Worst, when you default on payment and interests accumulate overtime. It is also clear that the more you miss payments, the longer the time it takes you to repay the loan and the more the interest and other fees you pay.

It is therefore in your best interest to look for a personal loan that offers the lowest possible minimum repayment rate and charges for you. But, if you have a bad credit situation and you cannot submit financial documents like income tax return and payslip that banks and mainstream lenders require, you may have to turn to ‘cheap to service loans’ that are usually the most expensive.

It is important to look for a specialised non-bank lender such as Australian Lending Centre that provides low-cost loans to people who are usually turned down by banks due to poor credit and absence of documentary requirements. Resorting to cheap service loans is not worth it, considering the financial cost of credit you can incur in the long run.

Tags consolidate debt, Debt, low interest rate, personal loan criteria

Personal Loans Financial Fitness Financial Planning

Prepare for Retirement with A Private Loan

Post author By Diane Challis
Post date 15 July 2018

As you near the retirement age, it is important to collate the amount that you need upon retirement and a retirement loan may help to put it into various investment instruments to grow your money. Retirement planning has two phases, pre-retirement which can be described as the pre-accumulation of wealth, and post-retirement which is the distribution of your accumulated financial assets. The accumulated amount must be sufficient to meet your needs and wishes.

Here’s how retirement loan can help you avoid running into retirement trouble.

Debt-free but with zero savings

If you’re in your 40’s, with no debts, mortgage, and no dependents to support but you have no investments nor savings, you can take out loans for bad credit to invest for your retirement.
It is a solid way to grow your funds through specific investment options, one of which your retirement fund.

Here are some of the practical investment strategies with low-risks:

Set aside a 6-month emergency money into an accessible emergency fund.
Asset allocation and index funds. The best way to lower the risk is to balance your portfolio by dividing it into three. For example, you put 33% into Bonds, 33% into an International Stock and 34% for government Stocks. If you have $100,000 that would mean $33,000 should be in bonds, $33,000 into International Stock (include emerging real test reinvestments) and $34,000 into government Stocks.
Put money into a retirement fund. You don’t have pay into the system because the government’s general revenues pay for it. But, it is still advisable to get your own retirement fund if you want a comfortable retirement. Even if you are employed and covered with the mandatory savings account financed by your employer which you can choose to invest in various investment vehicles, retirement funds can give you extra income when you exit the workforce.

With debts and minimum savings

Payback the debts with debt consolidation retirement loan

Making payments to your credit card providers and lenders can be stress-free if you consolidate your loans. It will also save you some money which you can use for your needs, or probably to re-invest into a business (if you have one). Debts become manageable only when you have ample revenue flowing into your account at least on a monthly basis. So, if you are employed or if you run a business, it is important to lower your debt by making payments more manageable while you still have a steady stream of income. This way, you can avoid bankruptcy which can be very detrimental to your credit score.

Take advantage of tax deductions

You can save money by applying for private retirement loans, especially if you are going to use it for business purposes. You are allowed to deduct the principal and the interest payments on your business loans as business expenses. It could mean lower business income taxes and higher income for you.

Invest your money in variable or fixed costs

While you may not easily see returns on investments when you spend your retirement loan on fixed costs such as office equipment or furniture, it is up to you to make full use of these items to compensate for the lack of direct cash returns.

Remember

If you are using the money for variable costs, such as for the purchase of inventory materials to sell, you can expect an immediate cash inflow as a result. You can use the money to grow your business and set aside a spare amount for your future needs.

No one is too young or too old to prepare for retirement. it is just a matter of perspective—if you want to create a solid investment strategy based on your personality, needs and goals, then you must be willing to take the risk that your goals require., You may not be able to beat the market, nor shield your finances from inflation all the time. But, you can avoid unnecessary stress by protecting your savings, maintaining a disciplined approach to budgeting and refusing to ride the roller coaster shopping, vacations and investment trends that may damage your wallet.

Start amassing a nest egg while paying debts by choosing a private non-bank lender that can help you with personal loans and unsecured business debt consolidation, and put more money into your retirement savings to carry you through 30 years or more of your life.

Tags retirement, retirement loan, retirement planning

Personal Loans

Practical Financial Resolutions for People with Personal Loans

Post author By Diane Challis
Post date 1 July 2018

Financial resolutions must be made as we approach mid-2018, it’s an opportune time to make sensible and creative financial resolutions that will help you realize your five-to-twenty-year goals faster. One might think that making a complete overhaul is needed—but to be honest, simple adjustments like budgeting personal loans can propel you closer to your dreams.

Here are some of the most practical financial resolutions you might want to consider:

#1: Create a SMART Budget

No one can underestimate the power of good budgeting – which means spending within your means – with allowance for future gains. If you are planning to apply for personal loans, use it wisely.

Write down specific expenditures, from food to retirement savings per month. Make it measurable by appropriating certain amount – with a few allowances for inflation and other extra expenses. And, don’t forget that an attainable budget is the key to financial success. Don’t develop a budget that you cannot accurately follow. If it’s too hard to limit your expenses within a specific range — how can you keep it?

For example, if you’re earning $3000 a month and you allotted 80% to your expenses, why not set aside $1000 instead of $600 for your savings account? If you’re able to follow that budget, then you can increase it gradually, until you reach the amount that you intend to save.

Another tip to get your finances in order quickly is to avoid “overspending” in the real sense of the word. So, make sure you have a good idea of what is the realistic cost for a certain activity or item. Will you spend 20% of your salary for a brunch with friends? Weigh it depending on the circumstances, and you’ll do just fine.

On top of that, make your budget, time-bound. Once you have a clear picture of where you are going to put your money on a daily, weekly and monthly basis, you can make informed decisions about appropriating your income.

Here are some helpful tips to get you started on developing a smart budget:

Set achievable short-term goals, like putting more money on your emergency fund, paying utility bills and credit card debts ion time, and so on
Set long-term goals and work your way up to it one step at a time
Update your budget per month. Take note of the areas that you struggle with-and those that you easily followed. Consider those factors when planning your expenses for the next month
Use budgeting apps to track your spending. Or, you can simply write it down on your planner and refer to it every now and then.

#2: Decrease Debt load

If debt has weighed you down in the last few years-don’t let it happen again this year. This doesn’t mean that you won’t apply for personal loans anymore. It simply means, using your debts wisely-not only to pay for your needs, to lessen the overall debt loads and interests. So, if you have a $10,000 loan with aucasinosonline various interest rates and overdue fines, you can apply for debt consolidation loan to reduce the interests and increase your ability to pay them off on time. Prioritize debts with very high interests.

You can follow these tips when paying down your debts:

As your income increases, you debt should decrease. Thus, whenever you get additional income-like salary increase, tax refunds, extra payment or bonus, use the money to pay off your debts.
Determine which of your debts has the highest interest rate. If you cannot pay it in full, increase your payment each month—even if it means only a little over the minimum
Keep track of your monthly credit card balances and check which ones have the highest interest and fines. Pay them as soon as you can.

#3: Earn more money

Whether you want to build a full-time passive source of income, get an additional job or increase the ROI of your current business-no one can debate the fact that money makes money—even if it is borrowed. Build assets; invest in retirement plans and stocks to generate future income. You can also work on your skills and enroll in classes to increase your knowledge and productivity. Many existing businesses use the proceeds of their loans to buy productivity improvement software and equipment or to conduct skills enhancement trainings for their employees to improve the quality and quantity of their products.

EOFY’s Financial Resolutions must not be taken lightly. If it motivates you to get your personal finance in order—pursue them. Don’t let your bad credit discourage you—in fact, a well-budgeted personal loan can help you start the year right. Just be careful in choosing a loan product—it must meet be within your borrowing capacity a d it has no hidden charges that could take a huge chunk out of your payroll.

Personal Loans Interest Rates

Why Patients in Debt Turn To Low Interest Rates When Applying for Loans

Post author By Diane Challis
Post date 10 June 2018

It’s definitely costly to be sick nowadays and patients in debt are particularly vulnerable. Despite the government’s efforts in promoting healthy workers, healthy eating and active living, illnesses still arise and more often than not people aren’t financially ready for it. No wonder many patients look for low interest rates loans when in need for financial security.

The No-Work-No-Pay Policy Scares A Lot Of People

Would you rather go to work than call in sick and risk losing your job in the process? Many people drag themselves into work while they are sick simply because they cannot afford to call in sick. If you are a casual or on a contract without sick pay benefits, you might be forced to report for work despite your doctor’s advice.

It’s not uncommon to hear stories of people suffering from injuries or illnesses to work through their discomforts so that they can still receive their wage. Some people don’t even bother applying for sick leave if they know their company is restructuring or cutting down on costs and firing employees.

Some people take a few days off but immediately return to work after using up their statutory sick pay, even though their doctors’ may advise them to take a longer break. This can actually harm your future health and mean you need to take more time off down the track.

Although the Australian law requires employers to give their employees’ sick leave benefits it is worth noting that the number of days covered may not be enough for a person to fully recover. That’s why some employees’ will come back to work earlier so that they can keep their job and receive their wages in full.

Many Self-Employed People Have No Comprehensive Medical Insurance

While Medicare, gives you access to free hospital treatment and subsidises your out-of-hospital medical treatment, you may still have to shoulder some out-of-pocket expenses if you need elective surgery. Some people still take out private health insurance products from top companies like Medibank, Australian Unity, HCF and the HBF. The most common health insurance coverage includes the following: Lifetime Health Cover, Medicare Levy Surcharge, and Private Health Insurance Rebate. But, there are times that the insurance coverage is not enough to foot the bill.

There are many things you need to pay for, and being sick doesn’t help at all. Patients in debt can save money by doing the following:

Groceries

Food takes up most of our money, with it being one of our basic necessities; we can’t really go without it, and so minimising the costs used for them might be the best option. If you’re used to eating out you should start cooking homemade food, not only is this cheaper, but it’s also healthier.

When buying groceries, you should make sure that they will last you an entire week without having to go back to the market again. Remember, this should turn out cheaper than eating out every day, so buy only the ingredients that you’ll need. If possible, look for discounts, or you could even look for some vouchers and/or coupons that might be lying around your home.

Transportation

Going to and from work can be such a hassle. Having your own vehicle might be more beneficial on your part because you can budget the money you use on fuel. However, as with everything in life there are other expenses attached to owning your own car; this is where public transport has the upper hand.

The key to budgeting your transportation expenses is to average your monthly expenses and then create a budget based off that figure.

Bottom Line For Patients in Debt

You need to pay your debts each month, and unless you find personal loans with low interests for patience in debt, it is difficult to keep up with your payments.

Bills might come knocking at your door on the 15^th or the end of the month, so you should make sure that you have money set aside for them. Everyone has debts they have to pay. Do everything possible to pay on time and you’ll eliminate them in the near future. Australian Lending Centre offers loans with low interest rates that you can fall back on at troubled times. If you’re interested in applying for an affordable loan, make an enquiry today!

Tags better interest rates, emergency funds, illness, injury, interest rates, low interest rate, lower interest rate, medical loans, self employed loan, short term loans, short term loans australia, sick pay, unemployment loan

Personal Loans Business Loans Financial Planning Short Term Loans

Top Methods of Getting Personal Loans from Private Lenders

Post author By Diane Challis
Post date 6 May 2018

Every individual or family may need personal loans from time to time. It may be for various reasons: the car broke down, the house needs some renovations, or their daughter is planning to get married in Spring. Regardless of the reason, money is needed as fast as possible.

The problem is that options such as credit card debt or bank loans aren’t always available. Once more, reasons may vary. It may be because you built up too much bad credit or you have no collateral to attach to the loan.

In these cases, a personal loan from a private lender may look like a very good option. They are fast, easy to access, and may overall improve your financial situation. And this article will tell you the top methods of getting a personal loan from a private lender.

#1: Figure Out If a Private Personal Loan is Your Best Option

Before going for personal loans, you need to learn the difference between public lenders and private ones. For one, private lenders aren’t banks, credit unions or financial institutions. They are simply individuals (or companies) with no attachments to a certain institution that lends money to other people. Those who receive a loan from a private lender usually have a certain relationship based on trust.

A personal loan taken from a private lender is different from other types of private loans, in the sense that you don’t need to specify why you need a loan. On the other hand, public lenders will categorise the loan based on your needs: student loans, car loans, mortgage loans, etc.

Keep in mind that personal loans are very different from payday loans. A payday loan will have to be paid very fast – usually within the first two weeks – and they carry a very high interest rate. A private personal loan will have a longer time frame and a lower interest rate – but will still be higher than the one offered by a bank.

There are also risks to personal loans from private lenders, such as shorter payback periods or costly fees. Most will require collateral to secure the loan. If by any chance, you find yourself unable to pay the loan, the lender will be entitled to sell that property to get his money back.

#2: Consider the Alternatives

The most important part of getting a personal loan from a private lender is knowing that there are other options aside from them. If the return of your purchase makes your loan worthwhile, then getting personal loans from a private lender might not be such a bad idea.

Still, before going for a personal loan, you may want to check whether you can use cash to fund that purchase or not (or at least some of it). This may reduce the costs in interest, resulting in a much smaller loan.

You may also want to evaluate all your alternatives. Consider opening a line of credit, or getting a public student loan. If the interest rate is more beneficial for you, there’s no reason for you to take out personal loans. Only do so once you’ve burned out all the other options and know for sure this is your best opportunity.

#3: Access Your Options for Personal Loans

When opting for personal loans from a private lender, you need to do your research on the options that they provide. You may want to focus on lenders that are accredited or have been approved by the government.

You can go for individual lenders or companies. Browse through your options, and see which one is a better way to start. After learning of all the options, you may settle on the one you believe is more convenient for you.

You should also try contacting your family, friends, or business acquaintances. They may be able to offer you a personal loan quickly, with a smaller interest rate. Still, you may want to make sure that there is also a written agreement next to your verbal one. And you should keep in mind that failure to repay this loan can result in damaging your relationship with your lender.

Once you have explored all of your options, collect all the documentation that you need. You need to appear as creditworthy as you can. Show your income sources, your savings, or any physical assets that you use to secure your debt.

Final Thoughts

Personal loans from private lenders can be tricky to deal with – but they are also convenient if bank loans are not an option for you. All you need to do is research your options and come up with a convenient provider. Contact us for a free assessment that has no effect on your credit file and get one step closer to a suitable personal loan.

Tags obtain huge private funding, personal finance, personal loan, personal loan bad credit, personal loans, personal loans for people with bad credit, personal loans with bad credit, Private funding, private lenders, Private Loans

Personal Loans

Practical Money Saving Tips

Post author By Diane Challis
Post date 11 March 2018

If despite having a good budget, you are still spending more than you should, then it’s high time you must follow these practical money saving tips.

There are three steps involved in saving money

First, know how much you have

If you’re not a fan of a balance sheet, you can start doing this simple work today. Create a list of your assets and liabilities to know where you are financially. You might be earning a few thousand dollars, but your debt is over the edge. Or, you don’t have a decent income but you have zero debts. The exact amount of your asset versus your liability will help you identify serious problems with your finances and the areas that you can change.
One of the most practical money saving tips is to get a free copy of your credit report from a major credit bureau. It is a summary of your current and past financial obligations. You can also check the additional fees and penalties, and the accounts which should not be there anymore. By looking at your credit report, you will understand which debts are pulling your credit score down and which ones must be paid off as soon as possible. You can dispute negative entries which are inaccurate directly with the reporting agencies or your credit provider.
Collect all your bills and receipts. categorize them according to use—if they’re for home expenses, transportation, work-related, school,-related and so on, put a label on each file. That way, it will be easy for you to check which bills have been paid and those which were not.

Second, pay off your current liabilities

It’s not easy to pay your debts especially if you have too much of them. IN fact, debt repayment is a long journey and a lot of people have given up and settled for high interests and poor credit rating because they lost the motivation to reach their financial goals. Here are ways to pay off debts when you have limited resources:

Organise your debt by balance, minimum payment, interest rate and due dates. Check the billing statements or ask your lender for details.
Use the “debt avalanche” method to save money on interests. It is the method that pays the debts with the highest interests first and the lowest interest rate, last. By paying off the debt with higher interest, you stop the interest from accruing on your accounts.

An Example

You have a credit card debt of $10,000 with an interest rate of 20%. Each month, while you pay off your debt, a certain portion of that payment will go toward the interest. If you pay off that debt first, you will be able to save $2000 in a year. You can consolidate your loan to pay your credit card debts or you can make extra payments each month to rip through the interest faster by making more payments toward the principal.

If you have limited income but you want to eliminate debts one by one, you can use the debt snowball method. Start paying the accounts with the lowest balance and work your way up to the ones with the highest balance. You may not save a lot of money in this process and it may not be the most practical approach, but it would motivate you to keep going, knowing that you are making progress. For example, you have an outstanding credit card debt of $10,000 at 20% APR, a $5000 short term loan and small consumer debts worth $500 from Store A, $300 from Store B and $150 from Store C, all at 5% interest. If you pay off your consumer debts amounting to $950, you will only save $47.50 in interest. But, it will be a good emotional experience that will motivate you to kick your hefty debts to the curb.

Third, find the money to save

Build your wealth on a daily basis. Here are simple acts of savings that could save you hundreds to thousands of dollars in a year:

Keep your loose change
Drink water instead of juice or soda
Bring your own homemade or instant coffee at work
Pack your own lunch and snacks at work
Remodel your clothes. You don’t have to be an expert tailor or dressmaker to do this. Scissors and a little bit of creativity can do the trick.
automate payments to avoid paying late fees on credit cards, utility bills and the like
Declutter your home and office. You might be surprised to find recyclable items there.
Choose thrift stores over high fashion boutiques. You can find designer clothes and good quality materials which were slightly used in there.
Use your time to earn money. You don’t have to be a full-time worker to do this. Small and odd jobs may do, as long as it will give you extra money to save. You can make money out of your passion or hobbies.
Avoid window shopping. It’s too tempting to resist.

Now you are aware of practical money saving tips, you will be able to take greater control of your finances. When you get started on saving, you will find it exciting and a little bit frustrating at the same time. There are times that you would be tempted to use your credit cards once again. So, if you’re finding it difficult to balance your debts and income—you can get a little help from a debt consolidation company to help you pay off all your debts and start all over again with only one debt to worry about. It will help you focus on saving and repayments, and hopefully on building your wealth as well.

Tags build savings, money saving, save, save money, saving, saving money, saving plans, savings, savings habit, ways to save money

News Financial Planning Personal Loans

Private Lenders: An Alternative Source of Financing

Post author By Diane Challis
Post date 6 February 2018

Whenever Aussies need a loan to finance a new car or house they go to the bank. Still, they seem to forget that there are also alternative sources of financing in the form of private lending. But what are private lenders and why should someone consider these alternative sources of financing when there are plenty of banks?

Sometimes, traditional banks don’t always approve your loan application due to many different reasons, so people have to look for alternative sources. With a private lender, maybe you will finally get that new car you have always wanted.

What Are Private Lenders?

They can be either an organisation or a private individual. Unlike traditional funding sources, like banks, private lenders don’t have traditional qualifying systems, meaning that getting access to a loan is much easier.

However, because of its “different” nature of funding, lenders come with higher risks for both the borrower and the lender.

What Are the Benefits?

To begin with, private lenders can easily approve your request for a loan. In other words, if you have bad credit or are self-employed or cannot provide proof of your income, a private lender may be more accessible when it comes to requirements. So, no matter your income and your credit score, a private lender will get you the loan you need.

Another reason for applying for private funding is due to the straightforward process they have. Unlike traditional lenders, the private ones will accept your request very fast. Not only that, but your loan could be available right after your application is approved. This can bring a lot of advantages if you are on a tight schedule.

Drawbacks of Using Private Lenders

It almost sounds too good to be true, but private lenders do come with a set of drawbacks that can make them inaccessible to some Aussies.

The first thing to know is that their rates are typically higher than those of traditional lenders. This is how they compensate for the increased risk and they will have high interest rates for those with bad credit.

Some lenders may feature high fees, from the start until the finish of the loan term. In any case, be sure that you know what you are paying for.

Another drawback is that some loans are offered for shorter terms in comparison to what traditional lenders offer. This happens especially when it comes to mortgages. When conventional mortgages have a twenty-five to thirty year terms, private lenders offer smaller mortgages that just fill the gap until securing more traditional finance.

The private mortgages can also be used to cover needs like the construction of a house. They can also cover for the period between purchasing a house and selling one. The term on these mortgages is one or two years, which means that you will have to move fast to pay the loan back.

Another thing you should know about private lenders and their services is that some of them do not offer the same features as traditional lenders do. In other words, some loans may lack features such as redraw facilities or offset accounts. So, if you were hoping for these types of features, you might have a problem.

How Can Private Lenders Help Me?

Private lenders can offer you a lot of options when it comes to loans. Here are a couple of them:

Caveat loans are fast-settling loans secured against a property. These loans are short, last sixty to ninety days and settle very quickly.
Bad credit loans are the ones you need if you have a low credit score. Be careful though; these loans come with high interest rates, so use the money wisely and make sure you pay back the loan fast.
Bridging loans can be offered by private lenders and can be used by the customer to build or purchase a new home before the sale of their old home. These loans have a term of twelve months, and they are paid back when the old property is sold, making them quite useful in the long run.
Second mortgages are also offered by private lenders. These loans are available for those who already have a mortgage on a property who are in need of extra funds for multiple reasons. Depending on the lender and the loan terms, these loans could have high interest rates and extra fees. With all these factors in mind, any client should think twice before applying for this kind of service. So be very careful if you do.

Conclusion

Private lenders are here to stay, whether you like it or not. They have a lot of advantages in comparison to traditional lending systems, but they also have some drawbacks. At Australian Lending Centre, we offer second mortgages at competitive rates and flexible repayment terms that can be catered to your specific needs. Contact us today for a free assessment via our enquiry form now!

Tags business finance, Caveat Loans, control finances, finance, finances, financial support, loan refinance, personal finance, Private funding, private lenders, Private Loans, refinance, refinance process

Personal Loans Short Term Loans

How to Find Creditors of Quick Loans Online

Post author By Diane Challis
Post date 28 January 2018

When finances are tight, sometimes the best way to get out of a pinch is to find quick loans online. The Internet is very convenient. You don’t have to stand in long, uncomfortable lines to apply, and everything is just a click of the mouse away. All you’ll have to make sure now is that you choose a loan that is convenient for your own budget.

Online loans can be quite expensive if you don’t know where to look. Since most of them are given on short notice, the interest rates can be fairly high. You need to do some pretty intensive research to find a company that won’t bury you even deeper into the cycle of debt.

Finding Quick Loans

As we mentioned, research is key. There are many online lenders willing to work their payment options around your budget. If you need some quick loans or just some advice, all you’ll have to do is contact them and ask the questions that are eating at you.

Keep in mind, that online (or payday) loans are usually the most expensive way to get your hands on some credit. Unless you can find a company that offers lower interest rates, you’ll be better off asking for an advance from your boss, or go the classic way: go to the credit union or the bank.

Pay attention to the cost of obtaining a quick loan. Along with the interest repayments, you will have to pay the initial charges to take out the cash, but also other fees that might be levied on you. You may want to use online loan calculators as they will tell you exactly how much you have to pay by the end of the month.

Before taking out quick loans, you should make sure that you can handle the payments. These loans are usually short term and taken out on an exact time span – a week, a month – whatever you decide. If you can’t manage to gather the cash by payday, you will incur additional charges for every day that has passed.

Furthermore, if you find yourself nearing payday, you may want to resist the temptation of getting another loan to pay it off. If anything, this may only bring you more trouble than it can manage to fix.

Considering the Alternatives

Before opting to find quick loans online, remember that these should only be your last resort. There are many alternatives out there – ones that won’t rip you of every cent in interest. Here are your options.

Borrow from friends or family

If you have some unexpected bills to pay and you are not sure that the bank will provide, the first thing you should do is ask your friends or family if they could lend you some cash. Sure, it may be awkward to take money from people that you know, but if the sum is not that big, you may be better off this way. Plus, you won’t have to pay them any interest. The most you’ll have to do is pay for their drinks the next time you all go out.

You may, however, want to make a written agreement for the payments. It will give them some peace of mind, and at the same time, it will give you a nudge to pay their money back on time, without going through the embarrassment of being late.

Go for a credit union

Online quick loans may seem like the fastest way to get your hands on some cash, but they may also bring a whole load of problems in the long run. It is very unlikely for banks to lend you money in small amounts, which is why a credit union may be a more convenient option. Plus, credit unions also have better interest rates than a payday lender.

Before going for a payday loan, go online and look for a local credit union. Contact them and ask for the costs, after which you may start weighing your options. Talk to your creditor

People usually go for quick loans when they are close to a deadline and have no money to cover that payment. However, before going for payday loans, you may want to talk to your creditor and see if you can reach an understanding. Ask them if you can get an extension for paying your bill.

It can be easy to find quick loans online. All you’ll have to do is go online and start looking for the companies that offer the lowest interest rates.

At the Australian Lending Centre, we offer personal loans that are quick and easy to obtain, that could be the right fit for you. Call us on 1300 138 188 for a free assessment or fill out our enquiry form now.

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