Are you in need of debt consolidation? If so, then you might be surprised to find out how hard it can be to get a bank or non-bank institution to give you a loan to get your debt under control. The advertising and publicity around debt services has made the general public and some brokers believe that anyone can get a loan to get their debt under one loan and make it more manageable but that is not truly the case. Any lender is going to look at what kind of debt it is and how you have been conducting the repayments of that debt. Your credit report will play a large part in any discussion for a loan to repay debts.
Debt Consolidation – The Misconceptions
Advertising has many believing that it is possible to get any and all debts consolidated into a low interest monthly payment plan but the truth is that debt consolidation services are really only available to those who have a history of paying their debts consistently. Banks will only lend to those customers with a good credit report and will be unlikely to take on a customer with a poor credit rating and multiple unpaid loans. Non-bank lenders do have some looser guidelines but some will still turn away potential customers if the risk of default is too high.
If you want to have a chance to get a loan from a bank or even a non-bank lender to consolidate your debts then you will have to have made an effort to repay your loans over the last several months. This will give the lenders the indication that you are trying to handle your debts appropriately and that you are going to make the payments on any potential loan. Multiple payday loans and revolving credit card debt will have ruined your credit report but a lender might still consider making a loan to you if you have had the determination in making the most recent payments. Unfortunately, the publicity around debt consolidation services has misled many in the public to think that a lender will always be there to bail them out of their debt but that is simply not the case. Any debt consolidation lender will want to see some proof that you are trying to pay off your debts before they will make a new loan to you.
Debt Consolidation at Australian Lending Centre
Australian Lending Centre specialises in debt consolidation loans and has over 20 years of experience helping Australians consolidate their debts and getting them back on track financially. The friendly team of experts at the Australian Lending Centre offers their clients a committed financial relationship and seeks to help them go through the process every step of the way. For debt consolidation solutions, contact Australian Lending Centre today to get a free consultation on how to sort out your finances.