30 June 2008
It is undeniable that successfully applying for a loan with a bad credit history is very difficult. The Sub Prime phenomenon has heralded a new age of fear for Australian Banks, with their new policies aiming to tighten up on loan applicants.
Second Chance Loans – Banks Tighten Loan Apps
In the current climate of inflation and petrol prices soon to reach the $2.00/litre mark, people looking for a way to stay afloat, even if they have moved past their history of debts, find it close to impossible to secure a loan. The increased formal criteria of the banks to apply for a loan are rigorous, and require a long drawn out process which many can fail.
However there is a way out. As Managing Director of Australian Lending Centre Chris Riotto suggests, “Banks may be tightening up on loan criteria, but we believe everyone deserves a second chance.” At ALC, they offer a range of comprehensive services which cater to all individuals and their situations, including Credit Impaired Loans and Fresh Start Loans. For more information or to make an inquiry, give us a call on 1300 138 188.