Frequently Asked Questions

At its core, debt is a sum of money that is owed to another party. While many view debt to be a bad thing, this is not always the case. Many people require debt in order to carry about their day to day life. An everyday example of this is a credit card. You use the banks money to make a purchase with your credit card and as a result owe the card provider the sum of the purchase. The benefit to the card provider is that there is often an additional charge for using this convenient service.

Debt management is about ensuring you adhere to the agreed terms of your loan and pay back the balance in the agreed instalments and time frame. This can also be referred to as servicing your debt. While it may sound simple enough this process can often become clouded when a person is in debt for more than one reason. If repayments are missed this can often result in fees and charges which can unfortunately put a person in a position where they are unable to pay back instalments.

Debt consolidation is about making the management of your debt simpler. It aims to bring all your debt together with one institution, rolling it into one payment, reducing the likelihood of default (missing the repayment). Debt consolidation is a way of simplifying your debt to ensure that your loan is working for you and not against you. Australian Lending Centre consultants are experts in debt consolidation. If you want to know more about our debt consolidation loans, for bad credit, business debt consolidation, credit card debt consolidation or a mix of personal loans, payday loans and credit card consolidation, we’ll be more than happy to chat with you to and you get your debts under control.

At the Australian Lending Centre our goal is to find solutions and improve your financial situation. We will always try to find the best option and repayment plan for you.

Debt consolidation can be an ideal option to reduce the interest and save you thousands. Refinancing your mortgage is another great alternative when you have credit card debts, using the equity you have built in your home.

When you consolidate debt, you take two or more loans, then combine them into a single loan (a ‘debt consolidation loan’). This can help you to save money by reducing the amount of interest you pay, lower the number of fees your pay, reduce repayment periods and improve personal cash-flow. Debt consolidation also makes your life a little easier by giving you one easy-to-manage repayment.

A debt consolidation loan can pay off your credit cards, personal loans and even your home loan, and provides you with greater financial freedom. Learn about your options for debt consolidation by enquiring online or calling us on 1300 138 188.

Credit card consolidation is simply taking out one loan (a debt consolidation loan) for the purpose of paying off two, or more credit card debts. It works by reducing your interest rate and fees, so you pay less over the term of the loan than you would have paying off the cards independently.

This is a common scenario – you are not alone. We understand sometimes life can throw tough times at us, and you may have had difficulty with making payments on time. Our consultants will look at your situation and discuss the best finance solutions available to you.

A bad credit history will usually mean that traditional lenders see you as a credit risk and therefore, it will be more difficult to obtain finance. However, the Australian Lending Centre can provide support to those seeking bad credit loans and find the most competitive interest rate with the best terms of repayment available. For more information on bad credit loans, visit our bad credit loans page or chat with us about your circumstances. We have a number of innovative ways to help bring your debts into line.

Australian Lending Centre also has partners who can help to improve or repair your credit score in a transparent and ethical way. 

Our goal is to put you in a better financial situation than you are now.

A bad credit rating will have a really big impact on your ability to borrow money from traditional lenders, obtain a phone plan or even get the power turned on.

If you are one of thousands of Australians who now have a poor credit history and are struggling to obtain finance, there are a number of things you can do to fix or improve a low credit score. Here are a few tips we suggest:

Pay Off Your Debts

It probably goes without saying that paying your debts will help your credit history. A bad credit history can not be repaired if it has black marks or outstanding defaults on your credit file. If you are struggling to pay off your debt, you should consider talking to the Australian Lending Centre about a debt consolidation loan, help negotiating with your creditors for lower payments, more frequent payments or putting a hold on your interest. We also have a service called an informal debt arrangement, where we take care of paying the creditors, and you pay a monthly fee until your debts have been paid off.

You could also consisder a more formal approach and look into a Part IX Debt Agreement to pay off your debts. These are more official and a Debt Agreement does appear on your credit history, but it does stop creditors and does help you find the light at the end of the tunnel.

If you are unsure of what needs to be done to repair your bad credit rating, we can chat to you about how to go about fixing this and let you know about your options for obtaining a bad credit loan.

Get To Know What is On Your Credit Report

Get in touch with us on 1300 138 188 or enquire online if you need to obtain a copy of your credit file and aren’t sure how to get one.

Once you have your credit file, you can see if any credit reporting agencies have made any errors when placing a black mark on your name. Sometimes mistakes can happen when a name is misspelled (and black marks are incorrectly assigned to you instead of somebody else). You can challenge these errors that have led to a bad credit rating and in doing so, correct you bad credit history. There are other errors that can appear, if the creditor hasn’t ticked all the boxes. This is where your credit score can be improved.

Cut Up and Stop Using Your High-Interest Credit Cards

Credit cards and store cards are one of the quickest ways to get a bad credit rating. When you pay the minimum each moth and slowly build up debt, the interest can make it impossible to pay off the debt. If you miss a few months of payments, your credit card provider can place late payments on your credit report and that can take many years to be removed. Credit card debt is one of the easiest ways to get into trouble as many people are accustomed to relying on credit card debt to get them through life when they do no have sufficient funds to finance their lifestyle. Even when credit cards are paid off, they can be maxed out in very little time.

You need to also understand that the really high-interest rates on credit card debt and store cards, mean that the best option is to cut up your credit cards so you aren’t tempted to keep spending on them. This means changing your spending habits slightly. For example, switch to a debit card instead of a credit card. Spend only money you have and live within your means.

This can help you prevent further damage to a bad credit rating.

Our loans start from $5,000.

We can advise your maximum limit over the phone once we have assessed your individual situation.

After debt relief, ALC vows to lead you to better and more effective personal finance.

If you require a smaller amount, we may refer you to one of our lending partners who can assist you. If you have a poor credit history, there are things that we can help you with to improve your credit or help you manage paying off multiple debts. Just get in touch by calling us on 1300 138 188 or enquire online if you are in this situation. Remember, we are here to help.

Australian Lending Centre can approve your loan over the phone and provide funds in as little as 24 and 72 hours. This is providing that we are satisfied you meet all documentation, loan suitability and ability-to-pay requirements at the time of application.

While you may have every intention of paying your home loan on time, life events do happen. Missed home loan payments can occur and cause home loan arrears. Unexpected financial situations can create problems in payments, Australian Lending Centre can help you with your home loan arrears.

Home loan arrears are very serious. If it isn’t taken care of quickly, the bank can take back your home and sell it to another buyer!

While you might think a bank will approve a refinance so that you can get caught up on your home loan, they won’t. This is because banks and financial institutions see mortgage arrears as a serious financial issue; therefore, they don’t want to take on the risk of loaning additional funds to a consumer who may not pay them back. For most banks, if you have had any late payments within the past six to 12 months, you’ll be rejected for a refinance.

We offer bank-alternative financing that can help you even if you have a history of defaults, poor credit or your home loan is in arrears. We assess your refinance based on your income and current financial obligations to find a payment that works for you.

We will cover any upfront costs that may be incurred and recover them once your loan is settled.

Absolutely! We service all areas of Australia.