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CREDIT IMPAIRED LOANS
- Bank said NO?
- Bad credit history?
- Discharged Bankrupt?
- Self Employed?
- Business start-up?
- Had bad fortune?
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Credit impairment may not only come in the form of defaults or previous Bankruptcy, your credit rating may also be affected by not having a previous credit history or by being unable to prove your income because you are self employed.
"The Bank" or many other lending institutions may refuse to lend you money for any or all of these reasons:
Bad Credit History
We understand that a bad credit history may not be your fault. At some time throughout our lives we will have a "life event", which will significantly affect our future.
In a lot of cases, that "life event" unfortunately impacts on our finances and we are unable to pay our debts for various reasons. Be it unemployment, a relationship break-up, injury, medical costs or a family emergency, your credit rating is going to suffer if you are unable to pay your debts on time.
An accumulation of defaults on your credit report may not necessarily be "the end of the world" - Take Credit is able to assess your situation and in many cases we are able to obtain a solution to your problem.
Whilst we are able to obtain a secured loan (car or home) for discharged bankrupts, we are unable to obtain an unsecured personal loan until the Bankruptcy notation disappears from your credit file. For more details regarding Credit Impaired Car Loans, click here
CURRENT CREDIT SQUEEZE
Unfortunately, due to the US led credit squeeze, lenders have been forced to tighten up on their lending policies. Whilst these measures affect the mortgage sector, policies have flowed down into consumer lending.
For the immediate future, it is not envisaged that lenders will approve unsecured personal loans with paid defaults in excess of say, $700 - $1000, providing that you have a good reason for the default and the rest of your application is strong. Otherwise, defaults will be limited to <$500.
Some lenders also require that default to have been paid for 9 months or more, however we have seen some leniency in the amount of the default if it has been paid for more than 2 years.
We are always endeavouring to source new lenders which may have more liberal criteria and, of course, we still are able to finance motor vehicles (see below) and real estate.
SPECIAL NOW AVAILABLE
SECURED PERSONAL LOANS NOW AVAILABLE, USING A MOTOR VEHICLE < 5 YEARS OLD AS SECURITY, PROVIDING THAT THE VEHICLE IS WORTH MORE THAN THE LOAN AMOUNT SOUGHT.
(Ed: May 2008)
Discharged Bankrupts
If you have been bankrupt, a notation to that effect will stay on your credit report for seven (7) years from the date of listing.
Whilst you are undischarged, technically you are allowed to borrow, under specific circumstances however, practically, it is near impossible to find a lender to accept an application. Once you have been discharged, especially in today's credit climate, you will find that you cannot obtain an unsecured loan - that is, a loan for any purposes other than purchasing a property or car.
Take Credit has lenders who are willing to understand the "life event" which put you into Bankruptcy in the first place, however they are not so understanding if you have defaulted for a second time, after having been discharged from Bankruptcy.
Part IX and Part X Agreements
Unfortunately, there are many firms which encourage these agreements, without fully explaining the repercussions.
Effectively, from a credit point of view, it is almost the same as going into Bankruptcy. You will find that you will not be able to borrow whilst you are still in the agreement and even after you have paid everything out, lenders will treat you the same as a discharged bankrupt.
The only difference between a Part IX and Bankruptcy is that you feel better that you have paid your debts. We recommend that you avoid entering into such an agreement, unless you have no alternative.
STOP PRESS! STOP PRESS! STOP PRESS!
We now are able to assist undischarged bankrupts, Part IX and Part X participants obtain a mortgage. Refer to Bad Credit Mortgages
Self-Employed
For many, the benefits of being self-employed outweigh the security of being employed by someone else.
One of the benefits of the self-employed person is the ability to minimise taxation and, unfortunately, that makes it difficult to prove how much you are really earning.
This situation is not really credit impairment, however it does mean that you are unable to approach the traditional lending sources for a loan. Take Credit is able to introduce you to several "Non Conforming" lenders, all of which will accept various alternative means of proving your income.
Business Start-up
For those who dream of starting their own business, please be aware of the difficulty you will encounter in trying to fund your enterprise.
Take Credit can help, in certain circumstances, however, and we will be happy to discuss your prospects.
Had bad fortune?
" We always Take Credit for the good
and attribute the bad to fortune."
French fable -
Jean de la Fontaine
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Whatever your circumstances, there is often a solution to your problems, of which you are unaware.
Let us know of your credit problem and we will undertake to try and offer a solution - if not, we will certainly be happy to give you advice as to the best way in heading towards a solution, free of charge.
What to do?
Complete the Contact Us enquiry form, tell us your story and we will listen.
FOR CREDIT IMPAIRED CAR LOANS, click here
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