FAQ's - we have put together some of the most commonly asked queries. Of course, these are general answers, which don’t take into account your specific circumstances and should not be taken as financial advice.
Tips to follow BEFORE applying for finance
Tips about defaults
Q: If I have defaults on my credit file does this mean I won’t get a loan?
A: The short answer is NO – but it does make it harder to get and limits the number of lenders that we can approach.
Q: Can I get a loan if I’m bankrupt?
You may be able to get a loan if you are a discharged bankrupt or even if you are currently bankrupt. Keep in mind you will be more limited in terms of the lenders you have to choose from and the fees and rates will also be considerably higher on bankrupt loans. You may also be required to attach an asset as security or apply with a guarantor. Find out about your loan options below and see what you might be eligible for.
Before you apply for a loan while bankrupt…
Tips about loan repayments
If at any stage you have trouble paying your loan always keep the finance company informed. Good communication makes a difference. Discuss the matter with the finance company and they may be able to help, for example by extending the loan, lowering the repayments or offering you other terms to assist you with your current hardship. Lenders are real people too, and they do not like to hassle their clients unnecessarily - as they want these people to be ongoing customers.
Tips for a Good Credit Rating
Always pay your loan on or before the due date. If you have a credit card with a limit of $500 and it’s due on Monday and you pay it on the following Thursday (because that’s when you get paid) that will give you a bad credit rating – so always make sure make your payments on time. If you are renting and continually paying your rent after the due date - you will get a BAD rental record which can effect your ability to rent a home. Most people do not realise that a great rental record can be used by some home loan lenders to substantiate a "genuine" savings record. A loan or rental record should run for at least 12 months to establish a sound loan on-or-before-time repayment history. If you combine these factors you will be well on the way to having and/or maintaining a good credit score.
At RedCap Finance Brokers (EZ Finance) we aim to get you the most competitive loan based on your personal circumstances and financial behavior from our panel of lenders.
Collingwood Park (Ipswich) Qld 4301
RedCap Finance Brokers - BDM for EZ Finance Australian Credit Licence Number: 392611
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