In today’s fast paced world, everyone seems to be running an imaginary rat race trying to accomplish goals and ambitions. Some dream of buying a new house and some aspire to buying a bigger car. Although you have worked hard to make ends meet and spare some funds towards your savings and maintain your liabilities, an unplanned unpaid expense may leave a negative impact on your credit file. The way you conduct your financial affairs, determines your credit score, so, the more unpaid defaults the lower the score, the lower the liabilities and higher on time payments will increase your score. Some defaults are easier to overcome than others, a simple phone or utility bill that hasn’t been paid is generally a road bump to getting that car or personal loan, however it is possible that through the right lender that may be overcome.
Bad credit is a widely known term that describes someone’s low credit rating, this is used by financial institutions as an indicator to know the credit history of a person. This rating is used by creditors to calculate the risk of lending funds to the individual with good or bad credit. This also indicates to the lender how likely it is for the debtor to miss a repayment or even default on a payment altogether. For example, maxing out on your credit cards and missing the bill repayment timelines directly affects this score.
As discouraging as it may sound, not every bad credit is intentional. Sometimes one lands into a low score because of financial adversities, missed and even late payments. If you’ve experienced that than you’re not alone. Many Australians are suffering due to their past borrowing slipups and are facing challenges of not being able to get loans when required.
However, different lenders have different lending criteria’s so there’s hope, even when you have current defaults on your credit file some lenders have specific options designed for individuals with less than perfect credit.
At Londy Loans we provide everyday Australians with lending solutions of all types including second chance finance through a panel of lenders that are willing to provide loans to our customers that may have less than perfect credit score.
We specialize in personal loan, car loans, commercial loans and home loans. For more details hit the contact us section and our team of experienced loan specialists will work with you to see if we can find the right loan for you.