How To Get Guaranteed Approval Loans For Bad Credit Applications
Over the past years, millions of households in Australia alone have found themselves in bad financial situations due to skyrocketing interest rates. The move of leading lenders in the country to increase interest rates has shaken the repayment ability of many Australian borrowers. This has pushed them to the brink of loan default.
If you are one of these borrowers who are discouraged in pursuing that loan application, there’s still actually a hope. Lenders still give preferential treatment to potential borrowers with seamless credit history. However, some financial institutions are still willing to approve loans from borrowers with problematic credit scores.
READ MORE: Truths About Bad Credit Home Loans
If you are not so confident with your credit score, you might want to explore guaranteed approval loans for bad credit applications this time. It is true that your chances of getting approved to high-stake loans, there are specific types of loans that just may be perfect for your case.
Credit score during Covid-19 pandemic
Lenders are also aware of the fact that a good number of people who are on default on their loans are just victims of their personal circumstances. They’ve been in that unfavourable financial situation not by choice, but purely out of bad luck.
In the current pandemic that affected the entire world, many households in the country struggled to keep their loan repayments. Many fear that this will hurt their credit score and decrease their chances of loan approval.
According to the Australian Banking Association (ABA), missing repayments due to the pandemic should not affect the borrower’s credit score. Otherwise, the agency noted that there are ways to protect one’s credit score during this pandemic. If you’ve missed several repayments during this troubling time, you can always talk to experts to help address your credit score problems.
Getting through the process
One of the most challenging parts in getting guaranteed approval loans for bad credit applications is usually the beginning. Not knowing what to do, what things to prepare, and where to go can be very overwhelming. Whether it’s for personal loan or home loan, being prepared pays a lot.
READ MORE: Advantages of a Home Loan Pre Approval
To save yourself from this unnecessary stress, you can seek the services of professional brokers and financial advisors to help you with the process. There are companies with extensive networks with lenders and financial institutions in Australia that can be very beneficial in your loan application.
Another benefit of hiring professionals to assist you with your loan application is having your credit score assessed professionally. Different rating companies use different systems and indexes in reporting credit scores. Sometimes, people are clueless about their credit score or have inaccurate credit reports.
Experts at Intellichoice are experienced in handling different types of loan applications. The company has handled thousands of successful loan transactions for nearly two decades. It specializes in personal loan and home loan applications in Australia. They provide bespoke and expert support to anyone looking for the best deal at a reasonable rate. They can also assist potential borrowers who have problematic credit scores with their extensive credit reporting and preparation experience.
Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He's been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards - Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today.!