Recently suffered a loan rejection? If that’s the case – great! Australians have trusted The Debt Free Community and the advice here.
We’ve helped plenty of people to reduce their debt, and eventually live the debt free lifestyle. Yes – this is a real thing. Plenty of people (both high and low salary earners) already do this across Australia.
If you’ve been rejected, then we applaud you. This could be your first step towards a greater lifestyle without the burdens of debt.
Loan Rejection: Why it’s a great thing
You’re probably curious about the title. “Why is it great that my loan rejection happened?” Well, this could be the first opportunity to see that there’s a real issue.
Australians have a record amount of debt. From personal loans, credit cards, home loans and car loans. It’s a trap – a constant hamster wheel of not getting ahead. Start working yourself out of this hole.
Essentially: Where you’ll find problems, you’ll also find opportunities. This is an opportunity for you to awaken to what’s really happening.
With that said, let’s evaluate the core 4 reasons that loan applications are rejected across Australia.
Lack of savings
Creditors and banks love to see real bank savings. That is – you’ve demonstrated a track record of putting money aside. It gives them more confidence.
If you’re struggling to save money as you’re already paying off a debt, such as a credit card or loan, then consider using our 100% FREE phone chat service – we’re ready and waiting! Let’s see if we can negotiate lower interest rates for you.
Inability to repay
Lenders like to know that you can service a loan to fulfill the repayments. There’s actually 3 core factors that they look at:
- Your income and if there’s enough to both service the loan, plus still pay your everyday expenses
- The job you have and how secure it is. Permanent full time
- Extensive existing debt and commitments. Lenders look at risk, and they look at what debts you have already when assessing eligibility
We might have a solution that can help you if a lender thinks you have an ability to repay. Get in touch to see if we can help you today.
Bad credit history
Every single time you apply for finance, the first thing lenders consider is your credit history. Have you kept up with repayments? Are there any red flags? This is what they’re keen to discover.
Excessive activity such as shopping around for finance can negatively impact you. Also, moving house every year is a bad idea too.
Lenders love to minimize risks. They want the real upside in their favor. So, they look for assets.
Do you own a house? Do you own a car? When applying for a loan, are you willing to pay a small deposit? They analyze your risk profile as part of their lending criteria.
Here’s our solution
We can help you, especially if you’re struggling with any kind of debt. We can understand your needs. We’re keen to be as friendly as possible.
Thousands of Australians have used us in the last 10 years. We’re community-driven and happy to provide the best possible service. Let us help you out of your situation, using our very effective solution.