Loan Criteria - Fast Personal Loans
1. General
Applicant must be an Australian resident.
Applicant must be minimum 18 years of age.
2. Security
Loans up to $2,000 are unsecured - NO security for the loan is required.
All loans over $2,000 are secured – security for the loan is required.
Acceptable security is a house and or a fully owned (not under finance) motor vehicle and or other fully owned (not under finance) registered items (such as motorcycles, caravans, boats etc)
Will look at multiple securities (more than 1 security item) for larger loans
Security can be provided by Co-borrowers (third party security – family member, friend etc)
3. Applicant's income
Will finance some Borrowers supported by pension
Won't finance unemployed without a co-borrwer
Where your income is weak (pension, unemployed) you will need to provide a co-borrower that is working and has a clean credit file
4. Applicant's credit history
Will look at customers with defaults
There is no cut off for the number of defaults, however, larger number of defaults will have to be compensated by stable employment, value of security or a co borrower
Discharged bankrupts considered
Judgements considered
Unpaid defaults considered
5. Applicant's residential status
Customer if renting needs to have some form of lease or Customer needs to own their own home
Customers who board will be considered - however their application will have to be compensated by stable employment, value of security or a co borrower (in this instance time at address is over looked)
6. Term of the loan
11 – 36 months (depending on the loan amount)
Generally, where you believe that your loan application is weak due to your financial circumstances, please consider providing a co-borrower who is working and has a clean credit file.
This will greatly assist in strengthening your application.
Where you do not have the required security for the loan (for secured loans only), again, please consider providing a co-borrower who has the required security and who is working and has a clean credit file.
This will greatly assist in strengthening your application.
Fast Personal Loans