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Second Chance Finance

Second Chance Loans in Australia: Types, Eligibility, Application Process, Pros and Cons

Second chance loans are a type of loan designed to help people with a bad credit history or a lack of credit history to access finance. These loans are available in Australia and can be a great way to rebuild your credit score and get back on track financially.

Types of Second Chance Loans

There are several types of second chance loans available in Australia. These include:

  • Personal loans
  • Car loans
  • Debt consolidation loans

These loans are typically offered by specialist lenders, such as non-bank lenders, and are designed to help people with bad credit access finance. The terms of the loan may vary depending on the lender, but generally, the interest rate is higher than for a standard loan.

Eligibility Criteria

The eligibility criteria for second chance loans vary from lender to lender, but generally, you must meet the following criteria:

  • Be at least 18 years old
  • Be an Australian citizen or permanent resident
  • Have a regular source of income
  • Have a bad credit history or no credit history
  • Cannot be Currently Bankrupt or in Part 9

It’s important to note that even if you meet the eligibility criteria, you may still be declined for a loan. This is because lenders will assess your application on a case-by-case basis and may take into account other factors such as your employment history and your current financial situation.

Application Process

The application process for a second chance loan is similar to that of a standard loan. You’ll need to provide the lender with personal information, such as your name, address, and date of birth, as well as financial information, such as your income and expenses. You may also be required to provide proof of identity and proof of income. Once you’ve submitted your application, the lender will assess it and, if approved, will provide you with a loan offer.

To Sumarise

  • If you have an impaired credit file, 
  • Working? But poor credit? Need another car?
  • Just talking to the right people is a good start!!
  • Find That Finance provides a FREE person to person Assessment.

  • Multiple applications, to direct lenders, may stuff your Credit score.

    A Free assessment IS NOT AN APPLICATION it’s just to find a solution to your needs.

  • Visit FindThatFinance.com.au.  WE GIVE STRAIGHT ANSWERS!!

  • Min Loan 5K. Call 1300 378 021

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