How do I know if my credit score is bad?
You can check your credit score using any of the free national credit reporting bodies, such as Equifax. You will be given a credit rating; an Equifax credit score between 622 and 725 is considered good, above 725 is very good. A bad credit rating is any score from 400 to 500, and any score below 400 is considered poor.
Can I get a loan with bad credit?
Yes, you absolutely can get approved for a loan with bad credit. That’s exactly what Freedom Loans does best.
How long does negative information remain on a credit report?
This depends on the type of information but generally speaking, negative information will stay on your credit reports for five years.
Negative information includes things like late or missed payments, accounts that have been sent to collection agencies, court judgements, accounts not paid as agreed, debt agreements or bankruptcy.
Will my divorce affect my credit report?
A divorce won’t affect your credit rating, but any missed payments will. Many people start missing payments or making payments late as a result of their time-consuming (and often costly) divorce proceedings.
What is debt consolidation?
Debt consolidation is a way to combine all your current debt so that you are left with only one loan. In a nutshell, consolidating your debt means combining all your loans into one new home loan.
You use debt consolidation to pay off all your outstanding loans (car loans, credit card debt, personal loans and so on); combining multiple debts into a single, larger loan, usually with better interest rates and lower monthly payments.
Can I get a loan if I am currently in a debt agreement?
No, you can’t get a loan if you are currently in a debt agreement; you will need to pay off that first and then build a deposit. However, you can pay it out early using refinancing. Refinancing will allow you to pay out remaining owing on the debt agreement.
How do I know Freedom Loans will get me the best result?
Our experienced team of professionals have helped thousands of people in various states of financial distress, all around Australia. Read our testimonials page to hear from some of the people we’ve helped.
How does Freedom Loans get access to loans I can’t?
We’ve been helping all people from all walks of life get loans since 2003, so we have intimate knowledge of the banks, which of them will offer bad credit loans, which of them can be trusted, what sort of questions they’ll ask you and how best to answer.
We’ve also done all the various tricky application processes countless times, so we even know which individual loan officers say “yes” most often, and we’ve built good relationships with them. We also have a wider network of lenders that we know are trustworthy.
In a nutshell, the most difficult parts of getting a loan – going through the complicated and admin-heavy application process – is easy for us.
How much equity do I need to refinance?
Ideally, you should have at least 20% equity in your home.
The absolute maximum LVR (loan to value ratio) is about 90%. Meaning that – at maximum – you’ll be able to borrow 90% of the value of your home and have at least 10% equity in your home to refinance, although a 90% LVR typically isn’t always the best option for the borrower. Speak to one of our experts to find out more about your equity options.
Do I need a good credit record to refinance?
No, you don’t. Bad credit refinancing is our speciality!
How long will it take to get a bad credit loan approved?
This differs from case to case. Very broadly speaking, we can get same day verbal approval for some loans, but it does depend on the type of loan and the situation.
Where do Freedom Loans operate?
We help people all across Australia.