Understanding Refinancing with Bad Credit – A 10-Minute Guide
Understanding Refinancing with Bad Credit: A 10-Minute Guide Table of Contents Refinancing your home loan can be a powerful financial tool. It allows you to
Private funding refers to the funding given to either a company or an individual that have access to private funds. This way differs from traditional bank lending in that there are often non-traditional qualifying guidelines.
It may be easiest to turn to private lending if you’re finding it difficult to receive finance from a bank due to bad credit history, or even just if you don’t meet the relevant lending criteria. Unlike traditional funding sources, like banks, private lenders don’t have traditional qualifying systems, meaning that getting access to a loan is much easier.
If you’re looking to find out whether you’re eligible for a private loan, read on below.
• Bridging loans – These are short term loans that are taken out to buy a new home before selling an existing property. These are interest-only loans that are then repaid after the sale of the original property.
• Caveat loans – A caveat loan is a short term loan option that allows fast access to funding when secured against additional property owned by the developer. Caveat loans can be the fastest to both apply for and settle. Only a viable option for the short term, caveat loans are generally only for a few months. The private lender decides how you will repay the funds before approving your loan.
• Bad credit loans – Are loans which usually sought out by borrowers who have a bad credit history. This can be caused by a variety of factors, including overdue bills or defaulting on a previous loan payment. By having a poor credit history, lenders are usually loath to lend to you. Lenders may perceive you as a high risk. These loans are usually short term and fixed-rate, allowing the borrower to repair their credit history.
• Second mortgages – These occur when a borrower has already taken out the first mortgage on their existing property, before deciding to take out a second loan against said property. For this type of loan, the first mortgage must be repaid before any money goes toward repaying the second.
Private loans can be used for many things, such as buying or building a house, purchasing a business, refinancing or urgent funding. Short and long term financing are also viable options when it comes to private loans.
Eligibility for a private loan depends on a few factors. You will need to prove that you can make repayments on your loan before a lender will agree to finance you. This will usually come down to both having a stable income, and stable employment. Most other lenders also require you to have a good credit history, which can be difficult in some cases. Tiger Finance are bad credit experts and can help you to get a loan no matter your credit score.
As with a traditional loan, your lender will most likely need you to supply forms of identification, such as a drivers licence or birth certificate. You may also need to provide your lender with proof of income, along with bank statements. Most lenders will also require documents relating to your assets, and any debts that you may already have. These can be credit cards or even other loans. It’s best to check with your lender to find out what they will need exactly, as it can differ from lender to lender.
With Tiger Finance, we can help to get you a loan in four easy steps. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved.
We have helped countless Australians with both good and bad credit ratings to be approved for funding. We understand that lending criteria from other lenders are too strict and can stop you from achieving your goals. That is wrong, and it should not hold you back.
Our finance specialists can help you find the right loan for your situation. If you are one of the many Australians finding getting a private loan difficult, Tiger Finance can make the process simple and pain-free. Call us today to get started on your private loan!
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Our vision is to make it simple and easy for every Australian to get the funding they need to achieve their big life goals.
National Home Loans Group Pty Ltd trading as Tiger Finance | ABN 57 168 971 346
Tiger Finance Credit Representative: Kiara Patricia Halley | Credit Licence: 468465
*Interest Rates: Conditions, fees and charges apply. Interest rates are subject to change and will vary. We cannot guarantee that the interest rate advertised on our website will be the one offered to you. Interest rates offered will be dependant on your situation.
*Consolidating high-interest personal loans and credit cards into a lower-interest home loan may result in significant savings on interest for some consumers. However, this solution may not be suitable or accessible to everyone.
*The approval timeframe is varied. Approval time is subject to change depending on your circumstances or loan type. Processing times may be subject to your lender.