Episode 1 – Will applying for a personal loan affect your credit score 

 

Welcome to the finance on fire podcast written article, my name is Cameron Parker and I am your host for this episode.

The Finance on fire on podcast is where we answer your personal finance questions in hopefully under a minute. Brought to you by the team of Financemi.

Alright, let’s get in today the first question. A question we get asked all the time by our clients. A question that I thought it would be a great way to kick start this year’s podcast series, before we start to directly answer your questions.

The first question that we thought we’d kick off this year with is:

“WILL APPLYING FOR PERSONAL LOAN AFFECT YOUR CREDIT SCORE?”

In short, the answer is, YES, it does affect your credit score.

The way it works in Australia is, anytime you make an application for any type of credit, from a credit provider, whether it’s a phone contract, a personal loan, a car loan, a home loan, credit card, etc., it will leave a mark on your credit file.

That’s a way for other lenders to see, firstly, who you have made applications to, for the amounts, etc., and they can determine whether or not, based on the information on your credit file, that they want to lend you funds, essentially.

It’s not necessarily a bad thing that it leaves a mark on your credit file. Where it comes an issue is when you make multiple credit inquiries in a relatively short period of time.

Most lenders will class any more than seven applications for personal type finance within a six to twelve-month period as being a higher level than normal. So, keep that it minds.

We may cover this in a different question, but one of the other question we get a lot of is where people have gone online to say a credit card provider, they get a pop-up, they fill out a quick online application thinking its an inquiry but it does leave a mark on your credit file. We see multiple credit files a week where there is a large number of credit inquiries due to the fact that someone’s gone online and thought “okay well I need some quick funds for a credit card” and make five to six application within a few hours.

Please just keep that in mind, every time you make an online inquiry, in person, any type of application for finance, it will leave a mark on your credit file.

Hopefully that has answered the question and as of the next episode, we are going to start answering your questions directly, and as I said, in the show note you´ll see links for Whatsapp and all of our other social media channels where you can leave your question and we’ll answer them for you with in a minute.

 

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We can help with a Personal Loan for these, and more …

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More About Us

We have been in Finance for 40 + Years and are Australia’s leading Personal Loan Broker

Really this all just means that we have access to all the lenders you know and trust, as well as some you may never heard of. Put simply … we know who will get you the funds at the best possible rates and terms and when you need it

Personal loans with all the options you need

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Blue tick
Blue tick
Blue tick
Blue tick

Loans from $5,000 to $70,000

Additional Repayments

$0 to Low Early Repayment Fees

Lite Doc Self Employed Loans

Blue tick
Blue tick
Blue tick
Blue tick

Loan Terms from 2 Years to 7 Years

Interest Rates Starting from 8.95%*

Unsecured and Secured Loans

Flexible Repayment Option

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How it Works:

New Number 1 - Transparent - 1 still white

Complete our no obligation application in 2 Minutes

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We call to discuss your options within 2-Hours

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Your loan settles and you get the funds

Do You Qualify?

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Blue tick
Blue tick

Must have regular Income from Employment

No Bad Credit or Credit Scores Below 500

Not Currently Bankrupt 

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We love client feedback

screens-1

Simple & Fast

I want to thank you for making this process easy and simple to understand. 

I thought it was going to be very difficult to have a loan accepted after my bank knocked me back but you managed to get it done within days. 

I will definitely pass on your details to anyone I know

Thank you

A Alet

Awesome Result

My wife and I have really been blown away by such a quick turn around time ending in a such a great result. We cannot still believe it. My wife was like wow wow wow! That was quick!

We are really really grateful and we cannot thank you enough for such an amazing and one of a kind customer service!

O-Kumah

Click “here” to see more examples of over 280 5-star reviews this year

Do you have more questions?

will not affect your credit score

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Have questions?

we have the answers

Click to Chat Live via WhatsApp:

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Your privacy is extremely important to us. All information is kept completely secure and confidential.

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IMPORTANT INFORMATION

All applications are Approved by the lenders in full. Terms, conditions, fees and charges apply and will be advised upfront or within any loan compliance documents. All applications are subject to the lenders approval criteria. Settlement times may vary depending on circumstances. Loan repayment terms generally range from 18 months to 7 years. Interest rates range from lender, however start from an indicative 8.95%pa to 22.95%pa 

*Comparison rates are based on a loan of $30,000 over 5 years.

WARNING: Comparison rates are true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

EXAMPLE: An unsecured personal loan of $30,000 borrowed for 5 years with the minimum interest rate of 8.95%pa (10.56%pa comparison rate), would estimate to a minimum total amount payable of $38,610 via the weekly payment option (including a $495 establishment fee and $13 per month administration fee). Rates are subject to change and advertised by the lenders directly

*Please also note that an application with Financemi does not affect your credit score, however upon formal submission to a lender you will be subject to credit review and submission to the industry reporting body.

© 2018 Financemi Group Pty Ltd ABN 40 627 585 175. A Member of AFG Ltd, Australian Credit Licence 389087. www.financemi.com.au is fully owned and operated by Financemi Group Pty Ltd

Episode 1 – Will applying for a personal loan affect your credit score 

 

Welcome to the finance on fire podcast written article, my name is Cameron Parker and I am your host for this episode.

The Finance on fire on podcast is where we answer your personal finance questions in hopefully under a minute. Brought to you by the team of Financemi.

Alright, let’s get in today the first question. A question we get asked all the time by our clients. A question that I thought it would be a great way to kick start this year’s podcast series, before we start to directly answer your questions.

The first question that we thought we’d kick off this year with is:

“WILL APPLYING FOR PERSONAL LOAN AFFECT YOUR CREDIT SCORE?”

In short, the answer is, YES, it does affect your credit score.

The way it works in Australia is, anytime you make an application for any type of credit, from a credit provider, whether it’s a phone contract, a personal loan, a car loan, a home loan, credit card, etc., it will leave a mark on your credit file.

That’s a way for other lenders to see, firstly, who you have made applications to, for the amounts, etc., and they can determine whether or not, based on the information on your credit file, that they want to lend you funds, essentially.

It’s not necessarily a bad thing that it leaves a mark on your credit file. Where it comes an issue is when you make multiple credit inquiries in a relatively short period of time.

Most lenders will class any more than seven applications for personal type finance within a six to twelve-month period as being a higher level than normal. So, keep that it minds.

We may cover this in a different question, but one of the other question we get a lot of is where people have gone online to say a credit card provider, they get a pop-up, they fill out a quick online application thinking its an inquiry but it does leave a mark on your credit file. We see multiple credit files a week where there is a large number of credit inquiries due to the fact that someone’s gone online and thought “okay well I need some quick funds for a credit card” and make five to six application within a few hours.

Please just keep that in mind, every time you make an online inquiry, in person, any type of application for finance, it will leave a mark on your credit file.

Hopefully that has answered the question and as of the next episode, we are going to start answering your questions directly, and as I said, in the show note you´ll see links for Whatsapp and all of our other social media channels where you can leave your question and we’ll answer them for you with in a minute.

Dollar Symbol Transparent Cropped
Transparent line
Transparent percentage

About us

We have been in Finance for 40 + Years and are Australia’s leading Personal Loan Broker

This just means that we have access to all the lenders you know and trust, as well as some you may never heard of

Transparent line
Dollar Symbol Transparent Cropped
05

Personal loans with all the options you need

Loans from $4,000 to $70,000

Additional Repayments

$0 to Low Early Repayment Fees

Loan terms from 2 to 7 Years

Interest Rates start at 8.95% p/a*

Unsecured and Secured Options

Self Employed Lite Doc Options

Flexible Repayment Options

Dollar Symbol Transparent Cropped
Transparent line
Transparent percentage

How it Works:

one

Complete our no obligation application in 2 Minutes

two

We call to discuss your options within 2-Hours

three

Your loan settles and you get the funds

Transparent line
Dollar Symbol Transparent Cropped

Do You Qualify?

You must have regular Income from a Job or your Business

We can’t help with bad credit or credit scores below 500

Not currently Bankrupt or under part IV debt agreement 

Transparent line
Dollar Symbol Transparent Cropped
screens-1

We love client feedback

Simple & Fast

I want to thank you for making this process easy and simple to understand. 

I thought it was going to be very difficult to have a loan accepted after my bank knocked me back but you managed to get it done within days. 

I will definitely pass on your details to anyone I know

Thank you

A Alet

Awesome Result

My wife and I have really been blown away by such a quick turn around time ending in a such a great result.

We cannot still believe it. My wife was like wow wow wow! That was quick!

We are really really grateful and we cannot thank you enough for such an amazing and one of a kind customer service!

O-Kumah

Click “here” for more reviews

Transparent line
Dollar Symbol Transparent Cropped

Do you have more questions?

Transparent line

Have more questions? click to chat live

02
Fintech white

Have questions?

we have the answers

locked - white

Your privacy is extremely important to us. All information is kept completely secure and confidential.

IMPORTANT INFORMATION

All applications are Approved by the lenders in full. Terms, conditions, fees and charges apply and will be advised upfront or within any loan compliance documents. All applications are subject to the lenders approval criteria. Settlement times may vary depending on circumstances. Loan repayment terms generally range from 18 months to 7 years. Interest rates range from lender, however start from an indicative 8.95%pa to 22.95%pa 

*Comparison rates are based on a loan of $30,000 over 5 years.

WARNING: Comparison rates are true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

EXAMPLE: An unsecured personal loan of $30,000 borrowed for 5 years with the minimum interest rate of 8.95%pa (10.56%pa comparison rate), would estimate to a minimum total amount payable of $38,610 via the weekly payment option (including a $495 establishment fee and $13 per month administration fee). Rates are subject to change and advertised by the lenders directly

*Please also note that an application with Financemi does not affect your credit score, however upon formal submission to a lender you will be subject to credit review and submission to the industry reporting body.

 

© 2018 Financemi Group Pty Ltd ABN 40 627 585 175. A Member of AFG Ltd, Australian Credit Licence 389087. www.financemi.com.au is fully owned and operated by Financemi Group Pty Ltd