It’s so easy now to apply for a personal loan. A Google search for “personal loan” will provide many results. You’ll see an array of search results telling you how easy it is to apply with various lenders. So you might think that there’s no point going to a broker for something as “easy” as a personal loan.
But nothing could be further from the truth.
The truth about applying for personal loans
What Google won’t tell you, is that successfully applying for a personal loan isn’t always easy. It’s more complicated than just typing your info into a web page and clicking submit. All lenders have complex criteria and calculators that determine whether or not they’ll approve you. And you won’t find these criteria and calculators online. This means you won’t know if you’ll be approved or not.
Many people mistakenly think this isn’t a problem, and that if one lender declines them, they can just apply somewhere else. Sometimes people will try this approach repeatedly, applying to multiple lenders for a personal loan, getting declined each time, then trying again somewhere else. Other times, they aren’t sure how much they should apply for, so apply for various amounts at different lenders, to see what happens.
But there is a huge problem with this method.
A mark will be placed on your credit file every time you apply. This occurs even if you’re declined, or don’t proceed with that loan. If you apply for multiple personal loans, and are declined, it doesn’t take long for quite a few marks to accumulate.
What people often don’t realise, is that lenders check your credit file. And they don’t just look for defaults or bad credit, but for marks too. You will be automatically declined if you have too many marks. And for some lenders, that isn’t many marks at all.
This causes lenders to decline you for no reason other than you applied too many times.
So, if you don’t know who will approve you before you apply, or how much to apply for, how do you avoid this problem?
How to apply for a personal loan the right way
The easiest way to make sure you apply for a personal loan the right way, for the right amount, and to the right lender, is to use an experienced broker. At Bee Finance Savvy , we have access to a wide range of lenders. Our lender panel includes over 30 different lenders. Knowing each lenders policies, allows us to assess your circumstances and determine which lender is best for you.
We also have access to the calculators that these lenders use. This allows us to determine how much you would be eligible to borrow, without marking your credit file.
If you would like to find out what your personal loan options are, get in touch with us at Bee Finance Savvy. Our Sutherland Shire based broker Desiree will provide you with an up front, free consult to assess your situation, and will then appraise you of your best options.
To speak to Desiree, you can call or text her on 0455 131 937 or 1300 140 554. She can also be reached at email@example.com . Alternatively, you can fill out the contact us form on this site.
If you would like to hear what other Bee Finance Savvy customers have said about our services, have a look at our WOMO review page. https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda
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