What many people don’t know is that having one or more of these types of loans means a lender may not give you a personal loan or they may offer you a higher interest rate.
This becomes a frustrating trap for people because they want to get out of these high interest rate loans but lenders won’t give them a loan.
By law lenders have to ensure you can afford to pay back a new loan.
To check this, they look at your income, expenses AND include the repayments you need to make for these payday loans.
Because these loans often have high monthly repayments because of the high interest (sometimes 48% per year) and the fact that you are paying these loans back within a short period of time, it just makes it harder to prove you can afford to repay a new loan.
So, while payday loans might seem like quick and fast money, they can seriously affect your ability to get finance in the future.
We think it’s like quicksand for your wallet.
If you’d like us to help find you a personal or car loan from our large panel of lenders fill in our application form now. It takes less than 10 minutes!
A credit score is a number generated by credit reporting agencies that provides an indication of your credit worthiness. A credit score is really important as they can significantly affect your ability to get a loan and how much that loan will cost (the interest rate and other chargers).
The exact formula is not disclosed by credit reporting agencies however there are several key factors that they consider like the amount of money you’ve borrowed, the number of loan applications you have made, your repayment history and any defaults, bankruptcies, debt collection agency agreements or short-term credit you have.
Here are 5 ways to improve your credit score: 1. Pay your bills on time, 2. Don’t apply for a loan at multiple lenders, 3. Pay your loans off on time, 4. Check your credit score is accurate, 5. Reduce the amount of credit cards. See our full article for more information "How to improve your credit score".
The higher your credit score the better your chance of getting a loan and the better chance you have of getting a lower interest rate. This is because if you have a really good credit score you are a lower risk to a lender and therefore are a good chance of paying back the loan. Conversely, if you have a lower credit score a lender may classify you as having higher risk and therefore charge a higher interest rate.
In addition to your credit score, other factors like overall banking conduct (such as dishonours and payday loans) can also impact the interest rate you are offered.
At nmoni we do not perform upfront credit checks. This means that we can review your application and give you a guide as to whether a lender will give you a loan before a credit check is completed. Our process reduces the number of credit checks required and therefore helps you avoid hurting your credit score. Start the process today by completing our fast application.
At nmoni we review your situation and only apply for loans with lenders we believe will approve your application and provide the right rate. This will reduce the impact on your credit score while also saving you a lot of time and hassle.
This is really important as you don’t want to get a loan with a lender that charges high fees and has high exit costs. We only deal with reputable lenders so we can ensure you avoid any of these potential potholes. Also, make sure the lender or broker you use has high Google ratings (we happen to have a 4.9 out of 5 Google rating!).
The good news is that there are lenders who work with clients looking for a car loan with bad credit. Importantly, these lenders often change their lending criteria so it’s important to work with a broker who can help place you with a lender who is more likely to fund your dream car purchase. Please complete our online car loan application and we will check our panel of over 20 lenders to see who can help with your situation.
We take a broader view of your application than just your credit score. We do this by reviewing your overall credit profile to get a clearer picture of your financial position. We do this without performing an upfront credit check (we do a soft check that does not impact your credit score). Importantly, we also provide credit feedback if we cannot assist you with a loan right now.
Secured loans are amongst the easiest loans to get. That's where you put up something of value in exchange for funding. Car, boat and caravan loans are types of secured loans and means the lender has some security over the loan.
We can review your situation and provide feedback on why you are being declined without hurting your credit score. Apply now and we'll provide you valuable feedback.
There are lenders we work with that specialise in clients with lower credit scores. The best way to find out is to complete our online application and we’ll put our technology and/or one of our credit analysts to work to review your file and provide feedback. We can provide valuable information on your options without affecting your credit rating.
After searching for a car loan I found nmoni. They are very helpful… keep you up to date at the progress of your loan. And made settlement a breeze. Thank you Chris and Michelle you are both amazing.
Jodie Bayliss
Outstanding service. Above and beyond and service you just can’t get from a big bank or finance company.The team at nmoni have been incredibly helpful in assisting me with obtaining business finance for my new vehicle. Every step of the process they have been super responsive and highly efficient. I would highly recommend their service!
Ben Duncan
I just want to say thank you to Chris from NMONI for helping me get my car finance.
Highly recommended bunch! As they go above and beyond to help you achieve the best possible outcome. They are very prompt with communicating and provide excellent customer service.
Kevin Reyes
Omg with my credit rating I thought I’d never get credit again but these guys gave me the chance and now my credit rating is rising these guys work magic
Josh Carson
Nmoni is such a great lending company, Christina is the best of best broker, person and very understanding. Great customer service and very helpful any time, she actually answers the phone unlike other company employers who do not care. She Actually cares and Christina does everything in her power to help and solve your issues. Thank you Nmoni and thank you Christina.
Mirjana Markovic
10 minutes is all it takes.
We go to work to find the best deal for your situation from a panel of over 40 lenders.
Choose your preferred lender with complete transparency of rates and fees.
Review and sign the loan documents, and will transfer the money within 24 hours.
We'll find a great deal from our panel of over 40 lenders.
We use our 20 years of experience and cutting-edge technology to find you the lowest possible rate for your circumstances.
Applying for a loan won't impact your credit score until you are ready to proceed.
All fees and charges are fully disclosed upfront, so you know exactly what is going on and what it’s going to cost.
We’ve built a simple and secure online system to fast-track your loan request.
We can provide approvals within a few hours using our personalised finance platform
Let our sophisticated finance platform work for you with a real-time personalised rate offer
To suit you and your situation.
We use our deep market experience to find you the best rate for your situation.
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