When needing to borrow money the first thing many people do is go to the current lender they bank with or have previously borrowed money from. The reasons they do can include loyalty, simplicity and their money history being easily available.
To me, this used to make sense until I was able to work a few years in finance. I have come across many clients who hadn’t been able to be assisted by their existing lender. I came to realise that this option should not be the only one you consider. Why?
When buying a product, if you cannot find it at one location, you usually go looking somewhere else for it. If this is the case why don’t many do the same when they cannot be assisted with finance from their lender?
According to lender Pepper Money, 54% of people turned down for a loan didn’t know there was another option available to consider.
(Source: Pepper Money)
Why is this you may ask? Life is forever evolving. Even though a lender may have helped you last time doesn’t mean they will this time. This is because your situation or their appetite for certain client types may have changed. Also, just think like the shop that didn’t have the item you were after. They don’t have to advise you of an alternative if they don’t want to.
At Lending Mate we understand that employment and business conditions change. Separations and health events occur. Late payments happen, and being self-employed is tough. We have been working with alternative lenders, those that look at things differently. As a result, we have been able to achieve many successful outcomes for borrowers. Especially those who were previously advised there were no options available.
Together we help you navigate the difficulties and reduce the worries around when you borrow money, allowing you to flourish again, aiming to improve your lifestyle.
If you have been told NO when applying for finance or have had a loan declined, know that there are plenty more fish in the sea.