Applying for a bad credit loan is in fact quite simple, however the lenders that look or will consider your loan application for a second chance loan have some standard documents that they require to assess your loan application which will be listed below in this article, and these unfortunately are compulsory will all second chance lenders.
Whilst it is easy for you the customer to apply for a second chance loan, in the background there is a lot happening with us work wise to help you get a second chance loan, the process for getting you a second chance loan is a lot more thorough and requires a lot of work by us the broker to try and secure an approval for a second chance loan for you, however we are experts at what we do and have streamlined the process to make it easy for all to understand.
Here’s what you need to know before you apply to qualify for a second chance loan
- You need to be employed, preferably for a period longer than 3 months.
- You must not have had any credit issues in the last 6 months prior to applying.
- Any current loans you may have needs to have a perfect payment history for the last 6 months.
- If you are renting private/real estate, you rent must be on time for the last 6 months and no areas outstanding.
- If you have a mortgage, you must have a perfect payment history for the last 6 months and no areas outstanding.
- You must not have more than 2 payday loans on the go when applying.
- Your bank accounts must not have any dishonoured payments on them for the last 3 months (some exception can be made here, check with us first)
- Your bank accounts must not be consistently overdrawn for the last 3 months (some exception can be made here, check with us first)
Here is what you need to supply us to get you there faster.
- Copy of your drivers licence, this is required for photo & signature I.D.
- Two recent pay slips showing income & YTD income as well, this is required as proof of income & so we may calculate your average earnings which is used for serviceability.
- Bank statement from all accounts held in your name for the last 90 days, this is required by all lenders as evidence that all liabilities have been disclosed, also to re-check & confirm you income, and to make sure you are not currently in financial hardship by proving your accounts are in good conduct, such as no dishonours etc.