USF has a variety of viable alternate credit impaired options available for your clients. Some clients fall outside traditional lending criteria for a variety of reasons. Perhaps they have adverse credit history such as defaults on payments for goods and services, court judgments against them, or they have been bankrupt.
A credit impaired loan, or ‘non-conforming loan’, is unlike other loans. Lenders use a matrix to calculate the level of impairment. That and the amount of property equity determines the interest rate and products available.
Although credit impaired rates are often higher than standard loan rates, they are more cost effective compared to alternative options such as:
- Losing a home at Mortgagee Auction
- Proceeding to Bankruptcy
- Consolidating existing loans in arrears (incurs high penalties)
- Using expensive credit cards or store cards
This service is available to the following potential client types:
- Clients who have tax debts
- Clients with defaults or judgments
- Clients with a prior bankruptcy
- Clients with Part IX or X Bankruptcy
- Clients with diverse income sources or can't fully document their income
- Clients with irregular income
- Clients who have a gifted deposit
- Self-employed clients
- Small business owners
Whatever the finance requirements, simply contact USF who will happily work through your client's finance needs.
For more infomation call USF today on 1300 66 99 86 or email info@usf.com.au
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